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Data is a necessary component to every organization, however, how it is utilized makes all the difference. For business, data management is a required tool to reduce data redundancy, filter raw data, improve data quality and prioritize data security. By setting up monitoring, alters, transparency, and data visibility – businesses can use data management to their advantage. It stands to reason that without a proper data management tool, any business cannot categorize their data, nor can that data be used for decision making. Data can be sensitive, historic, observational, predictive, experimental, simulated, or derived, all of which require data management tools for data comprehension.
To employ effective data analysis, data management is the essential prerequisite to collect, scale, validate and sort all types of data. As a small business, a data management system like engage.zubi.ai can quickly answer your queries, give accessibility, collect your data, derive insights from raw data and connect your data across all platforms for an integrated view. You can store granular data and filter it according to your requirements, integrate trackers to manage your data effectively using data management software.
Here are five best practices for better data management for your online business:
1. Use Data Management to Reduce Duplicate Data
Data redundancy is a big issue irrespective of the size of the company. There are many reasons why you can purposely duplicate data i.e., for disaster recovery or backup. Assuming that’s not only the case, having multiple variations of the same files can cost you results and money. To avoid data redundancy, you need a data management system. One which has an automated process to understand and audit the data periodically. If your data management software is not periodically reviewing duplicate data, give a command of the feature. Surely you’ll have a better insight if you get help from companies that offer data management services. At Corodata, you can store records online and have easy access to them.
Managed data helps manage customers: Whether your database is storing qualitative data or quantitative data, understanding your customer is one of the key reasons why any of that data exists. With effective data management, understand your audience better from acquisition, engagement to retention.
2. Focus on Quality Data
As a best practice, your focus should always be on the quality of the data and then quantity. Quality data refers to usable and relevant data sets that help you make better decisions and can be stored as information. Refrain from collecting “data swamps” that have irrelevant data and ensure that the data management software validates data periodically.
Gain Comprehensive View of Performance: Quality data can help secure your investment and support your efforts by providing you with a detailed view of what’s working and what’s not. By selecting specific key performance indicators (KPIs), you can measure specific areas that concern your business. Respectively, using data management you can adjust workflows, see performance against benchmarks, and employ new variables.
3. Prioritize Data Protection and Security
One of the important practices of using data management software is to meet the data protection and security regulations. Your business needs a system to periodically update data security and privacy standards. Check privileges of your employees for access control, turn data into encrypted code, and deploy countermeasures to strengthen security via data management capabilities.
Validate integration of 3rd party apps: As a business, you can choose to integrate with third-party apps and give them access to data according to your policies. With a data management platform, you can make your data available across platforms.
4. Leverage Granular Data and the Cloud
By using data from various sources, and in varying formats, leverage the use of your data management platform to export it into meaningful insights. Tap different data streams from different data repositories and use cloud computing to resolve corrupt, inaccurate, redundant data problems instantly. With a cloud-native solution, adopt the best practices of availability, elasticity, and data configuring according to your needs.
Setup monitoring and Alerts: Gain more visibility over areas that are crucial for your business success by setting up trackers. With quality data, monitoring and paying attention to alerts becomes more insightful and rewarding. By using automated data classification systems, find actionable insights.
5. Turning Data Into Knowledge
The best practice regarding data management systems would be incomplete without a focus on the output of the data. All the collected information can be clustered, analyzed, validated, funneled and more to be transformed into valuable knowledge. For this, you can leverage the capabilities of data management systems such as superior computational power, data gathering, and visibility – and turn it into actionable objectives.
Simulating/Predicting and Forecasting: Use the information from the data management system to further expand on milestones. Such as finding new clients, improving retention rate, A/B testing, customer profiling, etc. Predict possibilities, and use historical data to forecast possible outcomes.
In summary, data management is an integral component for businesses and should be treated as such. Utilizing its capabilities can make the difference between market lead and stagnancy. While data management software offers many features, it’s considered best practice to understand what you get from those features and plot down your business objectives.