6 Factors to Consider When Choosing a Data Management Platform

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In a world of ever-evolving technology and trends, it’s hard to keep up with what’s important and what’s not. 

We’re here to tell you that investing in a data management platform is one of the “importants”.

Data management platforms have the ability to change your entire business strategy and build a new one, tell you any and everything about your customers, and take your business into the new age of business intelligence. 

But before you go investing in one of these platforms, there are a few things to keep in mind.

The Data Management Platform

First, let’s breakdown what data management platforms are. Data management platforms (DMPs) provide storage and useful data analysis for businesses. Think of a data management platform like it’s an interpreter.

It takes the jumbled pile of collected data and interprets it into beneficial reports. They provide businesses with information about their current consumer base, target audiences, potential audiences, reports, predictive analysis, and growth strategies.

These software beasts offer cross-channel management for all your data needs. Data management platforms are an integral part of businesses. To not use one is to ignore one of the greatest benefits of AI technology. 

What to Look For

There are plenty of common DMP tools, but it’s important to consider these six factors first. They will shape exactly what platform you are looking for. 

1. Purpose

Let’s start with purpose. Why are you getting a data management platform? Is it for understanding current customers?

Perhaps target customers? Potential ones?

Are you looking to stabilize your company or grow it?

A clear idea of the goal you have in mind from your DMP is necessary to ensure you receive the right platform. Each platform has strengths and weaknesses, and they need to match yours. 

2. Location

Learning new software isn’t easy, so having the right support is essential. Make sure the platform providers are located near you, in the same timezone, or can assure access to reliable support when you’ll need it most. 

3.  Security

Your platform will produce confidential results, so you need to ask: is the provider’s security sustainable? Is it in compliance with regulations?

This page offers a good insight into what you can expect from a free or paid plan. 

4. Organization

The whole purpose of a data management platform is to organize collected data. What you need to know is how the platform organizes it. Can you manipulate it?

Depending on the specific goals a business is trying to reach, and how many sets of data they are trying to manage, how a platform organizes it, and what control you have over that, are big deciding factors when choosing a platform. 

5. Storage 

What kind of storage does the platform offer? Can it store and analyze data from multiple sources? Can it store 1st party, 2nd party, and even 3rd party data?

What data it can store, and how much, will completely alter the results a platform can generate. 

6. User Experience

DMP is not for the IT department; it’s for every department.

Making sure it has a user-friendly approach is crucial for the platform to benefit the whole company. If the marketing department is struggling or uncomfortable with the software, then the results amount to nothing if they can’t be used.  

Your Resident DMP

Choosing a data management platform is no simple task, and there are a lot of options for DMPs. So what provider you choose shouldn’t be a snap decision. With these factors in mind though, it’s a decision you can make without hesitation. 

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