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Best Data Management software

Finding the best Data Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

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With the advancement of technology, more and more companies are making decisions based on data. 

Data management is the process of collecting, storing, protecting, and processing data efficiently and cost-effectively. It ensures the reliability, easy accessibility, and timeliness of the data. 

The main aim of data management is to help organizations make optimized use of data that can help them make smart decisions (decision support software) and maximize their profits. In today’s era, the use of data gives you a competitive edge. 

Managing digital data is not easy. It involves policy, procedures, tasks, and practices. Thus, strong data management practices and robust strategies have become essential for every business, irrespective of size and type. 

Nearly 2.5 Quintillion bytes of information are produced every single day. That’s why it has become more than necessary to effectively and adequately manage valuable bytes of data. 

Managing this unprecedented amount of data is not a cakewalk. It needs to be structured, properly organized, and then analyzed to derive some insights from it. That’s where data management tool comes in. 

Data management software is nothing but a set of programs that combines, manages, and aggregates data from multiple platforms. The software system extracts, structures, and integrates data into a meaningful, easy-to-read format that can be used by companies to reap multiple benefits. 

Data management tool is crucial as it helps achieve critical business objectives like visualization with visual search software, data extraction, data storage, and much more. Besides, it helps reduce human error and offer a neat and secure way to utilize data whenever required. 

Top data management platforms provide businesses with a complete 360-degree view of their customers’ behaviors, which gives a competitive edge to the brand. 

Data management is essential as it can help all aspects of the organization. That’s why data management software is an integral part of every business. 

Some of the important features of the best master data management tools include: 

1. Data Storage - Data management software acts as a database whereby all the critical data files are stored permanently. It reduces the chance of losing any data as the backup is made on cloud storage. So even if the data gets lost or deleted by mistake, one can easily recover it. Thus, organizations don’t have to worry about the risk of losing important data files. 

2. Data Quality - When many users are having control of the database, it increases the chance of duplication of data. However, by using database management software, one can easily avoid data duplication and redundancy. 

An effective database management system creates a single data repository, which helps reduce data repetition. Besides, it makes sure that the quality of data analysis is not compromised by filling the gaps in missing information. 

3. Data Security One of the biggest concerns for organizations handling a large amount of data is security.  An online data management software offers a high level of security by including features like encryption, access control, and tokenization.

The system has admin-based control, which means users with permission can only access the system. 

Only the department head or administrator can modify the database, and thus, the sensitivity of the data is maintained and protect it from breaches. 

4. Data Control - Another important feature of the big data management software is that it gives you control over data. That means you can easily view and identify the changes in data if any. 

In fact, as an admin, it can promptly alert you by sending out notifications for any changes made by any users. 

5. Multi-User Access and Environment Support - Database management software can support multiple users, which enables several users to access and work on data at the same time.

Furthermore, it supports different views of the same data. To be more precise, the database will be accessed by multiple users on multiple operators. Thus, it might need different database view support for easy accessibility of the system. 

6. Workflow Optimization and Analytics - The data management tool not only collects data, but it combines and integrates them to provide useful insights, forecasting, modeling, and trend analysis. 

It provides insights into your workflow and shows how they are performing to help you optimize your business process. 

Data management software is widely used for different purposes across various industries ranging from banking to (healthcare software) healthcare sector, automobile industry, manufacturing hub, education, and many more.   

Some of its applications that sum up its usage are as follows:

1. Data Warehousing

Data warehousing merely is transforming information into data and making it accessible to everyone in the organization. 

It consolidates data collected from multiple stores into a single data warehouse and creates meaningful reports and analytics from it. In fact, many advanced management software includes functionalities like auto-mapping, data mining, and more, of both structured and unstructured data. 

2. Data Compliance

Every industry, banking and finance, food and beverage, government organization, and more, has certain compliance to follow and maintain. 

Besides, these compliance laws and regulations are continually changing. Data management tool can help maintain regulatory data compliance according to the privacy laws. It ensures that organizations don’t face unnecessary penalties. 

3. Data Analytics

The primary purpose of data management software is to analyze the data and derive meaningful insights from the pattern that can help businesses make smart decisions. 

Every industry has an unprecedented amount of data generated and collected. These big data management tools can support analytical processing. It helps with trend analysis, forecasting, and much more. 

In short, it enables businesses to make informed decisions independently.

4. Data Governance

Enterprise data management tool helps organizations employ the best industry practices and policies to set the framework for how the data is collected and used. It ensures reliability, security, and effectiveness with security management software. Furthermore, it enables businesses to establish user-defined roles and admin-based control. 

When dealing with large amounts of data, it can be highly beneficial to make use of big data management tools. 

It can help produce a high level of accuracy and efficiency when managing business’ critical information. It brings with it many other advantages that allow for quick analysis of data, which results in improved decision making. 

Let’s look at some of the advantages of using enterprise data management tools. 

i. Easy Integration of Global Data

We live in a digital era, and companies are looking for ways to expand their operations overseas. 

That’s why it increases the need to ensure an approach that can unify data from local as well as the global presence. The system of franchising of business has enabled businesses to build their presence in different locations. Thus, data has to be collected from many different locations, and not all of them are in the same format. 

You can easily bring this data together in a standardized format with the help of data management software. It can consolidate different data into one and run a quick analysis of the same. 

ii. Multiple Storage Options

Every business environment has different requirements. The best thing is that the online data management system can be easily deployed either on a cloud-based server or as a traditional legacy system. Besides, the cloud-based option is not so costly to set up as it doesn’t require any extra installation of the hardware. 

iii. Enhances User-End Productivity

The use of data management tool increases efficiency in the way the data is being gathered, managed, and analyzed. 

It makes it possible to generate better quality information that can be used to make smart decisions for future growth. The tool converts data into significant insights. Plus, it can be easily accessed by all users, which helps them take quick and informed actions based on the reports. 

iv. Reduces the Risk of Loss of Data

An online data management software comes with the backup and recovery system. It provides a separate process for backing up your data. In case your hard drive crashes, you can easily recover your data from the remote server. 

In fact, if the system fails in the middle of the software update, the software can restore the database to its original state again. 

v. Integrity Constraints

The best data management software can enforce certain types of database constraints. This is necessary to ensure that the users enter valid information, and the integrity of the data is maintained. For instance, data uniqueness is a constraint that ensures that no duplicate data is entered. 

These constraints can be simple, as well as complicated. 

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Frequently Asked Questions (FAQs)

  • A. It is used for various purposes by different industries. For instance, the banking sector needs it to store client info, account activities, credits, disbursements, and mortgages. Similarly, the telecommunication industry needs it to keep call archives and retaining balances.
  • A. The needs and requirements of every business differ. However, there are certain factors that you should consider before selecting your final one. Those are:

    • Scalability & flexibility
    • Data Consolidation
    • User-Friendly Interface
    • Data Backup and Downtime
    • Budget

Chirantan MungaraBy Chirantan Mungara | Last Updated: October 24, 2020

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