8-Point Approach Ensuring Effective Data Management For Business

by Maria Dicousta, Guest Contributor

Data management for business has become one of the most vital aspects of running commercial organizations. The information gathered from various sources by an enterprise holds the key to improve its performance. In order to maximize the potential of the analysis of information assets, framing an effective data management strategy is essential. Each organization is unique and so are its objectives behind starting the initiative. The program for the management of information assets must be customized according to the business structure and requirements of a company. ​

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​The processes and tools used in the initiative can be different for every enterprise but the approach including the best practices will remain the same. Let’s take a look at the major points that must be kept in mind while framing the strategy.

1. Identify The Business Objective Of The Program
It is essential that companies identify the business goals that they expect to achieve with the implementation of the strategy. Modern organizations generate information from a large number of sources and not every data element holds importance. The vital elements or assets can be identified only if it is known what is the motive behind analyzing the information. Once the most valuable assets are chosen, the unnecessary information can be easily discarded. Organizations can easily remove the sources which are generating such worthless data. This will ensure that the initiative is efficient even before its implementation.

2. Data Governance Is The Key
Effective data management is impossible to achieve without a data governance framework for monitoring the program. The evaluation of the information will generate valuable analyses only if the data assets remain consistent throughout their lifecycle at the enterprise. The efficacy of the processes and systems being used in the program needs to be monitored constantly to maintain the quality of the data. Governance will help lay down standard procedures for handling and treating specific elements. It ensures that the assets remain stored in a secure environment and the efficiency of the processes is always at optimum levels.

3. Assign Roles And Responsibilities To Suitable Individuals
Hiring a professional data management services agency will ensure that good digital solutions and tools are used in the initiative. The implementation of the program though will be the responsibility of the company’s human resources. The success of the plan will depend on how comfortable the individuals are dealing with data assets and digital solutions. A common approach was to assign key roles to personnel with an information technology background as they will be proficient in using software tools. This sometimes led to issues as they were not as aware of the business needs that were being fulfilled by the program. Choose staff members who are already dealing with the assets and know their importance for the business.

4. Data Must Be Easily Accessible To Stakeholders
The primary objective behind data management for business is to analyze the assets to enable accurate decision-making. The various stakeholders need to access a required element quickly in order to process it so that the decision-makers can get the evaluation in time. An enterprise can lose out on a business opportunity if it is late in coming to a conclusion. The digital framework in which the information is stored, transformed and shared must provide easy access to all authorized stakeholders.  

5. Maintain The Consistency And Standard Of Data
The amount of data generated by even small enterprises is huge. Companies must have a system to classify the information in various categories which will then be stored accordingly. This will help in assigning ownership of the elements to the correct stakeholders. Moreover, with information flowing in from multiple sources, duplicate and redundant data is a common issue. In order to avoid such problems and keep the assets free from errors, appropriate processes and tools must be used. Responsibilities must be assigned for the assets to relevant stakeholders who can be held accountable for the maintenance of their quality.

6. Involve The Whole Enterprise In The Initiative
A common mistake made by some entrepreneurs is to run the program in isolation. This means that a separate division within the organization was created for the purpose but the other departments were not fully aware of the initiative. The data assets are accessed by the whole enterprise and if everyone does not understand the value of treating them in a standardized manner to preserve their quality, then the purpose of the initiative will be defeated. Educate all staff members about the program, even those who are not directly involved in the scheme, so that data quality is maintained.

7. Choose Appropriate Processes And Tools
As mentioned earlier, every company is unique with different structure and business processes. The analytics tools and processes used for the storage, transformation, security, and sharing of the assets must be chosen carefully. Implementing artificial intelligence solution along with machine learning tools will be helpful in improving the efficiency of various processes. Selecting appropriate tools and solutions will ensure that errors do not creep up in any process/ element.

8. Implement Effective Security Measures
Security of the assets is a key aspect of the program. The introduction of privacy laws that necessitate safeguarding of the personal information of individuals in various jurisdictions around the world has also made it mandatory for companies to implement appropriate security measures. They must have a documented incident response plan which will educate the stakeholders about the steps they must take in case of a breach.

Conclusion
Data management for business requires a comprehensive evaluation of the current state of an enterprise to assess its preparedness for adopting the initiative. The above-mentioned points will help organizations in devising an effective strategy for the purpose.