Data management is the practice of collecting, keeping, and using any data that a company or an organisation acquires securely, efficiently, and cost-effectively. It is important to organise the data in such a way that it is both easily accessible as well as kept under tight security to prevent any misuse of the same. A robust data management strategy is very important for any organisations as data is the most important intangible asset that adds immense value to the company and its operations.
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Need for Data Management
Security and proper management of the data are especially important to make sure that it is always available, not lost and is protected from misuse, mishandling or leakage to rivals, etc. It protects the company and its employees’ from the various unfavourable circumstances like data loss, theft, and/or breach.
Top Data Management Platforms
Data Management Platforms are used for storing confidential digital data which includes customer data and campaign data. Marketers and advertisers develop customer segments and marketing strategy based on important data such a past browsing history, demographic reports, location, device used etc. The data management platforms help marketers easily access the data in an easy to understand manner and thereby help target a particular segment of consumers.
Following are the data management platforms globally in the present scenario:
Lotame provides users information from various sources including social media platforms, CRM tools, mobile application data, blogs and various others more. They also provide their users access to a manual and fully automated suite of optimisation tools.
2. Salesforce DMP
- Access comprehensive customer data profiles,
- Engage the existing customers and attract new customers as well
- Plan multi-channel engagement
OnAudience.com is extremely popular amongst advertisers as it enables them to create various target consumer segments. These segments can be created on the basis of various aspects like demegraphics, online behaviour pattern, personal preferences etc., which are extremely important for planning of online advertising campaigns.
Snowflake offers data management and also runs at high speed, especially used by specialisations businesses such as architecture which needs fast analysis of data. It makes use of the multi-cloud strategy, that also encompasses cross-cloud that helps with mixing and matching of multiple clouds facilitating data storage.
5. SAS Data Management
SAS Data Management platform is high-level software which allows one to update data, alter processes to perform their own analysis of results. However, it can be quite expensive for smaller businesses.
6. Mapp DMP
Mapp Data Management Platform helps with the monitoring of the performance of advertising campaigns in real-time basis. It helps to optimise the process of data distribution and establish better connection with the target customers. But there is one limination as it can only be used only by one person only.
Cloudera is a data management platform which makes use of AI for maintaining maintain a high level of data integrity and security. It incorporates features such as alert management, client management, monitoring and diagnostics etc.
The Nielsen Data Management Platform is extremely useful for management, customisation, activation and analysis of the data gathered for the target audience.
Impact of Data Management Platforms on B2B Technology
Data Management Platforms are impacting multiple B2B technologies in many ways as there has been a huge change in the way businesses are done in present times. These platforms enable the collection, storage, and management of a large amount of data in an efficient manner.
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Here are some ways in which data management platforms are making an impact of B2B Technology: –
- They help a company monitor its potential customers’ spending habits, i.e. when and on what products they spend the most, get information of the variables that influence their buying behaviour and thus create statistical data pertaining to their market behaviour. This will help the company develop individualised sale plans. They can go for precise targeting and hence increase the sale of their products and services by marketing them to the right customer.
- They also help the company understand which feature of products and services are highly favoured by the customers and also which feature might turn obsolete in the near future. For instance, with the emerging trend of selfies and video calls, most smartphone manufacturers started focusing on the quality of front and back cameras.
- They also aid businesses in bringing about changes in their products or services with the change in demands of times, thus create long term relationships. They also help the companies in creating the ultimate offering, which has every feature that is required by their consumers.
- Proper use of data management platforms has the power to help a business retain its old customers by offering products suitable to their needs, along with attracting new ones by providing what they want, when they want, and where they want.
- Data management platforms also help maintain a healthy customer relationship by helping understand exactly the demands of each customer and assisting them in availing the same.
In any business, the analysis of trends and data is an important tool to determine the direction where the business is heading. This includes understanding the competition in a better way and then mould the offerings accordingly. Data Management Platforms help businesses assess all these important factors and prepare a suitable strategy.