By next year, the big data analytics market is set to reach $103 billion while poor data quality costs the economy up to $3 trillion yearly. You want your business data to be part of the first statistic not the second, but how can you ensure that you don’t have poor data quality?
A data management system can help organize your data and ensure it is of quality. If you don’t currently have a digital system or want to update the solution you use, this guide is for you. Keep reading to learn how to choose the best data management system for your business needs.
1 Evaluate Your Current System
Before researching the different data management systems out there, it’s important to evaluate your current system. Are you doing more manual labor than necessary? Are your data analytics not adding up? Answer the hard questions about your system to find out what you are missing. Take your evaluation to heart and search for systems that can fix the problems you find.
2 Look for Data Cleansing Support
A data management system should offer support in terms of cleaning and rectifying data. It should be able to resolve quality issues, remove redundancy, and improve consistency. Data cleansing support comes in the form of data profiling and data quality rules.
3 Consider a Data Consolidation Feature
Data management is made easier with the ability to consolidate. It’s important to consolidate data from several source systems into one central repository. For example, this software allows you to manage databases to help a business with the organization. It allows for automated data collection from different systems with various data formats.
4 Check the Interface
Before committing to data management systems, it’s important to opt for a free trial. A data management tool should have a user-friendly interface that any staff member can use.
Check if the interface is intuitive enough for non-technical team members to use when needed. A single interface to manage all data is preferred by businesses. An extra perk is the ability to identify personal data and business data. A great interface will classify multiple data types on the same platform.
5 Search for an Integrative Solution
If you use other software tools for business, you’ll need your data management solution to allow for easy integration. You can simplify data management with this factor.
Plus, it will allow for collaboration between different business teams and departments. With collaborative software, teams can update data, tweak processes, and evaluate results with one solution.
6 Decide on Scalability Needs
Data management for businesses is not a one size fits all solution. You have to decide your scalability needs based on the size of your business. If you can, choose a software solution that expands as your business expands. There are data management applications out there that can address a developing business by offering scalable features and functionalities.
7 Find a Solution With Data Backup and Recovery
Working with technology is bittersweet as it makes tasks easier but can sometimes crash and cause downtime. Although downtime is not ideal, it is inevitable.
You can mitigate your risk by choosing a data management solution with backup and disaster recovery features. In case of failure, you can access and retrieve data without worrying about losses. You should also be able to carry out regular upgrades without downtime or disruption to maximize security.
8 Compare Total Cost of Ownership
In your search for a data management system, it’s important to compare different solutions. One major consideration to make is the total cost of ownership. A system that fits into your budget is key.
As mentioned above, take advantage of the free trials before making a final decision on which platform to choose. Several data management solutions offer flexible pricing.
9 Discover the Features Your Business Needs
To choose the right data management system, you need to consider the features of a software solution. Not every program will have the same features.
Create a list of the items most important to you to help you decide which solution to choose. Some of the main features you’ll want are:
(a) Data Quality
The right data management system will identify and fill gaps. If you have missing information that would impact analytics precision, this feature will come in handy. If you currently search for data mistakes manually, you’re likely making errors in analytics without knowing it.
(b) Data Control
A data control feature is key to identifying when and how data has been altered. Some platforms use an additional feature that allows you to create alerts so you get notifications when any changes are made.
(c) Data Security
Data security is perhaps one of the most important features to have. You might be able to get away without other features, but not this one. If you have sensitive customer, personal, and business data, it needs certain features to stay protected. Find a data management system that offers access control, encryptions, and tokenization.
With data security, you can secure access to important enterprise data and protect it from cyber and in-house threats.
(d) Risk Management
To minimize data risks, find a solution with additional tools that allow for controlled processes and data storage. Integration and specific access throughout the data journey are key to avoiding issues.
(e) Workflow Automation
Data management systems are more than storage solutions. The best programs offer job scheduling and other trigger-based features. You’ll be able to automate repetitive tasks and optimize the entire data management process.
10 Choose the Right Data Management System for Your Needs
The right data management system for your business needs won’t be the same management plan as other companies. The first step you should take involves evaluating your current data system to see where it can improve.
From there, you can use the tips in this guide to choose the best software solution. Consider the necessary features that every system should have when making your choice. Now, you are ready to find the best data management solution! Don’t forget to keep coming back for more technical articles like this.