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Finding Best Practices for Data Management

Creating the Data Management Pipeline

According to Thoughtspot’s blog, “14 proven data management best practices,” implementing best data management practices can help streamline and implement better decision making for the enterprise. Some of the best practices they recommend include:

  1. Establish a single source of truth: All data should be stored in one centralized system that is accessible to everyone in the organization. This ensures consistency and accuracy across all operations. 
  2. Properly tag and store data: Data should be clearly labeled for easy retrieval, and ideally stored in an organized database or cloud data warehouse.
  3. Utilize data lineage: Track each piece of data’s origin and its transformations as it makes its way through the organization, helping to ensure accuracy. This is particularly important for analytics engineers, who leverage software best practices to create more agility in their organizations.
  4. Make security a priority: Protect important information with strong authentication measures such as two-factor authentication and encryption technologies. 
  5. Define data access policies: Establish clear guidelines for who can access what types of data and when they can access it to ensure compliance with privacy laws. This includes being able to govern access for every single user, down to the row and cell level.
  6. Leverage automation technologies: Automate processes such as backups, archiving, and workflow execution to help increase efficiency and accuracy across the organization.
  7. Monitor user activity: Track how users interact with your systems in order to identify any potential issues or suspicious behavior. 
  8. Keep data clean: Regularly audit data for accuracy, completeness, and consistency with data observability tools. 
  9. Launch self-service analytics: With the right data governance, organizations can launch self-service analytics tools to their entire organization.
  10. Continually review processes: Regularly assess your data management policies and procedures to make sure they are meeting current needs.

More Data Details

In “Solving the Data Bottleneck,” All Things Innovation explored some of the data pipeline issues currently happening in today’s organizations. The flow of data has increased as technology such as AI has been developed. Big data is here. Some companies may feel pressured by just what to do with all that data. There’s a lot of untapped value. Some have likened the flow of data to that of a firehose on full power. There’s just one issue, however, of effectively directing that flow of information. This has led to more of an emphasis on data governance and data democratization, which is a process of shifting the mindset and responsibility of data analytics from the data scientists or IT to all users across the organization.

Looking forward to FEI 2024? The conference, which will be held June 10 to 12, will feature a session called “High Performance: Marrying Profession & Passion Through Data,” presented by Maximiliano Just, Vice President, Data Governance and Shared Platforms, Fortune 100. Building good data structure, leadership, data practices and methods of working with data can improve business performance. There are ways to optimize data, mindset, and ways of working to enhance performance and outcome. If you want to win, you’ve got to be data-driven. Register for FEI 2024 here.

Implementing Best Practices

Implementing best practices in data management is crucial for organizations to ensure the accuracy, security, and effective utilization of their data assets. We asked ChatGPT for some key benefits associated with adhering to best practices in data management:

  1. Data Accuracy and Quality:
    • Improved Decision-Making: Accurate and high-quality data provides a reliable foundation for decision-making, enabling organizations to make informed and strategic choices.
    • Reduced Errors and Inconsistencies: Following best practices helps in minimizing errors, duplications, and inconsistencies in data, contributing to a more reliable and trustworthy dataset.
  2. Data Security and Compliance:
    • Mitigation of Risks: Adhering to data management best practices helps mitigate the risk of data breaches and unauthorized access, safeguarding sensitive information.
    • Compliance with Regulations: Following best practices ensures that data management processes align with industry regulations and data protection laws, avoiding legal complications and fines.
  3. Efficient Data Governance:
    • Clear Accountability: Establishing data management best practices promotes clear roles and responsibilities within the organization, ensuring accountability for data quality and security.
    • Effective Policies and Procedures: Implementing best practices enables the development of effective data governance policies and procedures, facilitating consistent and standardized practices across the organization.
  4. Improved Data Integration:
    • Seamless Data Exchange: Best practices in data management support efficient data integration, allowing seamless exchange of information across different systems and platforms.
    • Enhanced Interoperability: Organizations can achieve better interoperability between disparate systems, enabling a more cohesive and connected IT environment.
  5. Optimized Data Storage and Retrieval:
    • Cost Savings: Effective data management practices contribute to optimized data storage, reducing unnecessary costs associated with maintaining and storing redundant or outdated information.
    • Faster Retrieval: Well-managed data ensures faster and more accurate retrieval of information, improving operational efficiency.
  6. Enhanced Data Collaboration:
    • Improved Communication: Data management best practices promote better communication and collaboration among different departments within an organization, fostering a data-driven culture.
    • Cross-Functional Insights: Teams can leverage a unified and accurate dataset for collaborative efforts, leading to more comprehensive insights and solutions.
  7. Scalability and Future-Proofing:
    • Adaptability to Growth: Best practices allow organizations to design scalable data management frameworks that can accommodate growing datasets and evolving business needs.
    • Future-Proofing: Implementing best practices helps organizations stay adaptable to emerging technologies and industry trends, ensuring relevance and longevity of data management strategies.
  8. Increased Customer Trust:
    • Enhanced Customer Experience: By maintaining accurate and secure customer data, organizations can provide a better and more personalized experience for their customers.
    • Building Trust: Demonstrating a commitment to data integrity and security builds trust with customers and partners, enhancing the organization’s reputation.
  9. Effective Analytics and Reporting:
    • Reliable Insights: Best practices enable the generation of reliable and consistent data, supporting accurate analytics and reporting for better business intelligence.
    • Data-driven Decision-Making: A well-managed data environment facilitates a data-driven decision-making culture, leading to more effective and strategic choices.
  10. Reduced Data Silos:
    • Improved Collaboration: Breaking down data silos through best practices promotes collaboration between departments, ensuring that information is shared and utilized across the organization.
    • Holistic View: Organizations can achieve a more holistic view of their operations by integrating data from various sources, enabling a comprehensive understanding of business processes.

Gaining An Advantage

Adopting best practices in data management is essential for organizations seeking to maximize the value of their data assets, minimize risks, and create a foundation for innovation and growth. It also enables organizations to create a data-driven culture, a mindset that relies on analytics and insights to drive expansion and growth. This in turn will give the company a data-driven edge, putting the company at an advantage over its competitors.

Video courtesy of Lights On Data

Contributor

  • Matt Kramer

    Matthew Kramer is the Digital Editor for All Things Insights & All Things Innovation. He has over 20 years of experience working in publishing and media companies, on a variety of business-to-business publications, websites and trade shows.

 
 

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