Choosing the Best Data Management Software: Your Complete Guide
Data is inevitable in businesses and is also one of the most useful assets a company can have to increase their competitive advantages and overall customer experience. The management and accuracy of data are imperative for effective business operations from day-to-day processes through to the sales channels and marketing efforts. With data management software, companies can manage, store, utilise and protect data sufficiently.
An IBM study found that 2.5 quintillion bytes of data are created every day. Therefore, one of the most important practices a business can employ is the proper management of such useful bytes of information. From unstructured data like word documents, powerpoint documents, audio samples and PDFs to structured data like excel files, database files and machine-generated sales logs, most data can be used for insights that can shape business processes.
Humans can’t manage this alone, so data management software comes in to help. Data management is the first step in being able to utilise data for analytics. Without accurate and secured data, insights would be impossible to create.
What is Data Management Software?
Data management software helps to store information, reduce redundancies and allow for data retrieval. These software systems provide companies with the means to collect, validate and protect data. With data management, companies can reap multiple benefits that can be categorised into groups like product development, market development, operational effectiveness, customer experience and market predictions.
Data Management Software Features
Data management shouldn’t be considered the job of just your IT team. Data management is a business decision that can help all aspects of your organisation perform better.
That’s why data management software systems are an integral part of maximising business practices. The technologies minimise human error and provide a safe way for all relevant parties to be able to access and use data at any time. Also, companies that adequately manage their data have seen their profits rise by 12%, indicating a strong correlation between data management and success.
Software systems can help provide the following:
- Data governance:
- Systems can tell when and how data has changed.
- Quality of Data:
- Systems can help to fill gaps in missing data and reduce data redundancy that would otherwise affect the accuracy of analytics.
- Fraud and Security:
- Systems provide encryption and protection from data breaches and hacks that would otherwise create considerable compliance risk.
- Advanced Analytics:
- Depending on the software, analytics may be a feature that can take data from various current and legacy systems and integrate it to provide for useful insights, modelling, forecasting and trend analysis.
- Workflow Optimisation:
- The software can showcase measurements for how workflows are performing to help you design and implement business process improvement.
Use Cases Breakdown
Data management software can be used for multiple reasons, but here are some general businesses challenges and how DMS provides solutions.
- Data Warehousing:
- Data has to be stored somewhere, and in many instances, it used to be stored in multiple locations on multiple systems, including legacy systems which would make its usage difficult. For example, some divisions would have data stored in Excel spreadsheets and others would have data in CRM. But now, with these systems, data can be integrated and transformed to create real-time dashboards and reports. The best types of tools work within your current tool stack so that you can still leverage legacy data in a uniform manner that can be accessible by all relevant individuals.
- Data Analytics:
- Data analytics uses automation, machine learning, and artificial intelligence that can see trends and sometimes even make informed decisions autonomously.
- For example, human analytical tools like SolveXia provides high-value insights through modelling, planning and trend analysis allowing the user (data analyst or any member of staff), without technical knowledge of the platform, to be able to see trends and forecast business models using data.
- Data Compliance:
- With rules and regulations growing almost as rapidly as information, software systems are necessary for reducing compliance risk and creating the essential reports for governing bodies
- Data Governance:
- Data is only useful when it is accurate. Data governance entails implementing the best practices of your industry to set frameworks so that information is collected and stored consistently, securely and adequately.
Benefits of DMS
Data management software can dramatically change your business for the better. The benefits include:
- Better decision-making
- Lowered costs of IT
- Better Accuracy & Accessibility
- Improved Compliance
- Enhanced Collaboration
- Process Efficiency
- Data Consistency & Consolidation
- Data Security
- Mass Processing
How to Choose
Data management software comes in many forms. When choosing the software that is right for your business, be sure to check if it provides the following functionalities:
It should provide reports and be able to use standalone representations of data.
It should be able to cleanse and rectify redundant data.
It should be able to link data to the modelling method.
It should offer the ability to sync all data from many systems into one representative view (in the form of dashboards and reports).
Best Data Management Software
There’s a large variety of options for data management software. Here are some of the most popular systems on the market:
1. SolveXia for High-Value Human Analytical Automation
A top tool for data management and high-value insights through human analytical automation. The software uses predictive modelling, trend analysis, and forecasting your knowledgeable team can leverage for better decision-making.
The system is designed to be scalable and exists on the cloud. SolveXia can combine data from multiple sources to offer analytics and reports that synchronize the data.
Some of the best features include aggregating data, performing calculations, applying predictive modelling, storing data for planning and trend analysis, generating visual reports, and incorporating humans by approving and holding commentary.
2. Alteryx for Low-Value Robotic Process Automation
Is an excellent tool for robotic process automation, which is best utilized for low-value back-office and repetitive tasks that do not require human intellect to decipher or produce.
Alteryx also helps to prepare data and visually decipher predictive analytics that can scale with your business. The software offers the options to embed R, Python, and Alteryx models into production to monitor business processes on-demand.
3. Oracle for Data Management
Is one of the most known companies for data management; however, its system also requires a lot of training. Oracle supports Windows, UNIX and Linux versions and is a reliable tool for enterprise use that is now supporting data management via the cloud.
It supports large databases, has reduced CPU time to process data and is secure. Oracle also supports multiple programming languages, set access controls, migrate data, replicate data, provides performance analysis and virtualization.
4. MySQL for Data Processing
This works on Linux and Windows and offers high-speed data processing. The system allows for data rollback if recovery is needed and is easy-to-use.
MySQL also offers access controls and permissions, data migration, and data replication.
5. Microsoft SQL Server for Data Insights
This tool showed up relatively late in the market compared to its competition but offered a popular solution for data insights and intelligence.
Compatible with Oracle, Microsoft SQL Server’s data platform allows for you to develop the technology of your choice, store data in the cloud, and gain insights quickly.
The majority of companies recognise the immense amount of opportunities and benefits that data can provide to them, yet so many fail to implement a system that can reap such benefits. But, if you take the time to assess your needs and find the right data management software, you will increase your productivity, communication (internal and external), reduce your business, operational and compliance risks, and, with all this, reduce your costs and improve your bottom line.
Data automation and software tools like SolveXia that can both manage data and provide in-depth analysis will change the face of your business. Software systems like SolveXia are designed to be easy-to-use so that everyone in your organisation can gain insights. Rather than focusing on a technical team, the integrative software can be readily understood with little training so anyone can access more profound insights and set their trending and modelling structures.
Regardless of the solution you choose, everything that can be measured starts by being managed, and data management software can do the legwork for you.