The current digital era is undergoing an information revolution. Though technology improvements have made it easier to absorb information, they equally contribute to generating data in large volumes from different sources (both public platforms like news reports, journals, research papers and private sources like web, browsing, social media, conference calls, etc.) All this data comes at different rates with varying importance, making it more challenging for data professionals to work on it. This transition requires significant efforts to collect, store, organize, retrieve, and analyze the vast pool of information.
One solution to this concern of excessive data is to manage it prudently, making it easy to access and process through well-thought-of data management strategies. Managing data entails the administration and use of information for further decision-making. Data management is all about using people and technologies to assist the processes of identifying, collecting, storing, accessing, organizing, analyzing, and protecting vital data. To conduct it efficiently, a data management platform is what organizations need.
Scroll down to read more about a data management platform, how it works, and why organizations should employ it in the current business world.
What is a Data Management Platform?
A data management platform (DMP) is a software that collects, organizes, and maintains huge amounts of first-, second-, and third-party data from any source, including online, offline, mobile, and beyond. It serves as the foundation of data-driven organizations, allowing them to obtain unique insights for better decision-making and productivity. The ultimate purpose of cloud-based data management is to assist corporations in creating better-focused strategies critical for their success.
How does a Data Management Platform Work?
Data can now be understood at a fundamental level because of technological advances. Analyzing data allows you to zero in on what a data set signifies and its value to your organization, allowing you to plan your next move more effectively.
A data management platform, in essence, pushes or pulls data from various sources, as well as orchestrates and executes workflows. The process begins by collecting data from multiple sources, such as email and conversations, newspapers and Twitter streams, mainframes, and the cloud. The platform then functions as a workflow engine, allowing you to describe when and how a workflow should be conducted.
Cloud-based data management is comparable to a programming language in that it allows you to construct workflows but in a much more basic manner. It enables you to create stages that execute activities in the applications you're integrating. Once the workflow is configured, the platform handles all operations, including data manipulation and logging outcomes for future reference to debug problems in specific steps. It also allows you to combine enormous amounts of data without having to master a difficult programming language.
Why Use a Data Management Platform?
A data management platform centralizes the control of all your organizational activities. A unified data solution helps you manage and analyze data to better design, target, and optimize business strategies that boost ROI. Efficient data management offers a plethora of benefits.
Benefits of Data Management Platform
Data management is critical for corporate growth since it helps build a centralized hub where data can be stored and retrieved. Following are some of the most known benefits of data management platforms:
- Easy access to data
- A deeper understanding of various business aspects
- Effective customer targeting
- Improved management of multiple data sources across different apps and platforms
- Unified view of data from known to anonymous, online or offline, deterministic, or probabilistic
- Higher data assets
- Enhanced data security
- Improved decision-making, leading to higher reach, response rates, and conversion
- Controlled expenses on data management, enabling higher overall ROI
Top 5 Data Management Platforms in 2022
Finding the right data management platform can be challenging as the market is saturated with a wide range of solutions. Nonetheless, here is a list of the best data management platforms in 2022 that you can rely on.
Needl.ai, a cloud-based AI platform, stitches all your private and public data into a central repository, giving you access to the entire knowledge base through a single login. Moreover, such a unified repository allows you to access unshared data from individual teams, opening up a wide range of new opportunities for thoughtful collaborations. The platform serves your data management needs, from auto-organizing your data and enabling deep search within documents to allowing tracking, monitoring, and collaborating on ongoing research by reducing noise.
The Oracle BlueKai data management platform allows enterprises to link customer experience data to financial data. It supports B2C and B2B transactions and contains campaign management, segmentation, personalization, customer acquisition, customer intelligence, data activation, smart content, and other features.
3. Google Marketing Platform
Google Cloud provides a single marketing platform that integrates data management with advertising. Google categorizes the Google Marketing Platform into two types: small business and enterprise. In addition, it offers connectivity with Google Analytics, which includes data management platform capabilities, in the enterprise sector.
The company takes pleasure in the fact that its platform is unbundled, which means that customers do not have to purchase technology or services that they do not require. It is also media-agnostic, allowing users to import data from nearly any source.
Many data management tools are available through the Amobee platform's Discover tool, including audience intelligence, segment creation, sentiment and trends, data onboarding, etc. It also works with the rest of the Amobee platform to help with media planning, execution, optimization, and analysis.
Data management enables your organization to evolve; after all, changes are quick and unexpected in the digital transformation environment. To be successful in this scenario, it is worthwhile to collaborate with a reliable company like Needl.ai, which possesses an extensive understanding of the finest technologies and processes for translating data into information. We offer the right platform that empowers data discovery across data silos, enhancing efficiency and time management, thereby helping organizations restore their competitive advantage.
To serve the data management needs of your data workers and enable them to deal with fragmented information overload without any hassle, get in touch with Needl.ai today!