Complete Guide: How To Select The Right Data Management Platform?

A data management platform is designed to assist organisations in effectively collecting and managing data from large volumes of sources and transforming it into reliable data for various purposes and solutions. If your organisation can invest in a data management platform, you will have a significant strategic advantage over the competition. 

Many businesses have access to large amounts of data. However, they lack a centralised and adaptable platform for collecting and analysing this data, which is the foundation for gaining more insight and making better decisions for business efficiency. 

A data management platform will allow you to truly put data at the heart of everything and derive real value from it. The Finworks data management platform is made for everyone, from business users to data specialists like data engineers, data scientists, and data analysts. 

The Data Management Buyers Guide 

A data platform, also known as a data management platform, is a unified solution that combines the capabilities of a data lake, data warehouse, data hub, and elements of a Business Intelligence (BI) Platform. Without a data platform, each aspect is usually handled with a separate tool or set of tools. This creates a complex landscape in which many tools must be managed in order for data to flow from source to end user.  

A data platform consolidates these solutions into a single tool, resulting in a much more manageable framework. A data management platform can include a wide range of features. Data integration, analytics, artificial intelligence, a data visualisation platform, data security, and other services are available. 

What are the Benefits of a Data Management Platform?  

Data management is an essential first step in implementing efficient data analysis at scale, which yields significant insights that benefit and boost business performance. People throughout an organisation can locate and access reliable data for their queries with the help of effective data management.  

The following are some benefits of an efficient data management platform: 

• Visibility - Data management platform can make your organisation's data assets more visible, making it more straightforward for people to quickly and confidently locate the appropriate data for their analysis.  Users can quickly locate the necessary data to perform their jobs more effectively, making your business more productive and organised. 
• Reliability - A data management platform helps reduce errors, establish procedures and guidelines for usage, and foster confidence in the data being used to inform decisions throughout your organisation. Companies can react to market changes and customer needs more quickly with the help of reliable, current data. 
• Security - Data management uses tools for authentication and encryption to secure your company's data from breaches, theft, and loss. Robust data security makes sure that critical business data is backed up and retrievable if the primary source is unavailable. If your data includes any personally identifiable information that must be carefully handled to adhere to data protection laws, security becomes even more important. 
• Scalability - Data management enables organisations to scale data and usage occasions effectively by utilising repeatable procedures to keep data and metadata current. When processes are simple to repeat, your business can avoid the unnecessary expenses of duplication, such as workers conducting the same research repeatedly or running expensive queries constantly. 

Choosing a Data Management Platform  

The data management tool is a crucial component of any organisation's digital strategy in the digital world. Your organisation can meet its needs and accomplish its goals with the help of the right data management platform. The platform organises all the unstructured data you gather from various sources, so choosing the right solution is essential for any business to succeed. 

With Finworks data management solution, businesses can use custom-built Big Data Tools to put data to work, discover new opportunities, and establish new business models. Here are the vital qualities of an effective data management platform. 

Data Integration and Cleansing 

The platform should offer the possibility of combining different data sources. Within larger companies, in particular, data is usually fragmented across many different systems within the organisation. A supply chain, for example, has data from multiple manufacturers, vendors, distributors, and channels that make data collection and analysis difficult. Ideally, you want to combine all this data so that you can build advanced models and create more valuable insights.  

Data privacy and access governance 

A data management platform includes strong security to manage privacy controls and access governance across your entire stack, as well as disaster recovery capabilities to enable you to restore lost data in the event of a catastrophe. To remain compliant with governmental guidelines and professional standards, it should also have rules and regulations in place for how long data will be stored.  

It is important not to ignore the serious concern of data security. Thus, a good data management system will be equipped with security tools and features that shield your data from both internal and external threats. 

Business Intelligence Analytics 

To simply view your data, a management platform should include easy access to automated data analytics or data visualisation. As a result, you will be better able to analyse your data, spot trends and patterns, and come to more informed decisions.  

Integrating your data management system with your analytics platform will speed up data analytics and visualisation if data is stored at the source. The most recent generation of Business intelligence (BI) and analytics tools are designed to fit within a larger modern data platform. These are typically self-service platforms that allow users to explore data rather than simply consume graphs and charts. 

Configurable interface and experience 

Your data management system should be modern, intuitive and provide a personalised experience. This will allow users to work more efficiently and save time searching for data. It should also offer self-service capabilities so users can find the information they need. This will save data teams time and reduce their overall frustration with the framework. 

Real-time data capabilities 

A good data management platform will have real-time capabilities that allow you to manage data as it is created. This will help you identify and resolve issues more quickly, as well as reduce the risk of error. It is critical that you have a centralised location where all data is stored so that you can easily monitor, review, and respond to it as needed.  

If you collect data from multiple sources, your data management tool should have real-time capabilities that integrate with them and provide a unified view of that data. This will assist you in identifying data issues, taking corrective action, and resolving them quickly. Your data management framework should also be able to detect data problems and prevent them from occurring.  

Data storage capability 

Data is kept in an accessible and efficient manner, with the ability to scale as needed, which is why a solid data storage system is essential. It is also critical that your data be stored in a safe and secure environment that protects it from internal and external threats. Elastic scaling of processing and storage has the capability to support the future data-centric organisation. 

A good data management platform will provide a variety of storage options from which you can select the one that best meets your needs. It should ideally include a disaster-recovery solution. This will assist you in protecting your data from security threats. It will also provide a secure solution for storing critical data and protecting it from cyber-attacks. 

Data Management Platform of Finworks 

The Finworks Data Management Platform gives users the ability to quickly and easily combine numerous large data silos into a single repository for analysis or distribution to other systems. Our automated quality assurance processes enable data cleansing, enrichment, and transformation within a single solution. 

Features: 

• Intelligent data consumption for quick and simple setup and operation 
• Multiple data types and formats can be ingested through built-in interfaces 
• Automated rule-based quality control of the data 
• Data catalogue workflow management 
• Automatic data aggregation and data interrogation capabilities 
• Enables reports, dashboards, and views that users can be visualised. 
• Simple data transfer to downstream streamlines processes, platforms, and applications 
• Compliant with government security standards 
• Complete role-based permission control for secure access 

Our service is flexible, scalable and cost-effective; easy to deploy and configure. For more information, Contact Us.