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Why Is Data Management Important

07 September 2020 | 0 comments | Posted by Carla Miranda in Industry Experts

Importance of big data collection and management

As the world switches from analogue to digital, the exponential returns in having access to big data have become wildly profitable. The avalanche of data mining companies collecting as much data as possible and the monetising this as a digital commodity has set them up for success. The likes of Amazon, Facebook, Google and Netflix are some of the prime examples of big data companies that have shaped this modern economy.

The relationship between data management and data literacy

The importance of data literacy is becoming more and more evident every day. It's a requirement for all chief data officers and other executives. That's no surprise as data collection is gaining momentum fast. Companies are becoming aware that big data presents a perfect way of improving business and gathering useful information.

Someone has to make sense out of all the collected data and use what they find to improve all elements in the chain. It's a useful skill for individuals as well as entire organizations. Today, data is becoming more of an asset than anything else, so all employees must know to read the data. Let's take a closer look at the relation between Data Management and Data Literacy.

Defining data management

What exactly is data management? It's the entire process of collecting, storing, and organizing all the collected data. It's an integral part of every IT business system because it provides valuable information that can be used to improve a company. The collected data is analyzed by corporate executives and business managers who know how to read the analyzed data.

This practice has a lot of power when used the right way. That's why all collected data must be accurate and easily accessible. The analytics are usually left to special data management teams, but the users also have a small part in the process. Data management is becoming a real corporate asset that can be used to ensure that the company is making the right business moves.

It also provides information that can be used to improve marketing campaigns, reduce costs, and, ultimately, increase profits and revenue. If it's not used the right way, the collected data will pile up and lead to more problems than solutions. IT can ruin the overall business intelligence and lead to false findings that could seriously damage a business.

Defining data literacy

As you might have already figured it out, data literacy is the ability to extract valuable information from the collected data. It's the skill of speaking the language of data, the same way you would speak any other language. The rapid data growth that goes on is tough to analyze, and about 50% of organizations don't have the skills or the capacity to get the most out of the data they collect.

Like it or not, speaking data is a requirement if you want to grow your business and increase your revenues. Everyone in the same company should be able to read data at least a little. The most important people that deal with data are managers and CEOs. They must know how to recognise useful data and what details to look for to get some helpful results.

But even if people are skilled at reading data, there is so much of it that many companies use advanced AIs that do the same thing, but they also cost a fortune.

Digital platforms and businesses that run solely online already use data to improve their ad campaigns and user experiences, but the practice will soon find its way into all other areas. That's why you should invest in teaching your staff how to speak data as soon as you can.

What's the correlation between the two

Data management and data literacy go hand in hand. You can't have one without the other. Businesses around the globe are making a transition from the classic business model to a fully digital platform. Data management is a big part of that process, which is why data literacy is a must for any business that wants to survive according to these new rules.

Even if you time your moves right, you will have to learn as you go, so there are sure to be some hurdles you'll have to deal with before things start running smoothly. You will first have to work on informing your staff about how big data works and how it can help benefit the company. That can be a slow and daunting process, but a one you won't be able to go around, no matter what you try.

Traditional businesses will have to update how they work, or they won't be able to improve their offers according to the new rules, making them completely obsolete.

It's that simple. Every business in the world will have to make this switch sooner or later, so there's nothing more to wait for, and you should start considering how to leverage this technology earlier than competitors. Professional Data Management Services can help stir you in the right direction by telling you what details to pay attention to in your business. Everything else is on you and the way you run your business.

Data management as a critical service

In this new digital world, data management will be the key to survival for any business type. All of the most successful businesses and corporations already use big data to understand what their customers need and create offers based on those findings.

Not only that, but good data management will also help eliminate overspending, make the entire operation run much smoother, and improve how your company works more than anything else. It's got a lot of power and an unlimited amount of information; you have to know how to speak it.

If you fail to create a specialized team on time, your business will probably trail behind others, which will soon lead to much lower revenues, and ultimately bankruptcy. Those who yield the power of big data will have the best chances for survival. However, the final choice is up to you.

Data-oriented professional staff

Top CDOs and managers are more than aware of what's going on. They usually understand that every company has to invest in its staff to get the most out of every worker.

The only problem is that they need the rest of their team on the same page, which means speaking data. That's precisely why data management is such a hard thing to accomplish. One man or a small team of your best employees can't analyze all of the data themselves.

Many companies use advanced AI to get some answers, but even that can take a long time. You must invest in data literacy and hope that your employees have what it takes to wrestle with piles of data daily. Remember, you won't have a company if your staff doesn't want to improve and learn the game's new rules.

Conclusion

Data management and data literacy will be among the essential features for every company in the near future. The business world is making the final switch to using only digital platforms. The companies that made the switch on time will get a massive influx of customers, while those who fail to recognize the winds of change will be completely blown out of sight.

Make sure you invest in data literacy, and your business will grow steadily in the following period.

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Recommended reading

If you enjoyed this post and have time to spare why not check out these related posts and dive deeper down the rabbit hole that is big data.

Tags: Data Managment, Databases, Big Data, Guest Post

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