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Today, the world’s most valuable resource isn’t oil or gold, but data.
The same is true for your company – its data is its most valuable asset.
A business that doesn’t comprehend the importance of effective data management is less likely to survive in our information-driven economy.
Rather than having to spend additional time and resources to collect again that same business intelligence you already had, you should focus on understanding the ins and outs of data management.
Below we will explain what data management is and how a strong data management plan can help your company.What is data management?Data management is the development and execution of a combination of processes, tools, policies, practices, procedures, tools and technology that manage the information gathered by a company and ensure that the information is adequate for all organizational functions.
Data management involves the following functions: practicing the disciplines in the development, execution, and supervision of policies, plans, programs and practices that secure, control, provide and enhance the accuracy and value of data within the businessEfficient data managing within most corporations has risen in importance in recent years as organizations are subject to an increasing number of compliance regulations such as KYC (Know Your Customer), AML (Anti-Money Laundering) and CT (Counter-Terrorism).
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