You need clean, reliable data to make decisions regardless of whether you’re in marketing, sales, IT, or another business function. This is where good data management comes into playand that’s why it’s a top technology trend to watch in 2018.
Data management involves all disciplines involved in treating your data as an important asset and guaranteeing its accuracy, reliability and accessibility. This includes everything from data management to data analytics to managing your business’s data storage lifecycle.
A solid data management strategy includes six principal attributes or the six core attributes:
Accuracy: the data should be based on real world objects and events and be verified by trusted sources.
Completeness — the information must contain all the mandatory information for a use case such as sending a mailer to a customer with only their last name.
Consistency The data should remain consistent throughout all data sets, and remain the same even when it is changed or changed.
Accessibility — the information should be easily retrievable for those who need it, without compromising compliance requirements.
A plan for managing data is only effective if all departments and business units are fully on board. This is especially important since bad data can result in a negative impact on your company. IBM estimates that poor data handling costs the U.S. economy $3.1 trillion annually in lost productivity, as well as costs associated with maintaining data.