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What are the Best Tips for Data Asset Management?

D. Nelson
D. Nelson

Data asset management is the practice of storing and organizing information that has value to an organization. Videos, texts, and audio recordings can be considered data assets by institutions such as museums and libraries. Companies that compile lists of client information and transaction records are also said to have data assets. One of the best tips for practicing data asset management is to find data management software that fits the needs of your organization. Next, it can be helpful to develop a plan to implement a new system carefully, which can involve moving data from an old database to a new one and training employees in using interfaces.

Most organizations work with digital assets. In other words, instead of filing paper documents, organizations tend to store most important information in digital forms. This allows data managers to create backup files and to save space and create efficient data recording and retrieval processes.

Businesswoman talking on a mobile phone
Businesswoman talking on a mobile phone

Software for data asset management can range from simple to complex. Some of the most basic features of data asset software allow for smoother workflow. In these cases, software may allow users to move data from one department to another. A document or video can be edited by one user, saved, and transferred to another user, who can perform more edits.

Complex asset management software may include voice or optical recognition. Optical recognition can be useful for professionals who need to count the number of times a logo or image is used in a video advertisement. Voice recognition can be useful for managing audio recordings.

Before choosing software, a good tip might be to study business models and determine which steps and resources are needed to optimize workflow. This can give you a better handle on which features you need. Software that is more complex tends to be more expensive, though by improving processes, an organization can cut cost, making it a more profitable choice in the long-term.

Data management experts believe that a common mistake made by many asset managers is that they attempt to implement changes too quickly. While it can be tempting to implement a new system immediately, this can cause high cost and inefficiencies. Instead, it might be advisable to move data slowly from an old system to a new one. Likewise, it might be a good idea to implement one feature at a time.

By slowly implementing a new data asset management system, managers also have the chance to train employees to use software interfaces. Assessing users' proficiency using software before making a new system official can reduce occurrences of errors on the user end. A careful implementation also gives managers time to recognize and fix flaws in a system.

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