8 Best Data Management Software for 2024

In 2021, 1.134 trillion MB of data was generated daily. With the massive influx and transfer of data every second, businesses use database management tools to make the most out of their data. In this article, we will look at some of the best data management software and see how data automation software can help your business operate with agility, speed, and accuracy.

Coming Up

1. What is Data Management?

2. What is Data Management Software?

3. Why Use Data Management Software?

4. What are Common Features of Data Management Software?

5. What is a Popular Data Management Software?

6. Wrap Up

What is Data Management?

A database is the collective storage for data to live, much like how a house stores all of your personal belongings. In the same way that you want to keep your house organized and protected, you’d think to do the same with your database. Data management is the collection of activities and tools that enable you to do so with your data.

In the simplest terms, data management (DM) refers to the process of collecting, storing and using data. With database management tools, businesses can do so cost-effectively, securely, and efficiently. In any business setting, data can add value and help to inform important decisions. That’s why maximising the effectiveness and usability of data through data management is so pivotal.

Data management combines concepts, processes, and practices, along with tools in an effort to gain insights and knowledge from data resources.

What is Data Management Software?

Data management software serves as a database to store information. Along with data storage, the best data management software can be used to manage and leverage data for your various business needs.

With data management software, you can gain insights that help to:

• Identify and understand user behavior
• Collect data from various sources
• Add security to your data
• Determine risks associated with continuous processes

Data management software tools typically fall within the following categories:

• Reference data management
• Data analytics and visualisation
• Master data management
• Cloud data management
• ETL and data integration
• Data transformation

Some automation software will combine these types of data management software in a unified platform, such as SolveXia which helps with data transformation, cloud data management, and data analytics and visualisation, for example.

Why Use Data Management Software?

Data management software (DMS) pulls data from various sources and converts it into a usable and centralised source to serve as a database.

With the best data management software implemented, companies reap multiple benefits, including:

1. Ease of Use

Without proper management and organisation of data, it becomes hard to find it and use it when you need it most. With data management software, you can automatically manipulate data quickly and update it as needed.

2. Security

Data management software adds a much needed level of security to store and protect your sensitive data. With cyber attacks on the rise, this is more important than ever.

3. Data Quality

Low quality data can negatively impact how a company operates. With data management software, it becomes easier to clean data to improve its quality. For example, data management tools can remove duplicate data, keep records up-to-date, and fill in any missing holes in data.

4. Flexibility

In constantly changing business environments with data flowing faster than water, data flexibility makes it possible to manage and analyse data with real-time updates. Additionally, you can share data between customers, stakeholders, and employees more seamlessly.

What are Common Features of Data Management Software?

When searching for the best database software, there are many features you’ll want your selection to be equipped with.

Keep an eye out for these capabilities:

1. Data Matching and Linking

The matching and linking function makes use of algorithms to identify any duplicate data and resolve records in the event of repetition. This way, you can ensure that all your systems are receiving accurate data.

2. Data Consolidation

When pulling data from disparate sources like multiple vendors and product databases, data consolidation brings it all together to provide visualisations.

3. Mass Processing

This refers to the ability of the data management software to process data in bulk, which adds efficiency to your data management processes.

4. Accessibility

Accessibility features ensure that anyone is able to use the software with assistive technologies.

5. Shareable

Shareability allows for business rules to be shared across use cases and approval processes for standardisation. With centrlaised controls, business rules remain in place for everyone, which decreases compliance risk and improves internal control.

6. Security

To protect private data, especially when it comes to financial data, security is crucial. Look for tools like SolveXia, which have bank-grade security and constantly update to have the latest security features.

7. Data Enrichment

This feature makes it possible to constantly improve data quality and streamline the use of data.

What is a Popular Data Management Software?

There are many popular data management software options to choose from. You’ll have to consider your data management goals, resources, and constraints to figure out which tool is most aligned with your current situation.

In order to help you find the best database management software, we’re breaking down some of the most popular choices here:

1. Amazon Web Services

Amazon Web Services (AWS) offers a selection of tools for cloud management. Its product, Amazon Redshift, is a fully managed data warehouse that can analyse data using your business’ existing analytic software. Users can automate tasks and rest assured in knowing that their data backups to Amazon S3 happen continuously and automatically.

2. Cloudera

Cloudera is a hybrid data platform that offers processing and data storage capabilities. It’s based on the Apache Hadoop ecosystem and also uses proprietary data management tools. Its features consist of: data warehouse summarisation, workflow scheduler for Hadoop jobs, bulk data processing, job scheduling, and more.

Cloudera’s pricing model works according to usage. For example, its data engineering and data warehouse solutions start at $0.07/CCU, whereas its data hub solution is $0.04/CCU. Learn more about the software’s pricing here.

3. Google

Google’s cloud platform is a fully-managed data warehouse for analytics through its BigQuery product. The serverless solution makes it possible for organisations to analyse their data in real-time. BigQuery is built using Google’s Cloud Platform. Google’s Cloud Platform offers solutions for databases, storage, analytics, AI and machine learning, networking and developer tools.

4. Hitachi Vantara

Hitachi Vantara provides a suite of data management solutions. These products span infrastructure solutions, data management and analytics, and data storage. With policy-based automation capabilities, Hitachi Vantara allows organisations to improve their data transformation, data agility, and data discovery processes.

5. IBM

IBM provides master data management tools for enterprises to enable a 360-degree view into data across the business. It allows users to manage data in a centralised location, receive more accurate reporting from data, and manage relationships and hierarchies for customers and products across use cases.

6. Oracle

Oracle offers its database management capabilities within its cloud platform, too. With over 2,000 SaaS applications on its cloud, the company provides for autonomous data warehousing.  Its database management system supports NoSQL and MySQL databases and is available on premises via Oracle Cloud Customer or as part of the Oracle Cloud Infrastructure.

7. Ataccama

Ataccama ONE is a master data management product that incorporates a data processing engine and a machine learning-powered user interface. The product catalogs source datas, identifies data quality issues, and uses AI to analyse data and propose matching rules.

Bonus: SolveXia

SolveXia sits on this list as a data management software solution that offers process automation capabilities as well. Known as a human finance analytical automation software, SolveXia connects and combines all your data from systems and spreadsheets with just a few clicks.

The software is also capable of transforming data and offering visualisations with drag-and-drop components. Using SolveXia, businesses are able to automate processes, generate reports and gain insights from real-time analytics, and visualise data with customisable dashboards, to name a few features. You can use SolveXia to handle rebate management, reconciliation, revenue management, APRA reporting, and much more.

With SolveXia’s easy-to-use designer interface, users can design, deploy, run and improve workflows as the solution will process your data. This ends up providing organisations with time and cost savings.

Wrap Up

Choosing the best data management software to use can radically transform how your business uses data. The value of data is only as strong as what you choose to do with it, and when you have a data management software by your side, the possibilities are endless.