Regardless of the size of an organization, proper data management is vital for innumerable reasons. Data is stored in various forms- computer, paper, or any form of electronic media. Some data can be obstructed after a certain period, but other data would be crucial for the operative management of a company. In other words, inadequate data management could contribute to the success or failure of an organization. Unfortunately many companies have dealt with large losses within their organization because of the loss of essential data.
Therefore, managing data properly is imperative, regardless of its form. This is where special data management software is helpful to assist with updates, deleting and creating information (Meridian, 2012). In most organizations today, data is stored through computer. In the case of computer data, frequent backups of information should be conducted in case a break down, the backup software will store all of the vital information to the company.
Management of data is also crucial for research and development.
Because data management is vital for any organization, business, government, etc. t is imperative to implement a backup plan into your data management strategy (Meridian, 2012). Data processing and data management are crucial mechanisms of business organizations today. When it comes to data management, data is organized in a hierarchy that starts with the smallest piece of information used by a computer. Data management strategy is imperative in the business world today. It is an important resource in the operations of business that aids in the efficiency and decisions made within an organization.
That being said it is important that everyone within the organization is involved with the strategy and that it aligns with the goals and objectives of the business. business intelligence software at Sysco, and the same goes for data management. A company must be able to adapt, respond, and predict business needs, thus something that data management architecture can assist with. According to Ford (2013), data processing techniques are important aspects as well. A company wants to ensure they have timely access to data information and reports.
Information technologies and systems sustenance business’s in managing, obtaining, establishing, storing, retrieving, examining, and inferring data (Rainer, Prince, & Watson, 2013). These are respected organizational resources that put a company at a competitive advantage among others. Today, information systems make it much simpler for management to make business decisions. Business information systems provide us with information and data that analysts are able to comprehend. Evidently, knowledge and data management are central to modern business.
When managing data, the process can become overwhelming and difficult at times. The amount of data that is stored increases with time and can become difficult to manage. Another issue comes from data that is stored in multiple sources. These include internal sources, such as corporate databases and company documents, personal sources, and external sources such as corporate Web sites (Rainer, et. al, 2013). Over time, organizations develop information systems for certain processes, such as transaction processing, supply chain management, customer relations, and other specific processes (Rainer, et. l. , 2013).
Information systems that specifically support these functions impose specific requirements on data, which causes conflict within an organization due to the repetition. Data governance is a good strategy to implement into your organizational data management plan. Data governance is the management of information throughout the organization as a whole (Rainer, et. al. , 2013). This formal set of policies and procedures ensures that data and its information is managed with a specific approach. Master data management is one source for implementing data governance into your strategy.
This is a process that spans all organizational business processes and applications (Rainer, et. al. , 2013). This strategy allows organizations to store, maintain, exchange, and synchronize the company’s core master data. Although administrative interface with business intelligence and performance management solutions generally includes retrieving and interrelating with dashboards and reports, it is essential to comprehend how backend data works together to deliver the required components to enable better decision making (Wise, 2008).
The ability to break down perceptions and apprehend how things work enables business units to manage and build applications independently (Wise, 2008). Having a thorough understanding of how data works allows an organization the increased ability to link performance, information, and strategy more effectively. Having the knowledge of how information works together and how data correlates to facilitate better decision making, higher process efficiencies, and can lower overall costs (Wise, 2008).
As organizations endure to struggle to sustain competitive advantage, information becomes the strategic component in empowering executives and decision makers to make knowledgeable decisions based on an overall view of the organization and its many operational procedures (Wise, 2008). Without a thorough understanding of the prominence of an organization’s data and its structures, it is problematic to develop analytical tools that will empower operative decision-making and deliver an overall view of what is taking place outside of and within the organization.
There are numerous consequences that organization’s face if their data is not properly managed. Some of the consequences include financial losses, litigation risks, excess data storage costs, inefficient workflow processes, missed opportunities, brand and reputation loss, as well as negative press and publicity (Mind Tools, 2013). Financial loss could occur if your database becomes flooded and your backup software is outdated. This could cause your company to lose an ample amount of profit and months of data that is important to the success of the business (Mind Tools, 2013).
Security should be a huge part of your data management strategy. Hackers are always something to be cautious of when it comes to your customer databases. If the database is easily accessible and not secure, the customer’s personal information, as well as identity is put at risk (Mind Tools, 2013). Maintaining customer and information privacy when handling data is greatest achieved through a combination of policy and process. Rigorous policies that safeguard privacy should be adhered to through demanding, dependable, repeatable progressions (CIO, 2013).
