From the course: Data Management Essential Training

Benefits of effective data management

From the course: Data Management Essential Training

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Benefits of effective data management

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- [Instructor] Before we start on crafting the perfect data management strategy, it's important to work out why we are going through this effort. What are the benefits to our organizations of effectively managing our data? The folks leading modern businesses are faced with making decisions all day, every day. In order to make the correct decision, they need all of the relevant information, and they need that information to be accurate, easy to find, and to make sense. The volume of data is ever increasing, and so the ability to make decisions based on raw numbers in a spreadsheet is a thing of the past. Instead, decision-makers rely on carefully designed data visualizations, pulling together multiple data sources into a single dashboard to enable them to make the most informed decision possible. But in order to create that perfect dashboard, we need to consider all the work that goes into getting data to that stage, and this is why an effective data management strategy is vital. One of the main benefits of data management is data accuracy. Even the best reports and dashboards are useless if the data isn't accurate. Implementing a good data management strategy will ensure that data is captured correctly, validated, and continually monitored throughout the processing stages to ensure that by the time it appears on our final reports, it remains error free. Now, data storage might not be the most thrilling topic, but it is critical. Knowing where the data is stored, that it is secure and safe builds an important foundation for all the processing and reporting that will be built on top of it. Winning at data storage can also provide cost savings, and what business doesn't love some cost savings? Focus here is on ensuring only the necessary data is kept and that it is stored in a format that is both useful and cost effective. Also, only keeping the data you need ensures that you're meeting all data regulations and reducing the risk of having any compliance issues. Having data stored in an optimal fashion also increases data accessibility. It's not just the CEO that is making data-driven decisions. Accessibility also covers improving the ease of sharing the data between departments, enabling teams to work more effectively together. Finally, it's worth mentioning that most businesses have a goal of growth, more customers, more market share, and more data. Ensuring we have our data management dialed in means that scaling with this growth doesn't create pain points, but instead becomes a tool for success.

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