Big data has had a tremendous impact on businesses all over the world. American companies alone spent over $1`10 billion on big data in 2021 and that figure is growing nearly 50% a year.
There are a lot of great reasons to invest in a data-driven strategy for your business. The average ROI of big data is 250%. However, companies need good data strategies to make the most of their data. This involves making sure data is gathered and stored properly.
Efficient business data management is crucial for successful data acquisition, validation, storage and protection. To achieve this efficiency, you must develop and implement the right processes so that target users can enjoy updated, reliable and accessible data anytime they need it. Below, we’ll share the top five ways to achieve efficiency with business data management.
Store Data in the Cloud
Picture this: you have an age-restricted site that requires users to verify their age before accessing restricted content. You incorporate a reliable age verification system that helps your global users verify their age faster and more efficiently. The cloud is the best way to store and make this data available to your global customers. Not only will the cloud enable them fast access, but also safe and reliable data handling.
Get a Reliable Database Management System
A database management system (DBMS) is software that creates and manages databases, enabling users to conveniently create, read, protect, update and delete data in the database. Choosing a good DBMS also allows for secure data access and data integrity.
Fortunately, you don’t have to create your own DBMS software from scratch to enjoy reliable data protection and management solutions. Top DBMS solutions like Microsoft SQL, MySQL and PostgreSQL offer efficient features for handling structured data. You can enjoy advanced indexing, full-text search, and improved scalability and flexibility.
You’ve probably heard of the Extract-Transform-Load (ETL) approach when it comes to data management best practices. Without this approach in place, data integration can feel like playing chess with your eyes blindfolded. ETL tools can help improve data management without too much struggle. The tools allow you to:
- Extract data: You can easily and safely take data from different platforms.
- Transform data: Once you’ve extracted your data, you can use the relevant transformation tools to change data into a clear and useful format.
- Load data: Loading tools allow you to safely feed the changed data into a data warehouse or database.
ETL tools are built to run these steps automatically, so you don’t have to take so much time doing everything annually. You can also monitor your data activity performance through efficient database activity monitoring (DAM) solutions for even more satisfying results.
Optimize Data Warehousing
When you want to organize inventory in your business, you build a functional warehouse, but when you need your data organized, you get a functional digital data warehouse. Data warehouses play a critical role in organizing key details of your business information.
Using a functional data warehouse, you can combine data from different sources into a central location for smart business management. Data warehouses also allow for a clearer search path, so you don’t strain to search through heaps of spreadsheets or numerous databases. They offer a clear business view, helping you study trends, spot opportunities and make data-driven choices.
Prioritize Data Accuracy and Quality
As much as you’re investing in efficient data management solutions, ensuring these solutions maintain accurate data capture and transfer is non-negotiable. Poor data quality can break trust and cost your business money. This is why you need to ensure duplicate data is detected, data is validated and data format is standardized to ensure data reliability.
Effective data management in today’s data-reliant world is important for building brands that clients can trust. If you invest in the type of data your business holds and shares, users are more likely to trust your solutions and refer your business to new customers.