Strategic data management is the process and resources that a business puts in place to collect, analyze, store, and use data to achieve business goals.
There are four types of data that businesses typically collect:
The business world is increasingly data-driven. That's because we know more than ever about things such as how people behave based on different conditions, and what market conditions can make or break a business.
However, data is only useful if we're able to use it. To keep it organized, accessible, and useful, businesses turn to data management strategies.
When they do, they enjoy many advantages. These include:
Companies that rely on data to make strategic decisions must have a data management process in place. Here's how you do it.
Your business generates a tremendous amount of data points already, but not all of them have equal value. Whether or not something matters will depend on your specific business objectives and how you'll use them in decision-making. Some common goals to include in your data strategy:
As you determine your metrics and KPIs, beware of vanity metrics. These are metrics that look impressive but don't actually tell you anything about how well your business is performing.
The processes that you use to collect and analyze new data will be unique to your business. Start by considering the sources (system metrics, consumer input, etc.), who owns the data, and the stakeholders.
Then, identify what governance requirements you need. This may include security components, or it may include regulatory compliance requirements.
After that, determine how you'll collect, store, and analyze your data in a roadmap. Identify what can or should be automated and what requires human oversight to get right.
Data management solutions can help you stay organized, secure, and in tune with your enterprise data. They can also provide a unified data architecture that keeps everything visible in addition to automating rote tasks. We recommend that you look for a data management solution with the following features:
Having great tools matters, but they are only effective if your staff knows how to use them. After deploying your chosen data management solution, make sure to train your staff. This should include:
Strategic data management isn't a set-it-and-forget-it thing. Once you've put a system and solution in place, make sure that you assess its effectiveness. You may find that metrics or processes that seemed good on paper don't work in reality. Gartner recommends that companies follow these best practices:
With these best practices, your data management strategy and solutions will help drive your business to success.
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