Written By: Sudeshna Ghosh
Introduction to Data Management Solutions
Data is important to how businesses operate and function. B2B businesses should make sense of data and find relevance in the noise that’s made by diverse technologies and systems supporting today’s highly connected digital global economies. In this regard, data becomes paramount. However, data alone is useless- B2B businesses require a robust enterprise data strategy, data management models, and governance to integrate all types of data for efficient and practical use across employee networks, supply chains, and customer and partner ecosystems. This comprehensive guide will help you understand how your businesses can effectively organize, store, and analyze their data to drive decision-making and enhance operational efficiency.
Book a demo to experience the meaningful insights we derive from data through our analytical tools and platform capabilities. Schedule a demo today!
Request a Free Demo
Data Management Process, Defined
This data management process integrates the practice of collecting, organizing, managing, and accessing data to support efficiency, decision-making, and productivity. Given the pivotal role data plays in today’s global business, an accurate data management platform and an effective enterprise data strategy are crucial for every B2B business regardless of industry or size. It is essential for a wide range of data-driven use cases, including regulatory compliance, end-to-end business process execution, data migration, accurate analytics and AI, and digital transformation. The entire process includes a range of procedures and tasks, such as:
- Collecting, analyzing, and validating entire business data
- Integrating diverse data types from many disparate sources, including unstructured and structured data
- Managing the data quality to adhere to B2B business standards
- Providing collaboration, self-service, and access to data
- Ensuring data privacy and securing and protecting data
- Managing the data lifecycle, from data creation to data deletion
- Ensuring disaster recovery and high data availability
Why is Data Management Important?
Every analytics solution, application, and algorithm used in a business (the guidelines and associated procedures that enable technology to address issues and accomplish tasks) provides seamless access to all types of high-quality data. At its essence, an efficient data managing system helps guarantee that data is protected, accessible, and precise. However, the advantages of data management extend beyond that.
1. Turn data into a high-quality business asset
An abundance of business data can be challenging and unproductive if not managed effectively. With the ever-increasing levels of data distribution, data diversity, and demands, B2B organizations may struggle to integrate data as a business asset to fulfill their digital business requirements. However, by using accurate tools, data can be properly harnessed to empower businesses with more accurate forecasts, in-depth insights, and innovative business processes.
It can offer companies a better understanding of their customer preferences and enable them to deliver exceptional customer experiences based on the insights derived from the data. Furthermore, data can also drive the development of new data-driven business models, like service offerings depending on generative AI, which need a solid foundation of high-quality business data.
2. Establish the data framework for digital transformation
Data is frequently referred to as the lifeblood of digital transformation, and this statement holds true. Leaders in the field of data and analytics (D&A) must be able to fulfill the needs of digital business and the growing complexity of the digital data landscape, which includes the influence of the cloud. Emerging technologies such as machine learning, big data management systems, IoT, AI, Industry 4.0, advanced analytics, and intelligent automation all rely on large volumes of accurate, timely, and secure data to function effectively.
For example, generative AI and machine learning require very diverse and large data sets to “learn,” recognize complex patterns, solve many problems, and keep the algorithms and models up to date, accurate, and running effectively. Advanced data analytics also depends on a vast amount of high-quality business data to produce actionable and relevant insights that can be acted on with confidence. Industrial IoT and IoT scenarios depend on a steady stream of sensor and machine data delivered at extremely high speeds.
3. Ensure compliance with data privacy laws
Effective data management is crucial for complying with international and national data privacy regulations, such as the California Consumer Privacy Act in the United States, and the General Data Protection Regulation (GDPR) as well as industry-specific security and privacy standards. Furthermore, when those protections are implemented, robust policies and procedures are essential.
Data Management Approaches
In recent years, the concepts of data mesh and data fabric have gained significant traction in the world of data management, with many organizations incorporating them into their existing architectures. The data fabric approach aims to establish a connecting layer that links many data sources, enabling data access, self-service, and data delivery across enterprises. This entire architecture is successfully designed to abstract away the different locations where data is stored from the end-user’s perspective, presenting a unified, single view that can be used effectively, even when the underlying architecture is distributed.
1. Data mesh
This is a distributed approach to manage data that assigns ownership and responsibility for specific data sets to the business units and subject matter experts who are best equipped to understand and utilize that data. Rather than centralizing all data in a single repository like a data lake or warehouse, the data mesh architecture collects data from various sources and distributes the relevant subsets to the appropriate domain teams across the organization. This allows the data to be organized and leveraged more effectively, as the data is managed by the people who have the specialized knowledge to extract the most value from it, instead of being left in a large, unwieldy pool of information.
