“Data management is the development and execution of architectures, policies, practices and procedures that appropriately manage the needs of an enterprise’s entire data lifecycle.”
DAMA, 2022
The data management (DM) concept is trending today, and it is closely related to other key areas, such as data governance, data science, generative AI, data engineering, data analytics, and data architecture, among others.
Data management is becoming an indispensable service in the digital transformation that is taking place in many companies and also in the technology area. As the CEO of Coderio Software Company, I would like to share my insights and experiences implementing DM.
Let us analyze why it is so relevant, which problems it solves, and how businesses can benefit from an appropriate data management strategy, which may prevent critical issues, improve decision-making, increase productivity, and generate higher income.
A model to follow
We may all be familiar with the well-known case of “beers and diapers.” A transnational corporation of retail stores and wholesale outlets noticed that fathers and young children were increasingly shopping together.
Through a data management strategy, the company detected a pattern. Fathers were frequently buying two unrelated products: diapers and beer.
What did the corporation do based on the data? They placed both items on adjacent shelves, thus encouraging the purchase of these products. And how did this strategy work out? Sales went through the roof, becoming a huge success.
If it works, use it as a reference
The first thing I want to highlight is that data governance allows for a crucial switch, a change of perspective. It turns something that could be a costly and problematic liability into a valuable, usable, and productive asset.
Data is a gold mine, but, like any diamond in the rough, you must know how to exploit its potential to put it to good use.
Mastering and knowing how to interpret this valuable resource offers countless benefits. Some of them are:
Decision-making
High-quality data is essential for making strategic decisions in a company. Managing this information ensures its availability, accuracy, and up-to-date status to support evidence-based decision-making.
Operational efficiency
Proper data management enables greater automation of business processes, leading to increased operational optimization, time savings, and resource efficiency.
Regulatory compliance
Data and privacy protection are subject to strict regulations in numerous industries and countries. Data management plays a pivotal role in ensuring compliance with these regulations, preventing legal repercussions, and preserving the company’s reputation.
Data quality
Every data management process involves cleaning, validating, and standardizing information, improving its quality and reliability. This is crucial to avoid costly errors and ensure that reports and analyses are accurate.
Facilitates collaboration
Effective data management provides employees access to shared and collaborative data, fostering collaboration within the organization and enabling better project coordination.
Resource optimization
Data management helps identify and eliminate redundancies and obsolete data, reducing storage costs and optimizing the use of IT resources.
Competitive advantage
Companies that effectively leverage their data can gain a competitive advantage by making more informed decisions, customizing their services and products, and quickly adapting to changing market conditions.
Does my company need data management?
Firstly, I would recommend performing a self-assessment to identify if the volume of disorganized data in your company is overwhelming you. Also, you may have noticed that your team is constantly putting out fires and navigating red tape. All those elements may hinder companies’ efforts to innovate.
Creating a well-designed data management strategy can solve these problems. It will make your data flow efficiently and optimize your internal processes.
Let me share some solutions that an efficient data management culture provides. Do they sound familiar to you?
-It returns the reliability of the data
-it eliminates high and unnecessary expenses
-It reduces risks when making decisions
-It avoids information leaks
-It speeds up data recovery and improves leak detection processes
-It optimizes information extraction operations
-It avoids duplication of efforts and resources
-It increases competitive advantage
-It improves visibility of business opportunities
-It has a positive impact on the reputation of the organization
-It avoids damaging the brand image and restores the trust of customers and business partners
-It guarantees the privacy of sensitive information
-It reduces the risk of cyber attacks
-It organizes finances and avoids loss of money in damages
-It prevents lawsuits and legal sanctions
-It allows the creation of appropriate strategies
-It optimizes data collection, processing, and storage
-It avoids granular information, favoring the interpretation of data
If you believe your brand needs any of these solutions, implementing a data management strategy is a must for your company.
The team is everything
Implementing an efficient DM strategy requires appropriate technical profiles that meet project demands.
That is precisely what Coderio brings to the table. It is not only about the quality and speed of our service delivery but also about the expertise of our professionals and the ability to make on-demand, customized proposals tailored to the target and business objectives.
Thanks to our community of +10,000 developers, we can staff your project requirements swiftly. Our talents are experts in the most in-demand technologies and tools: data engineer (with knowledge in Python, Java, ETL), database administrator (trained in SQL, NoSQL, AI), data scientist (to use analysis techniques, Python, statistics and machine learning), data analyst (expert in the use of research and analysis tools, SQL, AI), data architect (architecture, governance, storage, strategy), data quality analyst (evaluation, quality, profiling and communication).
Artificial intelligence applied to data management
Generative AI uses a machine learning model to learn the patterns and relationships in a data set. It then generates content based on the acquired knowledge of these patterns.
This tool uses basic models that can multitask with out-of-the-box results such as summaries, Q&A, ranking, etc. It processes large volumes of content and delivers valuable insights and answers using text, images, and easy-to-use formats.
Artificial intelligence applied to data management allows us to:
-perfect and accelerate results
-provide real-time automation and process precision
-reduce loading and storage time
-ensure revenue
-prevent risks and losses.
Recruiting AI specialists is becoming essential for businesses wanting to take the lead. At Coderio Software Company, we have the right talent for you. Visit our website for detailed information on our services and contact us. You can address your concerns and receive suitable guidance to determine if your company requires the push you have been looking for.
