As data collection grows – the data has always been produced, but now we have means to capture and use it –so too does its potential for moving a business forward. But to unlock and maximize the collected data’s benefits, you must analyze and organize it first to extract its valuable insights. This is especially true for companies that make use of unstructured data. This is where specialist DMPs or data management platforms like https://dataloop.ai/platform/data-management/ come into play.
Employees must make sense of and sort out the streams of information they gather. And perhaps the most significant benefit that a data management platform that makes unstructured data manageable, searchable, and useable presents is that they enable teams and organizations to assess and understand the data they get so that they can make the best use of it.
Data management platform
In its simplest form, DMPs are data warehouses that are hosted on the cloud. Once a business begins using a data management platform, it starts collecting, storing, and sorting the information it connects to taking the data and translating it into valuable forms, showing statistics, insights, and trends. As a result, it enables companies to transform them into actionable insights, which can be especially effective for unstructured data that has been difficult to get a grasp of previously.
Advantages of DMPs
The advantages of using a data management platform will vary depending on your goals and industry. But any entrepreneurial venture that benefits from data will need a DMP to maximize its use. With that said, here are some of the advantages of using this piece of technology.
1. Boosts revenue
One of the reasons many businesses today use data management platforms is that they can boost revenue. As previously alluded to, when using unstructured data, it can be difficult to get a grand view as logging, labelling, and extracting the data – and metadata – is a time-consuming and complex job, with most platforms not built to maximize this kind of data. Utilising a platform that gives employees the chance to work with this data in a new way opens them up to a whole host of actionable insights.
Not only this but they can be spending more time on analysis, rather than making the data clean and easy to work with. The monotony of manually organising that data is understandably draining. Having a specialist AI-driven platform do it for them will be much appreciated. It tidies workflows and allows valuable employees time to work on revenue-producing tasks.
2. Streamlined data
With a data management platform, you can effectively collect the data and ensure they’re all conveniently stored in a single place to have a cohesive perspective of the data. This is what a cloud-storage integration allows. Your team will be able to access the data from anywhere on any device.
They can also process, prepare, and organize the information for you, giving a clearer picture and better understanding of how it can feed into projects and the business’s goals. By having the data collected all from one place, your team will make better-informed decisions for the business. They’ll be working from the most up-to-date data as the archive won’t be spread across multiple different devices. Creating that consistency is key to not wasting time, energy, and money.
Not only that but, as mentioned previously, unstructured data can be messy. Duplications, general mess, unreliable, outdated – all these can create poor quality, leading to problems in the visualizations, analysis, and products later on. Fixing all this now, when you have a smaller pool of data than you will likely have once you grow further is so important, and a good DMP will help no end with that.
3. Continuous learning
While DMPs can work as solutions for short-term issues, they also help companies and agencies build long-term strategies. Data can be seen on the scale it generally needs to be. DMPs provide the chance to narrativize –build out the history, but, also, project into the future: crafting better processes, actioning better insight.
Being able to think of the next step is reliant on good foundations. Compliance and security form essential parts of that foundation. It’s especially surprising that many companies do not consider compliance nor securitya priority when building their IT infrastructure. DMPs make it much easier to store your data correctly in a way that satisfies all the compliance laws necessary but also bolsters your defences against security weaknesses. Knowing your business is watertight in these areas gives the green light for the employees, allowing them to trust in what they’re doing and the data they’re dealing with.
Having a data management platform is essential for any modern business to survive and grow. After all, it allows businesses to implement streamlined, lean, and efficient processes and achieve much better data-driven results. Without it, you’d be missing out on many opportunities to generate sales and elevate the bottom line of your business. So don’t be left out and start using a DMP now.