Here at Archery IFAA, it’s our job to try and save you money for your business and household. In this article, we will be concentrating more on the business side of things by the information you of what data management actually, how it can add value to your business and ultimately, how it can save your business time and money.
What is Data Management?
Data management is an IT/administrative action which consists of acquiring, storing, validating, indexing and protecting that that you can be sure that the data is always accurate, easy to access at all times, and non-accessible for anyone without permission to view it.
The DAMA (Data Management Body of Knowledge) gave an excellent description of data management, where they said that it’s the development, execution, supervision of plans, policies, and programs that help to control, protect and both deliver and enhance electronic and offline data.
Why are businesses paying such attention to their data?
To put it simply, businesses pay attention to data in order to save money and time, as we briefly stated in the intro of the article. But how would storing, indexing and protecting data actually help a company save money? Let’s say you are a large commercial business or an enterprise looking to grow, you are likely to be paying attention to the big data which your company has stored to help with decisions and develop deep insights into your customer’s trends, behaviours, which will then help create excellent customer experiences and more importantly, SALES!
To elaborate on this notion, if your data is accurate and trustworthy, and is telling you that 80% of consumers of your product, or services are under the age of 25, then this provides you with the opportunity to optimise and enhance your advertising campaigns so that it will better suit your target demographic. From this data, you can realise figure out which websites, magazines, and locations to be introducing people to your products.
As well as this example from age demographics, accurate data can also give insights to many different elements of your customer’s behavior including sex, relationship status, interests among more.
What is the danger of bad data?
Firstly, if you aren’t aware of what bad data is, its data which is incorrect, inaccurate or out of date. It’s hugely important that you have people within your company making sure that your storage and arranged data is not only accessible but accurate. Inaccurate data can lead to catastrophic decisions being made, e.g. let’s say your data is telling you that there is a lack of interest in your products in Scotland, but you have a lot of interest in Wales, you might just put all of your stocks into developing your product interest in Wales, forgetting about Scotland, if the data turns out to be inaccurate, and you make equal sales in the countries this could cost your business a lot of money.
Because of the dangers of bad data, it’s important that you make sure you can trust the team managing the data. One way of doing so is by hiring experts with years of experience in the industry, can companies such as Paper Dock are just that. No matter what industry you work within or what sector you trade in, if you are located in the UK or Ireland, check out what they can help your company evolve.
Have anything else you’d like to know?
We hope our simple explanation of data management at the start of the article was enough to help you get your head around the subject, if you have any data related questions you would like answered feel free to get in touch with a member of our writing team by commenting below.