For many businesses, using different systems to manage daily operations often leads to data silos, making it hard for IT professionals to meet their unique data management needs. In recent years, businesses have turned to efficient data management solutions to solve siloed data challenges like inconsistencies and duplicates. This article delves into the essential functions and characteristics to consider when choosing a good data management solution.
Data Matching and Linking
Data is a valuable resource for many business professionals, especially busy executives. They can leverage a vast amount of data for meaningful insights and better business decisions, among other use case benefits. However, a huge part of this depends on the effectiveness of your business’s data management system and culture. But what is data management (DM), and how can businesses manage data effectively through matching and linking?
The goal of data management is to ensure data can satisfy an organization’s requirements using tools like master data management, data virtualization technology, and more. But the reality for many organizations is that they capture a lot of data from different sources. Data from disparate sources may come in different formats, making the management process challenging, and the best way to manage such systems is to integrate data into a centralized platform, ensuring faster access and delivery for your business users.
It’s also essential to consider the data matching and linking feature that thrives on machine learning and artificial intelligence automation to detect duplicates. These algorithms can help resolve multiple entries into a single source of truth, ensuring more accuracy. Without this feature, businesses risk skewing their data analysis, listing a product multiple times, or contacting one customer twice.
Shareable Business Rules
Business rules play an active role in data science. They allow data users to understand business processes and the nature, role, and scope of the data. A business rule can express actions and constraints on specific data and the steps for creating, updating, deleting, distributing, and ultimately leveraging the value of that data. For this reason, business rules need to apply to different use cases, including importing data or finalizing approval processes.
Business rules must be shareable across your entire ecosystem, allowing business rule changes to apply everywhere in real time. Shareable business rules also allow you to manage enterprise-wide data governance policies to define workflows and establish data integrity protocols. That way, you can ensure business rules take center stage of your data strategy, guaranteeing data quality for your operations and business decisions.
Data localization involves storing data on devices physically present within the borders where the data was generated. Sometimes, you may have to localize your data as part of numerous legal data consumption requirements of all applications. For instance, the General Data Protection Regulation (GDPR) mandates data organizations to localize data within the EU. Moving data beyond these borders requires extra protection and ultimately extra resources. However, managing data locations can be challenging, and often the cost of noncompliance is high for most organizations, especially small businesses. Using an efficient data management solution with standardization and data quality tools can make things more manageable. You can connect centralized location data with other domains, linking relevant documents and assets to your metadata and master records.
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Data Privacy and Security
Businesses have become increasingly aware of data security breaches and their effects on business success. According to IBM, security breaches cost businesses over $3 million last year. Therefore, it’s essential to ensure your data management solution can detect unauthorized access in real time. That way, you can foil data attacks early before they cause irreversible damages to your database. Your data management solution should be capable of encrypting data attributes with business-defined cryptographic keys, eliminating vulnerabilities that other parties can exploit.
All in all, data management has become crucial to business growth now more than ever. Ensuring your data management solutions satisfy these conditions can be a great way to put your business ahead of the competitive edge in your industry.