Data is a raw collection of facts from which conclusions may be drawn.
Management is the act of managing(maintaining and handling) things effectively.
Data management refers to all the fields related to managing data for a purpose that treats data as an efficient resource.
In Information Technology, data management is the administrative process where the data is stored, protected and processed in order to satisfy end data users. The data collection is the main representation of the organization because it helps in recording, managing, forcasting and planning. Data can be explained as a business asset which helps in the growth of the business.
Why Data Management is important?
* A data resource is one of the important resources in any organization and it must be properly managed for its success in attaining goals and objectives.
* Business has a demand for data/information that changes frequently to stay ahead of the competition. Data management helps in meeting the demand.
* The success of an organization depends on the quality of the data resource.
* Data management plays a vital role in effective business analysis and intelligence
* Data and its management helps in report generation
* It helps in creating charts, graphs, etc for reporting
Some of the common terms to be noted on Data Management are:
Data modeling: The initial phase of creating a structure for the data collected and organizing them in an efficient manner.
Data warehousing: The process of storing data so that the data can be easily accessed and used efficiently.
Data mining: The process of checking and organizing data carefully, analyzing and summarizing the data into useful information which can increase the revenue.
Investment advisors who desire operational scale, efficiency, control and increased profitability hire BaySys Technology for data management excellence.
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