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Data Management is the practices and processes that make information an asset strategic to the company, encouraging innovation and decision-making. It involves efficiently gathering data, organizing, secure and storing data to provide an unrivaled source of information.

Effective data management can assist companies to gain a competitive edge by increasing operational efficiency and cutting costs. It helps them enhance customer experience, optimize resources to speed decision-making, and react more quickly to market trends. It also helps to reduce data security and privacy concerns that can damage an organization’s reputation, increase costs of compliance, and result in legal liabilities.

Today, companies receive data from a variety of sources such as software as a services such as application programming interfaces (APIs), mobile apps, and Internet of Things (IoT) devices. A data management approach that integrates these different sources can result in one source for reliable, consistent information. It also helps to reduce the amount of data required to be stored and processed, saving on storage costs and decreasing processing time.

In a world dominated by data it’s crucial that the people who use it can get what they want quickly and without hesitation. It can be challenging to navigate a complicated data landscape that is growing more complex, particularly if you do not understand how the various systems work. Data management tools can help simplify the process by giving better visibility of data assets, such as catalogs and metadata-driven data dictionaries, and data lineage records. It can also make it easier for analysts and data scientists to find the data, access and analyze it.