2. Data fabric
It is mainly a combination of dedicated software solutions and data architecture that connect, centralize, manage, and govern a large volume of data across different applications and systems. These data fabric solutions enable the connection and real-time management of data across various systems and applications. This allows for the creation of a single source of truth, making it possible to access and utilize that data whenever and wherever needed, thereby automating and democratizing the entire processes. Additionally, a data fabric streamlines data, especially in complex distributed architectures, by unifying, cleansing, enriching, and securing it, making it ready for use in analytics, AI, and machine learning applications. The data fabric architecture and solutions enable businesses to leverage their data and scale their systems, while also adapting to rapidly changing markets.
3. Master data management (MDM)
It is the practice of establishing a single, authoritative source of critical business information, such as customer records, product details, financial data, and more. This discipline helps organizations avoid using multiple, potentially conflicting versions of data across different parts of the business, including processes, operations, analytics, AI, and reporting. The three main components of effective master data management (MDM) are: consolidating data from various sources, implementing robust data governance policies, and maintaining high data quality standards.
4. Data integration
This is the process of gathering, modifying, combining, and making available data as needed. This integration occurs both within the organization and externally – across third-party data sources, partners, and various use cases – to fulfill the data consumption needs of all applications and business operations. Techniques utilized include extract, transform, load (ETL) processes, bulk/batch data transfer, change data capture, data replication, streaming data integration, data virtualization, data orchestration, and others.
5. Data cataloguing and data discovery
This technique allows you to find the data you have and understand how it is connected. Data discovery is frequently included as part of data profiling (which exists to provide an overview of your data’s structure, content, and other characteristics), and it identifies the locations and relationships between different datasets across multiple (diverse) data sources. More generally, it is an essential tool for comprehending your data landscape. Sensitive data discovery is a specific subcategory that focuses on locating and classifying personal or otherwise sensitive data within your organization so that it can be properly protected for data security, privacy, and regulatory compliance purposes.
6. Data security, governance, and compliance
Data governance: Data governance policies are the responsibilities and rules for ensuring data quality, availability, security, and compliance across the entire organization. The purpose of data governance is to establish the infrastructure and name the individuals within the organization that have both the responsibility and authority for the safeguarding and handling of specific types of data.
Data compliance: Data governance is a crucial component of compliance. The systems will handle the technical aspects of security, storage, access, deletion, and retention. It also ensures that the data is accurate from the start and meets business standards throughout its lifecycle – during entry, usage, and retrieval for storage or use elsewhere. Organizationally, governance specifies how responsible individuals utilize processes and technologies to manage and safeguard data.
Data security: It is a major priority in today’s world rife with hackers, viruses, cyberattacks, and data breaches. While security measures are built into systems and applications, data governance is in place to confirm that those systems are properly configured and administered to protect the data. Additionally, governance enforces procedures and responsibilities to safeguard the data outside of the systems and databases.
Data Management Challenges
Nowadays, most of the challenges stem from the faster business pace and the increasing data proliferation. The ever-expanding velocity, volume, and variety of data available to business organizations is pushing them to use more efficient tools and technologies to keep up. Some of the key challenges businesses face include the following:
1. A lack of data insight:
Data that is generated from a wide variety of sources such as smart devices, sensors, video cameras, and social media, is being obtained and stored. However, merely collecting this data is not enough; businesses must understand what types of data they have, where it is located, and how to leverage it effectively. To extract meaningful insights from this data deluge, proper solutions require scalability and performance to deliver valuable and timely information to business decision-makers.
2. Difficult to maintain data management performance:
Businesses are continually collecting, storing, and utilizing greater amounts of data. To ensure optimal response times across this growing system, organizations must consistently monitor the types of queries the database is addressing and adjust the indexes accordingly as the queries evolve—all while maintaining optimal performance.
3. Challenges to comply with ever-changing data requirements:
Regulatory compliance is a complex and multilayered challenge, with requirements that are continually evolving. Businesses must be able to readily review their entire data and flag any elements that fall under new or revised regulations. The detection, tracking, and monitoring of personally identifiable information (PII) ensures alignment with the increasingly stringent global privacy laws.
4. Demand to optimize IT cost and agility constantly:
With the rise of cloud-based data management solutions, organizations now have the flexibility to store and analyze their data either on-premises, in the cloud, or through a combination of both. IT teams must carefully assess the degree of similarity between their cloud-based and on-premises environments to ensure maximum cost-effectiveness and agility within their IT infrastructure.
