OFTW#2 | Compare and Contrast
Information Management VS. Data Management
Information Management is an organizational program that manages the people, processes and technology that provide control over the structure, processing, delivery and usage of information required for management and business intelligence purposes.
Information, as we know it today, includes both electronic and physical information. The organizational structure must be capable of managing this information throughout its life cycle — regardless of source or format (data, paper documents, electronic documents, audio, video, etc.) for delivery through multiple channels that may include mobile phones and online.
Information management is the practice of collecting, managing and distributing information. Data can be acquired from a wide range of sources, and can come in a variety of formats. Then it must be stored securely in an organized and structured way that both meets relevant regulations and policies and ensures it is accessible to authorized employees. Strong information governance is essential to effective information management.
Why is information management important?
Information is the life blood of any business or organisation. It helps dictate how businesses form strategies, and implement processes based on them. It is at the heart of business growth, which is why so much effort and resources are pumped into it developing efficient information management systems, and qualified professionals to help implement them. For businesses, improving efficiency and gaining a competitive advantage, means increasing profits!
And of course there’s another side. With access to vast amounts of information comes great responsibility. We share information both voluntarily and involuntary with organisations every day. Organisations are under increasing pressure to handle information responsibly and ethically, and to comply with evolving legal regulations. More transparency is being demanded by people and their governments, therefore managing the information about people that organisations hold is more important than ever, and the need for efficient, safe, and effective Management Information Systems is more pertinent than ever. Failure to comply with these regulations can land businesses in big trouble, with huge fines potentially imposed, which is a further reason why organisations take information management so seriously.
Data Management is a subset of Information Management. It comprises all disciplines related to managing data as a valuable, organizational resource. Specifically, it’s the process of creating, obtaining, transforming, sharing, protecting, documenting and preserving data.
Data management refers to the development, execution, and management of policies, strategies, and programs that govern, secure, and enhance the value of data collected by an organization. The data management framework is concerned with the entirety of the data lifecycle management process and how it can be optimized to help guide strategic operational decision-making.
Data management is the practice of collecting, keeping, and using data securely, efficiently, and cost-effectively. The goal of data management is to help people, organizations, and connected things optimize the use of data within the bounds of policy and regulation so that they can make decisions and take actions that maximize the benefit to the organization. A robust data management strategy is becoming more important than ever as organizations increasingly rely on intangible assets to create value.
Importance of data management
Data increasingly is seen as a corporate asset that can be used to make more-informed business decisions, improve marketing campaigns, optimize business operations and reduce costs, all with the goal of increasing revenue and profits. But a lack of proper data management can saddle organizations with incompatible data silos, inconsistent data sets and data quality problems that limit their ability to run business intelligence (BI) and analytics applications -- or, worse, lead to faulty findings.
Data management has also grown in importance as businesses are subjected to an increasing number of regulatory compliance requirements, including data privacy and protection laws such as GDPR and the California Consumer Privacy Act. In addition, companies are capturing ever-larger volumes of data and a wider variety of data types, both hallmarks of the big data systems many have deployed. Without good data management, such environments can become unwieldy and hard to navigate.
In conclusion, information management and data management plays a significant role in an organization. Also, they enables business organizations to have or gain a competitive advantage that is needed to grow and essential for company’s success.
References:
https://www.firstsanfranciscopartners.com/blog/difference-between-information-management-data-management/#:~:text=Information%20Management%20is%20an%20organizational,management%20and%20business%20intelligence%20purposes.&text=Data%20Management%20is%20a%20subset%20of%20Information%20Management.
https://blog.netwrix.com/2020/01/21/information-management-vs-knowledge-management/
https://www-edology-com.cdn.ampproject.org/v/s/www.edology.com/blog/computing-it/how-important-is-information-management/?amp_js_v=a6&_gsa=1&=true&usqp=mq331AQHKAFQArABIA%3D%3D#aoh=16135212934920&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.edology.com%2Fblog%2Fcomputing-it%2Fhow-important-is-information-management%2F
https://www.omnisci.com/technical-glossary/data-management
https://www.oracle.com/ph/database/what-is-data-management/
https://searchdatamanagement-techtarget-com.cdn.ampproject.org/v/s/searchdatamanagement.techtarget.com/definition/data-management?amp_js_v=a6&_gsa=1&=1&usqp=mq331AQHKAFQArABIA%3D%3D#aoh=16135219292660&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fsearchdatamanagement.techtarget.com%2Fdefinition%2Fdata-management
https://www.dataversity.net/what-is-data-management/
