6 Data Management Trends Business Owners Should Know
Data is a powerful asset in any business. It will provide key decision-makers with valuable insights. To make the most out of data, it is crucial for business owners to know the latest trends in data management, including those that we’ll talk about in this article.
Embrace Customer Data Platforms
More businesses are realizing the value of a customer data platform or CDP. This will provide a smart way to unify data across multiple sources, including online and offline. The information available on such a platform will help in making more intelligent marketing decisions. It also provides information in real-time, making sure that your data is updated and relevant. CDPs will provide unique and comprehensive views of your customers.
If you are looking for a high-quality customer data platform to implement in your business, make sure to check out https://www.lytics.com/.
Invest in Machine Learning
Machine learning allows decision-making with minimal human intervention. It has far-reaching applications, and one of the most significant is in data management. This is a great way to automate the data collection process while also ensuring data integrity. Compliance, security, and auditing will also be easier if you use machine learning when processing a large amount of data.
The Rise of Data Lakes
Especially for large businesses, data lakes will be a growing trend this 2020. A data lake refers to “a centralized repository that allows you to store all your structured and unstructured data at any scale”. You don’t need to structure and analyze data before storage. You can keep information in a single system and analyze them only when the need arises. It will be beneficial in terms of improving customer interactions and operational efficiencies.
Moving to the Cloud
This is one trend that has been going on for years now and is expected to grow bigger. The increased use of the cloud in data management can deliver several benefits, such as improved accessibility, cost reductions, and going green. The biggest challenge is to make sure that data stored on the cloud remains secure from threats, especially from hackers.
Higher Level of Security
As data management increases its reliance on cloud systems, it is also expected that there will be a greater concern for security. A good way to ensure the latter is to provide cybersecurity training to the employees. Securing devices, updating software, and using firewalls are also promising ways to secure data.
Data centricity is another trend to watch out for. In one article from Forbes, the author shares that businesses will put data first and not applications. This is expected given the growing importance of data in today’s organizations. Data will become the lifeblood of organizations, and hence, more investments will be geared towards its proper management.
Using customer data platforms, implementing cloud technologies, and being more data-centric are some of the most significant data management trends that will affect businesses. With data being treated as an invaluable asset, businesses are expected to pay more attention to its proper management.