Data Management Best Practices
Resolving data managing issues necessitates a comprehensive and well-planned set of recommended approaches. While specific recommended practices may vary depending on the type of data and the industry, the following recommended practices address the primary data managing challenges that organizations currently face:
1. Create a data science environment
A data science environment streamlines the process of creating and assessing data models by automating most of the data transformation work as possible. New model hypotheses and testing can be accelerated with a collection of tools that removes the requirement for manual data transformation.
2. Use a common query layer
Data management repositories are becoming more interconnected due to new technologies, which also blur the lines between them. Data scientists, experts, and applications may access data without having to know where it is stored or manually convert it into a format that is usable due to a common query layer that spans the many types of data storage.
3. Ensure a converged database
A converged database incorporates the most modern development techniques and native support for all current data types into a single package. The most effective convergent databases support a wide range of workloads, such as machine learning, blockchain, graph, and IoT.
4. Stay on top of compliance requirements
New tools leverage data discovery techniques to analyze data and pinpoint the interconnected relationships that must be identified, followed, and supervised for compliance across multiple jurisdictions. As compliance requirements escalate worldwide, this functionality will become increasingly vital for risk and security professionals.
5. Utilize autonomous technology
Autonomous data capabilities leverage machine learning and artificial intelligence to constantly monitor database queries and automatically optimize indexes as those queries evolve. This enables the database to sustain rapid response times and relieves database administrators and data scientists from tedious manual work.
The Evolution of Data Management
Accurate data management has been essential for B2B business success for over five decades. It helps enterprises identify trends, improve the accuracy of information reporting, and make informed decisions. Today, it also supports new technologies, drives digital transformation, and enables innovative business models. Data is now considered a form of capital, and progressive organizations continuously seek new and improved methods to leverage data to their benefit. Here are the latest modern data management trends that are worth monitoring and evaluating for their potential impact on your business and industry.
1. Data fabric:
Nowadays, most organizations have a diverse array of data types that are hosted both in the cloud and on-premises. These organizations also use processing technologies, many database management systems, and various tools. A data fabric is a customized combination of technology and architecture that employs dynamic data integration, metadata, and orchestration to facilitate seamless access and exchange of data across the distributed environment.
2. Augmented data management:
One of the latest developments in the field is known as “augmented data management.” This approach utilizes machine learning, big data management systems, and artificial intelligence to make entire managing processes self-optimizing and self-configuring. Augmented data management automates many tasks, from master data management and data quality to data integration, allowing technical personnel expertise to shift their attention to higher-value activities.
3. Augmented Analytics:
Augmented Analytics mainly utilizes machine learning, natural language processing (NLP), big data management systems, and artificial intelligence (AI) technologies to not only recognize the most essential insights automatically but to democratize access to advanced analytics, not just data scientists, allowing everyone, to inquire about their data and receive answers in a conversational, natural manner.
4. Data as a product:
It involves viewing your internal data as a primary offering, with the responsibility of your data team(s) and data leadership to deliver the appropriate data to the rest of the organization when it’s needed and at the desired level of quality. The aim is to facilitate greater utilization of your data, such as more timely and precise analytical insights.
5. Cloud data management:
Many organizations are transitioning some or all of their existing infrastructure to the cloud. Cloud-based solutions leverage the full benefits of cloud computing – including scalability, robust data security, enhanced data accessibility, automated backup and disaster recovery capabilities, and cost-effective solutions. Cloud databases, database-as-a-service (DBaaS) offerings, cloud data warehouses, and cloud data lakes are all gaining widespread adoption.
How Pharma Data Management Solutions Benefit Pharmaceutical Companies?
With the abundance of data sources available, B2B businesses often find themselves devoting most of their time to acquiring the appropriate data with the necessary quality, leaving little time for analysis. Our data management technology can assist your teams in accessing information across various sources, significantly reducing the time required for analysis by 95%.
6 Key Data Management Capabilities offered by Quantzig
As an expert in data management, I can provide an overview of some critical capabilities that organizations should consider to effectively manage their data assets. These capabilities are essential for ensuring data quality, breaking down silos, governing data, managing master data, handling metadata, and providing a centralized catalog for data discovery.
Data Quality
Maintaining high-quality data is paramount for organizations to make informed decisions and drive business success. Data quality refers to the accuracy, completeness, consistency, and timeliness of data, ensuring it aligns with the intended purpose and represents real-world constructs faithfully.
