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Smartsheet

What is data management and why is it important?

Data currently rules us, mortals, in the 21st century. 

A short Google search. An accidental tap on the Facebook ad.

And the very next minute, all your social media profiles will be plastered with ads from the company you searched for on Google.

Ever wondered how this is possible?

Magic? No.

Telepathy? Never.

Coincidence? Not at all!

It’s just shrewd use of data to reach out to the target audience!

This way, you are not investing in people who don’t feature in your marketing funnel at all. You are investing only in those who are currently at least two stages into your sales funnel- that is, the interest strata.

This way, you are saving yourself a good lot of money and your sales and marketing teams’ time and effort.

But have you ever wondered how this is possible?

How it is that businesses are pulling out data from the depths of the internet and converting them to actionable insights for raking in more revenue?

Data Management.

The shrewd art of pooling and organizing data to unlock the true potential of the business.

Let’s dig a little deeper!

What is data management?

Data management is the process of collecting, storing, and organizing data to be used securely, efficiently, and cost-effectively when needed for the planning and decision making by the executive team.

It is the review and fair usage of policies, procedures, and practices to make crucial data available and accessible so that it can be of good use to the organization.

What does data management entail?

  • Creation and updating of data.
  • Safe storage across clouds
  • Usage of data for disaster recovery
  • Ensuring the privacy and security of data
  • Usage of data in building algorithms and analytics

This data is harnessed from a variety of sources- be it transactional systems, devices, scanners, or even social media.

Why is data management important?

It’s an asset to your organization.

Marketing strategies. Executive decisions. Day-to-day operations.

All are heavily dependant on the data you will be harnessing.

The end result?

Revenue spike.

But data management systems have more of a job than just taking care of your profits.

They also have to keep a keen eye on the data quality and the millions of new policies and compliance rules coming out every single day.

All these checks, screens, and hoarding of data require sophisticated tools, techniques, and systems. Let’s run through those!

Data Management Tools and Techniques

With the importance of data shooting up with every passing day, it is hardly a surprise that companies all around the world have been striving to come up with new and innovative techniques to tackle the issues.

  1. Database management systems

The most prevalent kind of data management tool used to store and analyze data. Of these, the relational database management systems are all the rage because of their ease of use and practicality. They consist of tables with rows and columns with keys acting as indicators of relationships.

  1. Big Data 

Why big? There’s too much of it and it has to be pooled quick!

Every second, a huge amount of data are coming in from multimedia sources and social media. It is to tackle this speedy, incessant stream that Big Data comes in handy, making it the data management system of the future!

Big Data management systems deal with 3 primary areas:

-Integration (take in and convert data to consumable form)

– Management(store and process data)

– Analysis(create further insights or come up with deductions)

  1. Data warehouses

These are drawn from traditional RDBMS and are particularly useful for business intelligence and enterprise reporting purposes. Though this data management tool is quite old, it can still help figure out important sales figures and KPIs.

  1. Data Lakes

This data management system, on the other hand, is the new kid on the block, with oodles of potential. Though it mostly works on big data, it can also be used to draw data from NoSQL tables.

The only drawback?

The data is in raw form. Your data scientists will require more time to process it.

All these tools and techniques are fabulous and will get your work done well and quickly. But how would you understand which data management system will suit your business purposes well?

There are a million jobs associated with the data management of an enterprise and it would be beyond the capabilities of the IT or executive team to oversee it.

So do you need a dedicated data management team?

No!

All you need is Smartsheet.

Cost-effective. Efficient. Trustworthy.

All your data management woes solved in a jiffy!

How will Smartsheet help the data management process of my organization?

It will provide you with a central location to store all your data- a flexible, customizable database where you can store all your data and view it at any level of depth as and when you need.

Karyopharm, one of the leading drug makers of the world put their trust in Smartsheet and now, they’re completing their goals on time and successfully monitoring clinical trials.

How?

By virtue of data management by Smartsheet!

Each clinical trial has its own spreadsheet where all medical professionals involved will enter their individual updates- the patients, the progress, the side effects.

And then, there will be a common dashboard for similar demographics for easy analysis of data.

Karyopharm project managers are so fond of Smartsheet dashboards, that the highest authorities use these and stream them live to the headquarters.

And here’s what one of their top project managers has to say-

“When you understand the system you can do almost anything,” Gonzalez says. “It can pull out metrics or information that you thought was only available by data mining. It not only allows me to visualize the entire program, but it gave me a purpose and a platform to optimize this company’s functionality in a way that I never thought was possible. I would never have thought I could have this type of impact in a company; Smartsheet essentially led the way for me to do that.”

Data management has never been made so easy!

CEO, Marketing Manager, Data Scientists- Smartsheet will rid you of all your data management headaches.

All you have to do is call us or drop us an email! 

We’ll hook you up to the best software and tools we have in our arsenal!

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