Data management is a process that includes acquiring, validating, storing, protecting, and processing all of the required data that an organization needs to do business. Organizations are dependent on Big Data more than ever before to make decisions and gain more in-depth insight into the needs, behaviors, and trends of their customers. In a world working to personalize extraordinary customer experiences, data is king.
Data management software is essential as organizations create and consume data at unprecedented rates. Secure data management platforms give organizations the visibility needed to gain potentially critical insights into consumer behavior, which often gives brands a competitive edge. In the wake of ransomware and cyber attacks, we realize that C-Level executives must give more attention to how their business secures their data.
Data Management Challenges are Getting More Difficult
Some companies are great at collecting and securing data, while others forget to provide emphasis on the basics like timely software updates. As companies grow, executives must be prepared to manage the growing needs of their data storage. In the early stages of the computer era, businesses thought they could quickly grow without worry because no one knew what the internet would become. Today, the IoT is reaches into all areas of our lives. Organizations store millions of data points on their customers, vendors, and their organization.
Understanding what Information to Collect and Why
A challenge of data management occurs when a company must validate why they are collecting particular data sets and how to organize it without jeopardizing security. Each step of data collection and management should always lead to acquiring the right data. Figuring out the “right” type of data to collect should be a priority among all business management teams.
Key data management questions any business must be able to answer:
- Why and for what purpose are you collecting data?
- Is data being collected in a responsible, secure way?
- How you are using the collected data?
- How are you keeping the collected data secure?
Recently, it was discovered that Facebook was requiring users to connect an email to provide their password. The password, however, was not needed to use the platform. Facebook users asked why they were asked for this information and what Facebook was using it for if it was not actually needed to use Facebook. Many consumers feel this was a mistake that started at the executive level and, in this case, C-Level executives have been left answering tough questions from millions of people.
Executives must remember that data management best practices result in better analytics and fewer problems. Just like other functions of an organization, data collection, management, and use must be optimized for legality and security.
A few best practices C-Level executives should strive to achieve:
- Choose quality over quantity
- Only keep data that is necessary to your business
- Utilize data management platforms to organize and refine data from all sources
- Know what data you store and where it is stored
- Scrub data regularly
- Delete old backups that are no longer needed
Executives can no longer pass the buck onto the IT department and ignore the importance of both understanding and implementing data management across their organization. By making data management a C-Level priority, businesses can function better in an interconnected world revolving around technology.