Data Virtualization
Data virtualization is a powerful technique that enables organizations to break down data silos and create a unified access point for all business data, regardless of its location (on-premises or in the cloud). By abstracting the physical storage details, data virtualization provides a seamless and consistent view of data, facilitating easy access and consumption for various stakeholders.
Data Governance
Effective data governance is crucial for balancing data demands with adherence to regulations and internal controls. A robust data governance program provides end-to-end support, ensuring data is managed consistently and securely across the organization. It establishes policies, processes, and roles to maintain data integrity and enable data-driven decision-making.
Master Data Management (MDM)
Master Data Management (MDM) creates a single source of truth for critical enterprise data, such as customers, assets, locations, suppliers, products, accounts, and reference data. By maintaining accurate and consistent master data, organizations can streamline operational processes, enhance analytical capabilities, and ensure compliance with governance requirements.
Metadata Management
Metadata management involves the collection, organization, and management of data about data, including data dictionaries, business glossaries, and data lineage. By harvesting and documenting metadata, organizations can improve data understanding, facilitate collaboration, and enable easy searching and access to critical data assets.
Data Catalog
A data catalog serves as a centralized repository for all data assets within an organization, making it easier for data scientists, analysts, and other consumers to discover and access the data they need. By providing a user-friendly interface for searching, browsing, and understanding available data, a data catalog empowers analytics teams while ensuring adherence to governance policies and access controls.
By implementing these key data management capabilities, organizations can unlock the full potential of their data, drive innovation, and make data-driven decisions that propel their business forward.
Experience the advantages firsthand by testing a customized complimentary pilot designed to address your specific requirements. Pilot studies are non-committal in nature.
Request a Free PilotHow Quantzig Transformed Data Management for a Leading Pharmaceutical Company
| Client Details | A leading global pharmaceutical company having a diverse portfolio of medicinal products. |
| Challenges Faced by the Client | Data fragmentation, prolonged data procurement, data quality concerns, and manual dependence. |
| Solutions Offered by Quantzig | Quantzig’s solution included AI-powered governance frameworks, cloud strategy development, a knowledge repository platform, and data quality management framework. |
| Impact Delivered | Time efficiency, enhanced data quality, streamlined access, and improved decision-making. |
In the face of a robust operational setup, the client encountered significant challenges within their existing processes. Data fragmentation across multiple sources made accessing information cumbersome, while prolonged data procurement ate into valuable analysis time. Additionally, inconsistent data quality and manual dependence on processes further hindered their operational efficiency, posing risks to decision-making accuracy. Recognizing these pain points, Quantzig crafted tailored data management solutions to address each challenge systematically.
Implementing AI-driven governance frameworks significantly reduced manual intervention, ensuring swift issue resolution and bolstering operational efficiency. Moreover, a comprehensive cloud strategy development aligned the client’s data capabilities with long-term objectives, facilitating seamless data access and utilization. Central to Quantzig’s approach was the establishment of a knowledge repository, streamlining data access and analytical procedures. Automation played a pivotal role in enhancing data quality, rectifying errors promptly and empowering the client to make informed decisions with confidence. Through these interventions, Quantzig successfully optimized the client’s data management processes, fostering operational excellence and a competitive edge in their industry.
In order to gain market dominance, an expert’s advice is the most effective. Being in the domain for decades, Quantzig is set to help you with various solutions, while also taking a custom solution route, if that is what your business requires. Data management solutions by Quantzig:
1. Data Governance:
Reduce manual dependencies in issue resolution through AI-powered governance frameworks.
2. Cloud Strategy Development:
We help you analyze your data maturity, map your sources, and quantify business objectives to define an effective data strategy roadmap.
3. Knowledge Repository Build:
Build a knowledge repository platform that serves as a one-stop location to access data across sources in just 5 steps, thus expediting time to actual analytics.
4. Data Quality Management:
Autocorrect 90% of data issues using our Data Quality Management Framework to have business-ready data for analysis in near-real-time.
Get started with your complimentary trial today and delve into our platform without any obligations. Explore our wide range of customized, consumption driven analytical solutions services built across the analytical maturity levels.
Start your Free TrialConclusion:
We understand that information is extracted from data. And if information is power, then skillfully managing and profiting from your data could potentially be your company’s greatest asset. Consequently, data management responsibilities are progressing to become crucial catalysts for change within the organization – in leveraging emerging data management trends and technologies, promoting cloud migration, and providing strategic value to the business.
