5 Key Data Management Practices To Embed In Your Organisation To Accelerate Growth
Journal
Data management is becoming increasingly important as businesses rely heavily on data to drive decision-making and gain a competitive advantage.
2023 has seen several trends emerge in the realm of data quality and management that organisations who rely on accurate data, such as the financial industry need to know. While some organisations are increasingly focused on data privacy and the adoption of machine learning and AI, regulators are placing greater emphasis on data governance.
Here are the five key data management practices you need embed in your organisation:
1. Data privacy and security is critical.
With the emergence of data breaches and cyber-attacks becoming more common, It is imperative that organisations, large corporates to smaller businesses must proactively protect their customer data. Investing in the right measures to ensure the protection of sensitive information should be seen as a necessity and not a luxury.
2. Automation, AI and machine learning.
The emergence of AI and new technologies has helped transform businesses. This technology can be used for data management automation, run daily checks, and better use data insights to gain a competitive advantage and customer satisfaction. Before choosing to invest in AI and ML, organisations must consider their overall business strategy, business model and ROI to ensure a right fit.
3. Greater emphasis on data governance.
As new laws and regulations come into effect by governing bodies, organisations are placing more importance on data governance to ensure compliance and data quality. Embed a strong data governance strategy in your organisation that is in line with your business goals. This will ensure your data is safe, used properly, and your organisation is compliant with regulations. Proper data governance also fosters cross collaboration and helps with promoting a more data-centric culture across the entire organisation.
4. Use data to tell a story.
Use data to better communicate insights and make them easily consumable by stakeholders. This will help shape the narrative around the business strategy for executive teams as they gain real insights from their data, ultimately leading to better customer service and business growth.
5. Data management as a service.
As data management becomes more complex, organisations will increasingly turn to service providers for assistance and see the benefits of data quality. Choosing the right service provider that aligns with your organisation’s data strategy goal is critical along with ensuring data security.
How Investigate DQ can be a critical part of your data management eco-system
Data quality software tools such as Investigate DQ, can perform a wide range of data validation checks across critical day-to-day functions to identify errors in real time. These tools can be used to identify patterns or discrepancies in the data that may indicate errors or inconsistencies and avoid human error.
Investigate DQ helps you to easily monitor, validate and reconcile customer and organisational data across any number of different technology platforms or data sources.
Best of all Investigate DQ is system agnostic, which means:
it connects directly to your data sources,
you avoid costly and prolonged ETL (extract, transform and load) processes, and
Your data stays within your organisation’s infrastructure.
No matter what technology systems you run, Investigate DQ can plug in and be ready on day one. Find out more about Investigate DQ by clicking below.
