The concept of data management is relatively simple. Company's need access to high-quality, relevant data, provided in a timely and cost-effective manner. Access to accurate data is necessary for effective decisions, risk management, regulatory compliance, and measurement. Delivering on this concept, however, is challenging, particularly in a dynamic environment marked by significant changes.
Data management involves much more than just technology. A holistic approach to data management coordinates people and business processes as well as technological innovation. Company's need to consider key elements such as data architecture, metadata, security, and storage.
When these elements are properly organized into an effective data management initiative, firms can realize significant benefits including lower operating costs, better risk management, fewer and less costly errors.
Effective data management can be a source of significant competitive advantage.