Critical business intelligence is the key to gaining a competitive advantage in any data-driven industry. Organizations must have a proper data management plan, and most of all stay updated with the emerging trends in management. In this article, we will discuss trends in data management that will rule 2021 and beyond.
The demand for rapid access to a plethora of information is constantly evolving. From hybrid and multi-cloud architectures to machine learning and artificial intelligence, the data management world has been persistently witnessing advanced technologies and strategies. It wouldn;t be wrong to say that data management is the backbone behind enabling applications, analytics, business intelligence, and machine learning models.
Data Management: A Brief
To put it simply, data management is the practice of constructing and maintaining a framework to ingest, store, mine, and archive data crucial to modern businesses. In other words, it connects all the segments of the information cycle.
Businesses, from all sectors, have known the term “big data ” for almost two decades now; and organizations have been collecting (user) data ever since. As it continues to become an integral aspect of real-time decision-making and keeping customers engaged, managing data has never been more important. Unfortunately, very few organizations claim to have a well-defined data management policy and structure since they fail to keep up with the emerging trends in management.
In order to capitalize in 2021 and the coming years, organizations must understand the ever-evolving landscape and work parallelly with the latest trends. According to Rita Sallam, a VP Analyst at Gartner, “Data and analytics leaders must proactively examine how to leverage these trends into mission-critical investments that accelerate their capabilities to anticipate, shift and respond.”
Let’s dig deeper into the trends that are likely to rule the data management space in 2021.
Data Management Trends to Look Out For in 2021
Augmented Data Management
Organizations, every now and then, hire data professionals to manually access, prepare and manage data in the best possible manner. However, with technological advancement, companies have started to recognize the need to adopt technologies that wave off the hassle and limit the grunt work of manual management. This is where augmented data management (ADM) comes in. It automates the primary functions of data management, such as ingesting, storing, organizing, and maintaining data with the help of AI/ML technologies. According to Gartner, by 2022, ADM could reduce manual data management tasks by 45%.
2021 will see more of ADM and less of manual management. As data volumes grow exponentially, ADM will help businesses simplify, optimizing, and automating operations. This, in turn, will help data teams to focus on more crucial tasks while boosting productivity and efficiency.
Data Fabric
This is a new buzzword in the data analytics world or perhaps the most acceptable solution to the challenges of the data landscape. In layman’s language, data fabric can be described as a definitive environment that comprises a unified ecosystem consisting of all the technologies involved in data analytics. Increasingly used by data and analytics teams, a data fabric considerably helps in collecting, governing, integrating, and sharing data across a single, unified architecture by weaving all the data and data operations together.
With companies undergoing digital transformation and data volumes/types expanding, the need to combine data ecosystems is growing exponentially and so is the need for data fabric. With data fabric on your side, you can simplify and integrate data management across the cloud and on-premises while overcoming the challenges of data silos.
Data Governance
The increasing volumes of data and the link between internal and external data has complexified data governing. In addition to this, the current trends and issues in management such as data quality, security, or audit have become more complicated. Thus, organizations, this year, are strongly focusing on developing extensive data governance strategies.
With the right data governance strategies, data can be delivered throughout an organization consistently, securely, and uniformly. Further, organizations can enjoy numerous benefits such as regulatory compliance, superior data quality, auditing, increased efficiency, among others. On a whole, data governance can considerably help in improving several aspects of a business that involve data from insights to analysis and whatever comes in between.
Decision Intelligence
Yet another one of the crucial data management trends that will rule 2021 is decision intelligence. It is one of those highly effective fields that contain an array of decision-making methods required to design, align, execute, and track decision models as well processes. It is not only meant to be applied to individual decisions but can also be applied to a group of decisions and business processes.
Decision intelligence will enable organizations in gaining helpful insights for faster decision making while opening up new avenues and possibilities. Further, when combined with data fabric, decision intelligence can do wonders by optimizing the decision making process.
Data and Analytics
With drastic progress in the digital landscape, enterprises and businesses have started to realize the importance of using data and analytics. Earlier, data and analytics were considered a second choice, and focus was laid on other functions. However, now it has become a core function and will continue to in the coming years.
In order to make the most of your data in 2021, business leaders must not miss any opportunity. They can hire or take assistance from chief data officers (CDOs) by letting them handle the task of securing and leveraging big data trends. They expertly handle governance matters, identify the problem areas to improve client experience and most of all keep a check on data analytics to improve overall productivity and sales.
Key Takeaway
Indubitably, data management is variable. It keeps changing and bringing in new methodologies, strategies, and trends. Data leaders and data-driven organizations must find ways to collect, analyze and manage their data assets. Further, there is a dire need to rethink the data management strategies and keep up with the emerging trends in management in order to stay relevant.
In addition to this, it’s clear that data can either make or break a business. Thus, it is important to take assistance from experts and streamline your operations without leaving any room for doubts.
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