Data models are critical for complex software applications as they have a profound effect on how the software is written and how we think about the problem being solved. Proper data modeling takes time, but its benefits include improved performance, reduced errors, and easier data analysis, ultimately leading to better business insights and cost savings. To achieve effective data modeling, it's essential to keep business objectives in mind, properly document the data model, design it to be adjustable over time, and choose the right data modeling technique for the type of data being worked with. Additionally, considering data governance and security, avoiding premature optimization, and selecting the right database based on data access patterns are also crucial aspects of data modeling. By following these best practices and understanding how your data will be accessed, you can make informed decisions to optimize your data storage and performance.