Corporations continue to collect increasing amounts of market, customer, transaction, product, research, and social data. As a result, it is becoming increasingly important to manage, analyze, and implement strategies based on that data. Most corporations are not experienced in managing or analyzing their data, so they must work with consultants and service providers who can provide the data management services they need for their business.
However, not all data management service providers are the same, and one corporation would have different needs than another. That’s why it’s important to work with people who understand the big picture with respect to your data management needs. Choosing the right data management services for your organization requires understanding what types of services are available, and what they actually do.
Data governance involves managing the availability, usability, integrity, and security of your organization’s data according to its data standards and policies for controlling data usage. It helps with maintaining the consistency and accuracy of your organization’s data, and ensures that the data is not misused. Data governance is becoming more essential due to the growing reliance on data analytics for improving operations and making business decisions. It also ensures that you maintain transparency with respect to data-related activities and adhere to data privacy regulations.
Data Quality Management
Data quality management involves employing the right people, processes, and technologies for the purpose of improving your organization’s key measures of data quality. Its main purpose is to help your organization use high-quality data to achieve its business outcomes. It is essential for making sense of your organization’s data, as it will form the foundation for all business initiatives. Data quality management can involve developing a framework of rules for all parts of your organization to establish and maintain data quality. It also includes cleansing the data to remove anything that is incomplete, incorrect, duplicated or obsolete.
Data security involves protecting your organization’s data from corruption, unauthorized access, and theft. It’s essential to protect and safeguard your organization’s data from internal and external threats, as it can harm your business, erode trust, and expose your organization to legislative penalties. Data security services include conducting a data risk assessment, creating and applying security policies and standards, and implementing technologies and practices to prevent unauthorized or illegal access to data across all applications and platforms.
Data integration involves combining your organization’s data, which can be collected from various formats, sources, and types, into a single location. This can include setting up data warehouses or data lakes, as well as business intelligence and big data architecture. The goal is to access and analyze the data to produce reports that will enable the organization to solve problems and discover new insights. Data integration provides your organization with consistent access to its data across all sources and structure types, enabling it to meet the information needs of its business processes and applications.
Data migration involves moving data from one location, one format, or one application to another. It typically occurs when your organization introduces a new system or location for the data, such as when data is moved to cloud-based storage. The process can be challenging, as data can be entrenched in your business processes, entangled with other data, and customized over time. Data migration should include conducting an assessment of sensitive and critical data, creating a data migration plan, automating the process, and testing the completeness of the data upon conclusion.
Data enrichment involves combining your organization’s data with data accumulated from other internal systems or external sources. This type of data can be more useful and provide greater insights than your data alone, as the additional data can either support your existing findings or uncover unforeseen opportunities. Data enrichment services should include recommendations for other sources of data to add to your existing data, and assist with the integration of additional data sources.
Data visualization involves creating visual representations of a data set, often involving charts, graphs, tables, infographics, and other graphics. When combined with Business Intelligence tools and technology, it can help with uncovering hidden insights and patterns in the data. Data visualization enables your organization to compare data sets to identify trends and correlations, and develop a better understanding of the market and its customers. It can also support the development of strategies and techniques to help grow your business.
Data management services can help organizations with collecting, organizing, analyzing, and making decisions using their data. It’s important to understand what services are available, and what they can do for your organization. That’s why it’s essential to partner with a data management services provider who understands the benefits and applications of these services, as well as the big picture needs of your business.