Dynamic data, also known as transactional data, is information that is periodically updated, changing asynchronously over time as new information becomes available. In contrast to static or persistent data, dynamic data is crucial in data management, as it allows businesses to make informed decisions based on the most recent information, facilitating customer-centered strategies, and improving communication across departments.
Using dynamic data offers several advantages:
Dynamic data and static data differ in their nature and use cases. Static data remains constant after recording, with examples including geographic coordinates, newspapers, and product names. It is reliable for reference, accurate, and has lower storage and manipulation costs.
On the other hand, dynamic data is continuously updated, with examples such as websites, production quotas, and transactions. It is essential for customer-centric strategies, up-to-date customer profiles, improved business communication, and insights into market changes.
Effectively managing dynamic data is crucial for businesses to stay competitive and make informed decisions. Here are some strategies to help manage dynamic data:
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