Data storage costs and IT resources will increase significantly each year if the organization has no process for data cleansing. Data cleansing includes replacing or deleting inaccurate, incomplete, or outdated information. Another important aspect of data management is efficient workflow. It is important that all data bases from different departments are able to communicate with one another so that employees can find the information they need to accomplish tasks. When you aren’t able to retrieve the information you need, or the information you have isn’t properly protected, your organization can miss opportunities, erformance can decrease, customers and projects suffer, and you lose competitive advantage. Security is a key element in data management. Data issues and security are increasing issues each year, leading to financial losses, intellectual property theft, identity fraud, and compromised reputations (Mind Tools, 2013). Efficient data and information management should be given an ample amount of attention from each employee within the company. Overhauling an existing system or syncing all of the databases can be nearly impossible and costly, so it is important to take action to improve the data management within.
This can be achieved by identifying frustrations, reviewing security, streamline processes and systems, and by creating businesses cases for system improvements (Mind Tools, 2013). Identifying frustrations that occur frequently within your data and information systems with give you a good starting point on where your inefficiencies and issues begin; discussing this with other team members is a good idea to see how their output is negatively being affected as well. Once you have defined what issues need addressed, you can then analyze the situation to determine where the issue comes from and how it can be handled.
These problems could be caused by security issues. A risk analysis can be conducted to identify any data security issues; these issues should be brought the attention of the IT department because they may have some suggestions and guidelines as far as streamlining information (Mind Tools, 2013). Thinking of ways that improving data and information management is beneficial to the organization and management strategy. It is a vital source in the operations of business that aids in the competence and verdicts taken within an organization.
Therefore, it is crucial that everyone within the company is involved with the strategy and that it aligns with the goals and intents of the business. Change is inevitable when dealing with data management, just as it is to the overall success of an organization (Ford, 2007). A company must be able to adapt, respond, and predict business needs, thus something that data management architecture can assist with (Ford, 2007). Data processing techniques are important aspects as well. A company wants to ensure they have timely access to data information and reports (Ford, 2007).
Business intelligence can be helpful in maintaining a competitive advantage when your company is operating on a budget or running short. Business intelligence tools can be helpful in delivering information, such as reporting and consolidation; which can be targeted at high-impact or high-value opportunities (CIO, 2013). Business intelligence and analytics are useful technologies that provide the opportunity to bring forth information that can help organizations make accurate and innovative decisions within the company to sustain a competitive advantage over its competition (CIO, 2013). Governments and enterprises can use business intelligence (BI) and data analytics to achieve real competitive advantage in uncertain economic times when budgets are being squeezed. ” CIO Staff (2013). Business intelligence tools allow an organization to focus on the main results and deliver within budget, along with improving quality, accuracy, gaining a deeper insight, and seeking new data sources to improve competitive advantage. Business intelligence tools can help maintain competitive advantage in numerous ways.
Not only can BI provide information that can improve quality, accuracy, and insight, but it can also suggest new data sources and delivery tools to remain competitive. In tough financial situations, BI can help your company remain within budget and operate on a tight budget while still competing. Business analytics can compile and ample amount of data and present it in one single source. Business intelligence can be utilized to increase competitive advantage by using data management in their decision-making process.
Business intelligence is a great tool to give an insight of the overall company operations such as assets, customer databases, supply chain information, sales and marketing information, as well as much more (Muntean & Mircea, 2008). Many companies use their application of portal technologies that leads to an IT strategy that brings together several applications to solve prior business problems (Muntean & Mircea, 2008). Collaborative Business Structures are technology based models that are used to bring together applications, data, and people to business processes and Web services.
The CBI model helps an organization to reduce complexity and costs, provide an anchor for business initiatives, as well as create a platform for businesses and supply chains (Muntean & Mircea, 2008). “Business intelligence can solve the challenge of maintaining business-as-usual operations and creating new initiatives when money is tight. Business intelligence and analytics are the enabling technologies that bring information and insights to our front line staff so they are empowered to make the decisions that sustain our competitive advantage” (CIO, 2013).
Organizations should implement a supple delivery tactic to validate measurable business advantages or cost savings. Focusing on the conclusion and delivering within budget using cloud and mobile business intelligence solutions is an effective approach. Improving the eminence, precision and perceptiveness of your internal data and looking to probable new external data sources to improve competitive advantage and gain a deeper business insight using predictive analytics (CIO, 2013).
I have come to realize how crucial a data management strategy is to the success of an organization. Having a good IT architecture can make or break a company’s success. In addition to forming a strategy that aligns with the vision of the company, it is imperative that corporate culture is taken into consideration so that the data is viewed as an asset and the company uses it to its full advantage of accomplishing goals and objectives internally. As we have learned, change is an extremely important element of success.
A well planned data management strategy will help an organization take advantage of new opportunities and innovative changes that arise for the company. In order to differentiate your organization from competitors, modifying from packaged applications to customizes capabilities that utilize data in a fresh way will make all the difference. This will involve new technology that will help detect risks and opportunities aside from reliability and performance.
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Data Management Strategy in Organizations Today. (2020, Jun 01). Retrieved from https://studymoose.com/data-management-strategy-organizations-today-new-essay