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What is a Data Management Strategy?

September 7, 2022

What is a Data Management Strategy?

The facts are clear. Organizations are losing millions of dollars every year to poor-quality data and inappropriate data governance. Most business leaders are trying to make data-driven decisions and generate strategies to ensure data validity and data reliability. However, if their data is bad, their data-driven decisions are going to lead to problematic outcomes. In order to avoid this happening, organizations must implement a comprehensive data management strategy. A data management strategy is an overarching framework that guides how your business intends to collect, keep, and use your data to make decisions.

The strategy must be crafted according to established data management principles. Some of these data quality management practices include: setting roles so that individuals are accountable for each piece of data, maintaining data quality, analyzing metadata, and comprehending the complete data lifecycle. By following these data management techniques, your business can maximize the data you collect so that your projects and initiatives are more successful.

One of the most important aspects of data management relates to whether or not you understand your data’s lifecycle. Do you know where your data is coming from and where it’s going? Data management and analysis have become increasingly complicated with the advent of Big Data. Many enterprises now collect hundreds of data points from thousands of data sources every single hour. This results in highly complex data lifecycles dealing with massive amounts of data.

The path your data follows from its point of generation or entry into your business to the point of storage or destruction is called your data pipeline. Data observability is a concept that fits well into the best data management standards because it is all about getting visibility into this pipeline. One example of a software tool that can help you achieve this is Acceldata Torch. This software is designed to help you better understand how your data is being used and altered as it moves through your organization. Acceldata Torch provides you with a unified view of your entire data pipeline, allowing you to see into your data lifecycle.

What is data management software? Simply put, it’s an application that takes in data from multiple sources and stores that data in a single location. Then, it provides you with a variety of options for analyzing that data. Generally, data management software is interchangeable with database management software, and both serve similar functions. However, some data management software can provide far more features and functionality, helping your company to more efficiently manage your data.

Data Management Strategy PDF

Another core component of data management strategy is data quality. A data strategy Mckinsey article showed that an average of 30% of enterprise time was spent on non-value added tasks due to poor data quality. That means huge costs for your business.

Achieving data quality can be a real challenge. As you build your own framework and goals to work towards higher data quality, downloading and reading data management strategy PDF case studies can be helpful. This can give you a data management strategy example for how you can improve data quality within the organization. Do you know what data quality is? It’s a measure of how well that data describes the real world. There are six main pillars to data quality:

  1. Accuracy
  2. Completeness
  3. Consistent
  4. Fresh
  5. Valid
  6. Unique

If all of these criteria are met, then the data can be trusted. However, in order to actually maintain each of these points, you need to be able to establish checkpoints throughout the data pipeline. This is the best way to monitor for any issues that could cause downtime or negatively impact data quality. This data strategy PDF shows how Acceldata can help your organization automate these data quality checks and optimize your data management.

Data Strategy Framework

Your data strategy framework provides the foundation for the way your business handles data. Looking at a data strategy example or data strategy framework PDF can be a great way to learn more about how to build one. In January, a data strategy framework Mckinsey article was published describing the data-driven enterprise of 2025. In this article, Mckinsey basically lays out a data strategy implementation plan.

They show how important data already is and how much more important it will be in the future. If your organization is not already working towards getting the most out of your data, you will be left behind by your competitors. The Mckinsey piece provides a general data strategy framework template, describing both the tools and the roles that will be required to build a successful data strategy. To learn more about how to put together a data strategy framework, reading through a data strategy PDF use case can be super helpful.

Data Management Strategy Framework

Without a data management strategy roadmap, your organization is flying blind. This is an untenable position in today’s highly competitive digital economy and will inevitably lead to poor data quality, increased outages, and data silos. Data silos can be particularly problematic for large enterprises as they make it difficult for users outside of the silo to access and use the data. This means that a significant portion of your data is not being used to its full potential. By looking at data management goals and objectives examples, you’ll see that one of the core principles of good data management is metadata analysis. Metadata has been called the data about data. In many organizations, metadata is entered manually and then never changed. This can create issues down the road as the metadata does not change when the data is transformed. Acceldata Torch provides effective data discovery capabilities. At the heart of data, discovery is the concept of regular, automated updating of the metadata to ensure that it is always as accurate as possible. By maintaining the quality of your metadata, you can ensure that your analysis is more effective and can meet the requirements found in most data management roadmap template downloads. All of the features and functionalities provided by Acceldata make it easier to build and adhere to a consistent data roadmap.

Data Strategy Template

A data strategy template gives you a methodology that data engineering teams can apply to your own company’s unique situation. There are data strategy example PDF files available online that lay out a variety of different workflows and processes. For example, there is the Creating a Data Strategy Gartner PDF. This is one of the great data strategy roadmap examples. Another example would be this data strategy framework Mckinsey article. At the heart of your strategy, there should be a tool that lets you get true visibility into your data lifecycle. Ideally, this platform would also automate many of the tasks required to reach the goals outlined in your data management strategy. Acceldata is the ideal solution for this purpose. With Acceldata, you can optimize the performance of your data, as well as increase reliability, and lower your costs.

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