www.vdronlineblog.com/when-did-virtual-data-rooms-start/

Companies can now collect, analyze, and monetize data in greater quantities than ever before. This provides them with an advantage. To gain access to this treasure trove of data, businesses must adhere to the best practices in data management. This includes the collection of data as well as its storage and governance across an organization. Many data-driven applications require high-performance and scale in order to provide the data needed to be successful.

For instance, advanced analytics (like machine learning and generative AI) and IoT and Industrial IoT scenarios need vast quantities of data in order to function properly, and big data environments must be able to handle massive volumes of unstructured and structured data in real time. Without a strong foundation, these applications can fail to perform at their best or produce inconsistent and inaccurate results.

Data management is the combination of various disciplines that work together to automatize processes and improve communication. Teams typically comprise data architects, ETL developers, database administrators (DBAs), engineers, data analysts and data modelers. Some larger organizations employ master data management professionals to create a single source of reference for business entities like vendors, customers, and their products.

Effective data management is about creating an environment that encourages the use of data to make decisions and providing employees with the training and resources they need to be confident in making informed decisions. Strong governance programs, including clear requirements for data quality and compliance are another crucial element of an effective data management strategy.