Data management: In-depth guide [2018 update]

Leading tech companies such as EMC predict exponential data growth with available data doubling every 2 years.

With this increase in volume comes an increase in need to determine a way to manage it. Subsequently a wealth of data management techniques, tools, vendors, careers, have emerged to support this need.

To better help your business achieve effective data management, it is necessary to first understand what exactly is data management and how it can become beneficial for your organization.

What is Data Management?

Data has a lifecycle that requires careful management from the day it is created until the day it is no longer in use. By managing this data properly, the risks are greatly decreased and the usability and quality of the data is greatly increased. Ultimately these two things together lead to a better and more profitable business no matter the industry or topic.

Some of the biggest focus points in data management include:

Data quality: 

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Dynamic pricing is the strongest profitability lever for a large company

It is difficult to improve financials of a large business.

Decreasing costs are a sure way to improve financials however it is difficult to find and implement cost cutting opportunities. Cost saving opportunities fall in these buckets

  • Long term investments: Finding areas to reduce operational costs with investment is easy. Investment in new systems and tools can reduce labor-intensive processes, improve operations and customer experience. Investment in new facilities can provide scale synergies and help save costs. However, it is difficult to convince top management to invest in the future given short term focus of Wall Street and most businesses. Wall Street’s focus has some merit, long term investments, especially technology investments have been documented to fail to deliver the planned benefits.
  • Short term fixes: Headcount reductions, procurement transformation programs all fall under this bucket. They definitely impact costs but their impact on other parts of the business can be difficult to predict.

Increasing revenue growth is difficult for a large business because growth is the primary motivation for most businesses. All large businesses experienced strong growth to become large. In the quest to sustain growth, every imaginable lever gets implemented by businesses. Therefore, a large business founded several years ago had enough time to create a very effective growth machine given its competition, regulatory landscape and other constraints. Read more

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