If analytics is a product built from the business data and data management is the result, then it would be the factory, materials, and supply chain which are used to create it. It’s a crucial component of any company that is data-driven since without it, the most powerful analytics will be useless. Data management encompasses everything from ensuring that structured data is properly classified, to maintaining a’single source of truth and ensuring accuracy of data.

When it comes down to a business’s most important asset, data, ineffective management of data can be devastating. The bad data can cost the US economy $3.1 trillion a year in lost productivity, and increased maintenance and oversight costs.

If your sales department uses customer data to design targeted marketing campaigns, it’s crucial that the information is accurate and complete. If, for instance the customer’s contact number or address is not included from your database, it could lead to faulty deliveries or unhappy customers. Additionally, insufficient data can lead to misguided strategies for sales and inefficient operations that result in wasted time and money.

All departments that collect or use data should be able to agree on a solid strategy for managing data. It’s important to have a solid governance program that focuses on data quality and ensures that everyone understands what policies and standards are to be adhered to. The good news is that numerous technologies are emerging that can aid businesses in managing their data environments. Data fabric, for example will help reduce redundant data by automating the integration process and making data reusable.

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