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Robust Data Management: A Critical Component for Business Strategies
In the digital age, data management has emerged as a critical component of business strategy. Companies are recognizing the importance of organizing, storing, securing, and analyzing data throughout its lifecycle. The ability to manage torrents of data has become crucial to companies’ success. However, most organizations remain behind the curve, with less than half of an organization’s structured data actively used in decision-making.
One example of a company leveraging data management is a rapidly growing video game company, as reported by EY. After several acquisitions, the company faced conflicting ownership and misalignment between various data organizations. To address these challenges, the company refined its current data governance, architecture, operating model, and organization design. This led to minimized business disruptions, maintained organizational independence, and optimized data analytics and insights for more strategic business decision-making.
The implications of such robust data management are far-reaching. It can streamline processes across all areas of an organization by organizing and optimizing data workflows and automating repetitive tasks. Moreover, it can ensure regulatory compliance and heighten data security. As a result, businesses that leverage data management will be the ones to succeed.
Looking ahead, the future of data management will require organizations to adopt new technologies, processes, and strategies. The multi-cloud approach, which offers flexibility, scalability, and efficiency, is transforming data management. Furthermore, the emergence of data fabric, an integrated layer of data and connecting processes is set to redefine how organizations handle, secure, and leverage their data.
Strong data management is not just about handling data; it’s about leveraging data to its fullest potential. As we move forward, organizations must embrace the potential of data management strategically. The future of data management is already here, and those who adapt will be the ones to thrive.
