The Importance of Data Management for Business Growth and Development

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What are your business desires? Aspirations? How big do you want to become? These are all questions whose answers depend on how well your business organisation is. It all starts from the planning and organising the tasks, work in progress and results. A good organisation plan makes the task half done. In fact, in order to grow and develop your business, you need to be on top of processes, always at any time. How could you possibly achieve this, given the fact that you need to run the whole company? Easy – with a well-designed data management plan. Let’s go over the details.

What is a data management plan?

A data management plan is a detailed guide of how you collect, keep, and securely use the data. In addition, data management covers how efficiently and cost-effectively you perform the actions. It involves organising a versatile range of tasks, procedures, practices and policies and its execution paves the way of the business – to success or failure.

What is the goal of data management?

The goal of data management is to help the organisation and the people in it to optimise the way they are using data in the framework of the policy and regulations of the business and proceed with their work by making sure that their actions will bring the maximum benefit to the organisation.

To achieve such a strategic and successful data management plan, it is necessary to have the right person responsible for designing the plan and the right tools for execution.

What does a data management plan consist of?

A data management plan should be specific for every individual business. It shouldn’t be made according to a checklist; however, there is still a framework that needs to be used to make sure all the important areas are covered. Here they are.

  • Make sure the data is private and secure
  • Use a diverse data tier to deal with data (create, access, and update)
  • Anticipate disasters and provide high availability as a recovery
  • Use multiple clouds to store data
  • Use a variety of apps, analytics, and algorithms
  • Make an archive of important data

Modern Ways of Dealing with Data Management

Today, there are many agencies that take over companies’ full data managing or educate team members on how to do it themselves. Either way, big management platforms are used, and people are trained on how to use these platforms for optimal results.

Data management platforms are actually the system that collects and analyses enormous volumes of data in an organisation. If the platform is intended for commercial use, then it includes software tools for managing. These tools help employees perform tasks such as identifying and diagnosing faults in the system as well as resolving these faults, allocating database memory, and optimising database queries.

Some of these platforms are made as cloud data platforms, easy to use access and use.

Why do companies need data management agencies?

Small companies may find a way to deal with data management by themselves, but when it comes to big companies that have a lot of resources and produce a large quantity of data, it is far better to get an expert on the team to lead the process. The top challenges that big companies face in data managing, and thus, they need help are:

  • Lack of knowledge about the data they possess. Sometimes people are unaware of all the data that is being collected and stored, and if no one acknowledges it, it won’t be of any use to the company.
  • The more data, the more responsibility. When the data tier expands, the responsibilities for further data processing increases as well.
  • The regulations and compliance requirements change constantly. As these regulations are complex and change all the time, employees must always be on top of them, which is nearly impossible to do if they are also responsible for other tasks.
  • Must keep up with changes in data storage. As previously mentioned, data might be kept in different storages or systems, and one must find a way to quickly and easily transform all the data so it can be further analysed.

Because of all these challenges, people often consult an expert from a data management agency who will perform data managing with all the expertise they know or will teach them how to do it by themselves by using some of their tools.

Most popular data management platforms

There are many data management platforms that exist on the market. However, not all are successful in achieving full satisfaction in data managing. Here are the top ones.

Adobe and Marketo

This platform helps marketers to make a connection of their data to brand experiences online and offline. With this platform, marketers are able to identify their ideal clientele and send them targeted advertisements that convert faster. The tool can be connected to a more substantial marketing stack and integrate with the company so that data managing becomes an easy process.

Lotame

This one is an unstacked data management platform that does the underlying data management processes: it collects data, builds audiences, delivers campaign analysis, and provides scale audience sets. It is not a part of a more massive marketing cloud as it exists independently. It has a dynamic and hierarchical segment building that prompts greater flexibility.

Oracle

Oracle is part of BlueKai and its big Data cloud, and it enables personalisation of online, offline and mobile marketing campaigns. It can scale data to a bigger audience due to the fact that it has access to a large third-party data consortium.

The bottom line

Data managing is a necessary process that must be done responsibly and thoroughly to grant the successful business growth and development of the company. A specialised person must be responsible for leading the process or an agency that conducts such analysis must be hired. Everything else that happens in the company depends on the successful output of data managing, which makes this plan a priority in every organisation.

Author Bio

Hannah Derby is a digital marketer who is enthusiastic about trying out the newest trends and innovations in the digital marketing industry and helping businesses advance. She is also using her knowledge and expertise gained from a JTF Marketing training that raised her interest in the marketing automation industry.