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Business Tips

All You Need to Know about Data Management for Business Growth

08/21/2020

For a business company to develop and strive towards three principles are crucial: persistence, innovation, organization. These principles should be the stepping stones of every project your business is tackling – neglecting them leads to failure of concepts, decreased motivation, and loss of clients. 

Every CEO or project manager must be persistent in achieving their goals. Persistence means no backing up when issues arise and going strong even when all the odds are against you. They must be innovative, too. Only innovation and creativity can help you stand out from the rest. 

However, the whole burden doesn’t fall only on the CEO/manager’s back when it comes to organization. The organization is a complex process that depends on many factors in the company to produce results. Especially when data management is in question. If you manage to organize data management correctly, you can be sure that half the job is done. Let’s go over the concept in detail. 

What is data management?

Data management is handling data – simply put. A more expanded definition would be the process of acquiring, storing, organizing, and analyzing data created by a business company. Without data management, operational decision-making planning can’t take place. Analyzed data gives valuable information about the marketing funnels, consumers’ behavior, social media engagement, and internal processes.

Who conducts data management plans?

For proper dealing with data, IT and data management teams are responsible for ensuring all data is stored and analyzed in the right way. Data analysts are the experts that can conduct the management plan the fastest, leaving no place for mistakes. However, if you want to be involved as much as possible in the whole process, you or your chosen teammate can have a tutorial training or a course that will specialize in using a data management platform and deal with data. 

Why is data management important?

The benefits of data management are enormous. You will be able to make thoroughly informed business decisions, optimize marketing plans, generate leads, reduce costs, and improve marketing campaigns. All of this leads to one single goal – increase your revenue and expand the business. 

You should also know that data management is not only a voluntary internal process that will help you grow and expand. It also involves privacy and protection laws, which can seriously retrograde your business if you breach them. For example, GDPR (General Data Protection Regulation) is a legal framework that sets guidelines for dealing with personal information from individuals living in the EU. In the USA, you have the California Consumer Privacy Act, which gives people more control over the personal information you collect from them when they are browsing on your website or completing a purchase. 

How is data collected?

It is an automated process done by a wide range of technologies or tools that offer a vast array of options and features. Let’s have a look at the solutions at hand. 

Database management systems

Relational database management system

One such system is the relational database management system that is built with SQL programming language along with a strict data model. They are used for transaction processing. There are others that don’t impose rigid requirements on data models and schemes and are categorized as NoSQL databases. 

Data integration

This technique is the most widely used due to its efficiency and easy implementation. Data is extracted, transformed, and loaded from the sources, converted into a consistent format, and then loaded into a data warehouse. With this technique, data analysts can work with real-time results in order to make on the spot decisions. 

Data governance

This refers to an organizational process and is done by data management pros using a data governance council, which consists of business executives. 

Popular data management platforms

There are many companies that offer data management platforms and tools to users around the globe. Even Google and Amazon have their products that make the list of the most popular ones. On that list you can also see:

– Lotame

– Adobe Audience Manager

– Marketo

– Salesforce

– Snowflake

– SAS Data Management Suite

– The Trade Desk

All of these have their pros and cons, different features, and different pricing lists. What is mutual for all of them is that they are fast, convenient to use, and can be integrated into your internal system. Moreover, you can register for a course or training online and learn the basics of any of these platforms. Whether you choose a plan based on Marketo data management, or Snowflake’s unique data handling services, you should look forward to the instant facilitation of data processing. 

To Sum Up

Data management is vital for business growth and expansion. Together with persistence and innovation, they make the three principles of business success. It is crucial to have it appropriately implemented in the internal organization processes and have a skilled professional who will have control over it. 

Author Bio

Hannah Derby is a digital marketer who is enthusiastic about trying out the newest trends and innovations in the digital marketing industry and helping businesses advance. She is also using her knowledge and expertise gained from a JTF Marketing training that raised her interest in the marketing automation industry.

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