What is the first step you should take in managing data for a firm?

Identifying the data needed to run the business is the foundational step in managing data effectively. This process involves understanding what information is essential for business operations, supporting decision-making, and aligning with the organization's strategic goals. By determining the specific data requirements, a firm can focus its efforts on gathering relevant information that will provide value, enhance productivity, and drive insights.

Once the necessary data has been identified, subsequent steps such as cleansing, normalizing, and auditing can be efficiently carried out. Without first identifying essential data, the organization risks wasting resources on irrelevant or unnecessary data management efforts. This step ensures that the data strategy is aligned with the firm's objectives and needs, setting the stage for successful data management initiatives.