We know why data is the lifeblood of modern-day organizations. But the amount of data businesses has access to can be huge like the ocean. Therefore, it becomes highly important for organizations to effectively manage their data using two highly effective techniques: data inventory and data mapping.
Data inventory serves as a detailed catalog that helps organizations get a clear picture of their data assets. This might include details like the type of data such as customer names, financial records, etc., their source, for example, CRM systems or marketing tools, and also their storage location. As per a recent 2023 report by Experian, it was found that on average, businesses are only aware of 60% of their customer data.
Similarly, data mapping is another important element of effective data management. It takes organizing data a step further. It is like a detailed roadmap that visualizes the flow of data across various systems and processes. This is beneficial in finding out how data is used and shared within the organization. Gartner (in its press release - Unveiling the Future of Analytics and Business Intelligence, August 2023) predicts that by 2024, 80% of organizations will struggle to integrate data due to siloed systems and lack of data lineage.
If you are looking to start or advance in your data science career, then it is highly important that you are aware of these essential data management practices. Therefore, we bring a complete guide on data inventory and data mapping to navigate you through these concepts.
DOWNLOAD your copy now and learn data inventory and data mapping in detail.
This website uses cookies to enhance website functionalities and improve your online experience. By clicking Accept or continue browsing this website, you agree to our use of cookies as outlined in our privacy policy.
