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Data Management Services: What You Need to Know

Published on May 02, 2021

Imagine doing business without tracking your resources. Or tracking your accounts. Or revenue!

But why stop there?

Why assume that only those parameters are critical to the growth of your business? Imagine not keeping a pulse on employee and customer satisfaction. Or process management. Or the market and your competition.

One thing is for sure.

Modern businesses are complex.

And their complexity will only increase as we identify more factors that impact their growth.

How does a business, then, take control?

By understanding those very factors. In other words, by collecting and analyzing data.

A world-class data management and analytics firm like SG Analytics understands that data should be at the heart of your strategy, and that data is your most valuable asset.

And hence, we offer data management services that provide your business with an all-encompassing framework to use that asset to its full potential.

Such a framework enables your business to collect, store, organize, and access data, across all its domains, with minimum friction and error.

That said, there is more than meets the eye. There is more depth to data management solutions than simply collecting, storing, and using data.

This is what businesses ought to get right first.

Understanding Data Management Services

Data management is the process of collecting, organizing, and accessing data to support efficiency, productivity, and business decision-making. Today data plays a pivotal role in business, and a solid data management strategy along with a modern data management system is critical for every organization. The data management process includes the following:

Collecting, processing, and storing data
Integrating data types from different sources
Ensuring high data availability and recovery
Governing data that is used and accessed by people as well as apps
Protecting and securing data to ensure data privacy

data management services

Data management: Consulting and Strategy

If data management dictates what data, and when, ought to be collected, stored, and used, data governance dictates how that data ought to be collected, stored, and used.

Data governance forms the scope. Data management forms the solution.

Data strategy consulting, therefore, is twofold.

Yes, we devise data management solutions that

Make onboarding and transferring data easy.

Enable business intelligence solutions like Robotic Process Automation (RPA).
Enable product, sales, marketing, customer, and competitor analysis.
Enable data visualization, among other things.

But here’s what we do first.

We create a strategy or blueprint tailored to how you operate.

This involves —

Identifying the various sources of data: to ensure it is high-quality.
Identifying data-critical parts of your business: these are parts or sectors that need access to data most quickly and readily.
Identifying data bottlenecks: so that data can be accessed with maximum efficiency.
Thorough quality control: so that data can be accessed with minimum error, duplication, or redundancies.
Identifying security threats: establishing security or privacy policies like encryption to safeguard valuable data.

A strategy ensures that data is always structured. It ensures consistency. It ensures that data is error-free and never incomplete. This is the goal of scoping — part one of data management consulting.

What does that mean for you?

Since it is this very data that drives decision-making, such a strategy also ensures that decision-making is ordered, consistent, and accurate. This is the goal of data solutions — Part Two.

Types of Data Management Services

Remarkable customer relationships can only be built from a consistent process of developing, understanding, and getting to know the consumers. Organizations today are following a data-first marketing policy as the guiding mechanism to foster growth. Different data services that can be integrated into the organizational framework include:

Master Data Management (MDM): Centralizing Core Information

A technology-enabled discipline, master data management helps in creating a single master record for each individual or place in a business. This further helps in ensuring the uniformity, accuracy, stewardship, and accountability of the official shared data assets. Once created, the master data serves as a trusted viewpoint for business-critical data that can be further shared to promote accurate reporting and reduce data errors.

Data Warehousing: Storing and Organizing Data for Analysis

Product satisfaction and data insights are stored in data warehouse systems. They serve as the primary customer data repository for businesses. These customer data sources help with different data requirements for various systems, including operations platforms, financial applications, and marketing and sales systems. Data warehouses benefit marketers in identifying how customers are purchasing and what products or services they are using products or services, along with the satisfaction levels or issues they face.

Data Analytics Services: Extracting Insights from Raw Data

Businesses today have access to a gamut of data analytics tools that can be used by marketers and sales professionals. Some of the major types of data analytics tools are reporting, data visualization, and business intelligence. While data warehouse systems are critical for storing customer data obtained from diverse data sources, data analytics can be used to process the accumulated data, visualize and format it to generate insights. These analytics tools are used for identifying generic customer trends and getting data presented in visual-rich graphs to measure and extract actionable intelligence.

Data Migration Services: Smooth Transitioning Between Systems

The data migration process involves moving data from one location to another or from one format to another. The process is a result of introducing new systems for the data. The business driver is an application migration where legacy systems are often replaced by new applications that share the same dataset. The data migration process starts when a firm moves from on-premises infrastructure to cloud-based storage.

Benefits of Data Management Solutions

Data management is not just important. Today, it is necessary.

As businesses scale, the complexity of their processes increases. Massive amounts of data move around like blood in a nervous system.

In fact, no analogy could be more appropriate. Data truly is the lifeblood of modern enterprises. While the systems themselves are extremely intertwined and co-dependent.

Unsurprisingly, data management services are one of our most popular offerings.

Here are the Benefits of Data Management Services

High-quality data leads to better-informed, more accurate decisions
Seamless flow and access to data make for more efficient, optimized processes
Efficiency goes hand in hand with productivity, which goes hand in hand with employee happiness and satisfaction
Scalability
Greater accountability and security, which builds trust

The benefits of well-thought, strategic data management are many, but they all have one effect: a major competitive advantage.

Summary: Harnessing the Potential of Data Management Services

Today, many modern businesses are recognizing the value of data. This implies incorporating data management measures to categorize, arrange, and process data reports generated within the individual platforms used for daily operations. The information derived from data empowers organizations to manage and capitalize on their data effectively. However, unifying this data in a standardized source is desirable in order to organize and secure the data effectively.

By undertaking such data management responsibilities, organizations are evolving to become change agents and leveraging new technologies to deliver strategic value for business growth.

With a presence in New York, San Francisco, Austin, Seattle, Toronto, London, Zurich, Pune, Bengaluru, and Hyderabad, SG Analytics, a pioneer in Research and Analytics, offers tailor-made services to enterprises worldwide.

A leader in Data Analytics, SG Analytics focuses on leveraging data analytics, and data science to help businesses discover new insights and build strategies for business growth. Contact us today if you are looking to make critical data-driven decisions to prompt accelerated growth and breakthrough performance.

About SG Analytics

SG Analytics is an industry-leading global insights and analytics firm providing data-centric research and contextual analytics services to its clients, including Fortune 500 companies, across BFSI, Technology, Media and entertainment, and Healthcare sectors. Established in 2007, SG Analytics is a Great Place to Work® (GPTW) certified company and has a team of over 1100 employees and has presence across the U.S.A, the U.K., Switzerland, Canada, and India.

Apart from being recognized by reputed firms such as Analytics India Magazine, Everest Group, and ISG, SG Analytics has been recently awarded as the top ESG consultancy of the year 2022 and Idea Awards 2023 by Entrepreneur India in the “Best Use of Data” category.

FAQs

What exactly is data management, and why is it important for businesses?

Data management involves collecting, organizing, and storing organizational data for it to be analyzed for business decisions. Today, organizations create and consume data at unprecedented rates, and data management solutions this process helps in making sense of the vast quantities of data.

What are the common challenges organizations face in implementing data management services?

The challenges faced by modern data management services include:

Increased data volumes
Compliance requirements
The clarity in identifying the business goals
Focusing on the quality of data
Allow the right people to have access to the data

How does data management contribute to better decision-making and business growth?

Data management assists in minimizing potential errors by verifying processes and policies for building trust in the data being used for decision-making. With reliable and up-to-date data, organizations can respond efficiently to current market changes and customer requirements.