Clive Humby’s famous quote, “Data is the new oil,” has become something of a cliche in the tech world — and it’s easy to see what he meant.
In the same way that the industrial revolution was powered by oil, modern-day digital transformations are powered by data. Companies that can access and use higher-quality, more relevant data stand a much better chance of success.
The key? Data management. If you can collect, analyze, organize, and share data effectively, you’ll be in a solid position to digitally transform. Proper data management will help you perform more efficiently, safely, and productively — not only now, but well into the future.
In this article, we’ll look at why data management is so important to digital transformation and show you how to do it better than the rest.
Why Is Data Management a Crucial Element of Digital Transformation?
Managing your data properly has a powerful effect on digital transformation initiatives. Here are a few of the main reasons data management is so important.
- Allows for more accurate and detailed reporting on various aspects of the organization, helping you understand processes and actions
- Helps you spot key trends to guide decision-making and detect areas for concern so you can make adjustments
- Allows you to optimize resources more effectively, saving money and freeing up time
- Helps you tap into technologies like the Internet of Things that rely on data
If you truly want to take your digital transformation strategy to the next level, it’s vital that data management becomes a priority.
How to Get Ahead of the Competition with Data Management
By properly managing your data, you’ll rise above the competition quickly and effectively. Here are a few key steps.
Get Better at Labeling & Categorizing
Effective data management starts with good organization.
Your files and folders should follow a consistent naming protocol that makes immediate sense and can easily be replicated across the organization by people from different roles and departments.
Think about who is accessing the data — will they be able to quickly understand important details such as how old it is or what file type? The earlier you are able to have standardized conventions in place, the easier this will be.
Work with a CDO
If you can afford one, a Chief Data Officer can be an enormous asset to your organization’s data management.
CDOs are solely committed to handling your data and have been shown to have a clear positive impact on reducing risk and improving compliance. They can help you put clear, effective processes in place to organize, manage, and secure data while getting the most out of this valuable resource.
Get on Top of Metadata
Metadata is “data about data.” It’s the information that tells you data’s date of origin, source, current location, format, and when it was last accessed or changed, among other important details.
Understanding, organizing, and categorizing your metadata will make it much easier to manage your primary data.
Understand Data Lineage
Data lineage is a record of a piece of data — where it started, where it’s been, and how it’s changed during its time at your organization.
By keeping track of the life stories of your data in this way, you can gain a deeper understanding of how things work and access valuable insights, helping you better manage your data and get more out of it.
Keep Your Data Clean
Keeping data clean involves monitoring for inconsistencies, errors, duplications, outdated information, and anything that makes it more difficult to have a clear and reliable view of your data.
By regularly reviewing your data and deleting anything that doesn’t belong, you’ll find it’s much easier to organize and manage information.
Invest in the Right Tools
Today’s organizations have access to a plethora of tools and software solutions aimed at making data management easier and more productive.
Examples include:
- Astera, an AI-powered solution aimed at simplifying the entire data management lifecycle
- Azure Data Factory, a cloud-based data management platform from Microsoft, focused on data integration
- Talend, a cloud-based tool built to meet end-to-end data management needs
These tools will elevate your team’s data management for higher levels of productivity.
Prioritize Security
Data security is more important than ever before. With cyber threats growing in number and sophistication and increasingly strict regulations to comply with, the safety and privacy of your data is an unavoidable part of data management.
This means investing in the right tools and building strong teams focused on security and compliance. The best option is to work with an expert, like a team of security professionals specializing in data.
Work with DYOPATH
At DYOPATH, our team of seasoned experts can help you put solid data management frameworks into place with a strong focus on security, laying a concrete foundation for running your organization and any future digital transformation projects.
Schedule a demo with us to find out more and get started.