In 2018, the total amount of data created, duplicated, and consumed was about 33 zettabytes (ZB), about 33 trillion gigabytes.
By 2025, there is a high chance data may reach over 175ZB. However, data cannot exist arbitrarily. It has to get stored, studied, analyzed, and used. So how does this happen?
Data management is the process of maintaining and structuring data. Individually every organization manages the influx of information they get from various sources.
These can be from mobile phones, transactions, or generated by machines. Looking after data is integral in ensuring that the global IT system doesn’t collapse.
According to the CEO of Palaleather (Luke Lee), “Data management is a critical part of any business, and technology plays a vital role in the process. From simple spreadsheets to complex enterprise resource planning (ERP) systems, businesses rely on technology to store and track information.
In addition to providing a way to store data, technology can also help to analyze and interpret it. With the right tools, businesses can identify trends, optimize operations, and make better decisions. As data becomes increasingly important to businesses of all sizes, the role of technology in data management will only become more essential.”
For business, having a strong hold over this information helps make decisions, run strategic analyses and plan developmental projects. With this in mind, one major ERP solution is NetSuite, however, the process of setting it up can be complex. Thankfully, companies such as Finlyte will guide you through the daunting netsuite implementation process, customize the experience and be with you every step of the way.
Lucrative tech teams look after this data since digitalization has the tools they need to control data. Here’s how tech helps in compartmentalizing information:
- Decreases The Marketing Time
Enterprises are always running against the clock to launch a product. They also need to mind their competitor’s timeline and quickly get their latest creation.
Digital products like applications, chatbots, and even designing web pages take time and a tenfold coding behind the scene.
Therefore, businesses need a clear-cut view of the data model, which they can transform into a ready-made product in no time. Data modeling is a process that helps companies visualize information.
These can be maps, schemas, and pictures. Likewise, businesses need a cost-effective data model that jump-starts their project and is easy to launch.
Therefore a type of data modeling called no coding helps companies breathe life into their innovation without creating codes and starting from scratch.
The business needs to use the no-code industry map and find the platform that best matches its niche and organizes its data into structured applications, databases, or web pages.
Within a few days, the information becomes a practical resource, and the product is made and ready to hit the market.
There is also no need to get developers since the complex work gets handled for the enterprise. This is a wallet-friendly method, especially for startups.
- Pushes for Strategic Business Decisions
Companies have to make many hard-to-pass choices every day. These may include letting go of their employees, hiring new talent, or foregoing an investment.
Previously, most of these decisions were made as approximations or were a shot in the dark. But technology introduced data warehousing to make better and more informed business decisions.
Data warehousing stores all the necessary information a company needs to make executive-level decisions. This system contains all the data extrapolated from different operational systems to get analyzed.
The primary form of data warehousing allows companies to research reports, and sales, keep tabs on their inventory and manage their key performance indicators. It does this through BI querying and enterprise reporting.
On the other hand, data marts are subsets of data warehouses.
These are for individualistic usages containing performance reports on different departments. Data lakes are larger pools of data storage necessary for predictive modeling, machine learning, and raw forms of data that data scientists study.
Using these innovations, a business can review all their work from the first project they launched to their current standing to pick up on trends.
Predictive analyses also help remove repetitive work and make it easier to find employees by running an algorithm matching it with past data and narrowing down a list of potential candidates.
- Enhances Collaboration Through The Cloud
Cloud data management is a neat technique to store data without the hassle of a physical storage drive. There was a time when companies needed a hard drive to squeeze all their data into one place.
However, cloud storage utilizes a platform that digitally operates with the information the company provides.
Cloud storage is ideal for disaster recovery and backing old archives. The data management system comes with a basic plan and premium package depending on the business’s usage.
But using the cloud has increased collaborative opportunities. Companies can work from home, outsource workers, deal with projects online, hold meetings in virtual spaces, and share data by tapping into the system.
The cloud allows employees to categorize their files; anything restricted cannot be sent ahead or accessed freely. This saves the data from corruption and potential leaks and allows a faster transfer of files to catalyze the work.
- Better Client Relations
Customer relationship management systems hold all pivotal consumer information in one place, including past purchasing habits and revenue and profits.
It helps the sales team track down contacts, gain insight into the accounts the business owns, and personalized details on consumers. Client data is sensitive. Recording them on paper files or providing below-par service is not feasible.
Therefore this database allows a company to evaluate the number of consumers they have, estimate the turnover rate, calculate the ROI, and leverage big data to run a predictive analysis and a forecast model on future customer behavior.
These keep any business ahead of the game.
Final Thoughts
Technology has changed the way data gets organized and handled. It has retired conventional methods and created much more lucrative and robust techniques to maximize productivity.
Businesses that are data intensive need this digital revolution to help them achieve their goals. Therefore, technology is vital in saving costs and assisting companies in developing applications without the obstruction of needing a software developer.
Data warehousing leads to better business decisions, while data lakes allow data scientists to run insightful analyses. Cloud database management will enable companies to shift data to safer locations without the threat of getting hacked and paving a path to more collaborative opportunities.
Finally, through better-integrated client management systems, companies can focus on building stronger relations by centering on the consumer’s preferences.
