Data management is the implementation of policies and procedures that put organizations in control of their business data regardless of where it resides.
Data management is concerned with the end-to-end lifecycle of data, from creation to retirement, and the controlled progression of data to and from each stage within its lifecycle. Data management minimizes the risks and costs of regulatory non-compliance, legal complications, and security breaches. It also provides access to accurate data when and where it is needed, without ambiguity or conflict, thereby avoiding miscommunication.
Any kind of business data is subject to data management principles and procedures, but it is particularly useful in rectifying conflict among data from duplicative sources. Organizations that use cloud-based applications in particular find it hard to keep data orchestrated across systems. Data management practices can prevent ambiguity and make sure that data conforms to organizational best practices for access, storage, back up, and retirement, among other things.
A common approach to data management is to utilize a master data file, called Master Data Management (MDM). This file provides a common definition of an asset and all its data properties in an effort to eliminate ambiguous or competing data policies and give the organization comprehensive stewardship over its data.
The benefits of data management include enhanced compliance, greater security, improved sales and marketing strategies, better product classification, and improved data governance to reduce organizational risk.