Data Management is a set of practices and processes designed to make data a strategic resource for businesses, allowing them to develop and make better decisions. It is the process of efficiently collecting information, organizing, securing, and storing data in order to provide an all-encompassing source of reliable information.

Effective data management can assist companies to gain a competitive edge by increasing efficiency in operations and reducing costs. It allows them to enhance customer experience, maximize resources to speed decision-making, and react more quickly to market shifts. It also helps reduce privacy and security issues that could harm a company’s reputation, raise compliance costs and lead to legal liability.

Nowadays, companies get data from a variety of sources such as software as a service such as application programming interfaces (APIs), mobile apps and Internet of Things (IoT) devices. Effective data management strategy and software can combine these disparate sources into one source of reliable, consistent information. It also reduces the amount of data that has to be processed and stored and reduces storage costs and reducing processing burdens.

In a world driven by data, it’s crucial that those who use it can access the information they require quickly and efficiently. It can be challenging to navigate through a complicated data-driven environment that is constantly growing, especially if you don’t understand how the various systems work. Data management tools can ease this complexity by enabling better access to data assets via catalogs or metadata-driven data dictionaries as well as data lineage records. It also makes it easier for analysts and data scientists to find the data, access and analyze it.

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