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Colour Management is the process of controlling colour as it moves between devices - from the input end (cameras/scanners) to the output end (screens, projectors and printers). This is achieved through a combination of two key processes - calibration (setting a device to a known, repeatable state) and profiling (creating an accurate description of that state so that image colours can be translated into the best matching device colours).
Colour management is a very complex topic, and the internet in particular is full of mis-information and poor understanding of what's actually going on with colour in digital images. It's not surprising, really, as colour management is a relatively new field of science, and for a long time, good tools and techniques were not available.
Fortunately, in recent years, prices have come down at the same time as knowledge has increased, and today it is much easier to achieve truly world class results in digital imaging, if armed with a relatively small budget and a good working knowledge. The first thing to understand is that colour management is not a panacea for all colour problems. You will still run into problems with colour, unquestionably, but good colour management will give you the tools to anticipate and solve those problems.
We have an extensive amount of articles covering all the different aspects ofcolour management. Browse through this comprehensive section of the knowledge base to have a greater understanding of this important subject.