Today, data drives the business world. To gain a competitive edge, the enterprises ought to manage the data that transmits through their processes and systems. This article aims to take you through enterprise data management to transform your business digitally.
Enterprise data management (EDM) helps business enterprises to determine, integrate, and access the data for internal and external applications. It is a set of processes that focuses on data quality, accessibility, accuracy, security, and governance. It closes the gap that arises due to the mishandling of the data.
Why business needs enterprise data management?
EDM creates a uniform system to store, manage, monitor, access, and share the data. This standardization process helps businesses in monetizing the data available.
1. Real-time data
Real-time Data is valuable. If data is left unchecked, the authenticity decreases. Such kind of data is not resourceful to the company.
2. Competitive Advantage
Centralized data is valuable. EDM helps you gain governance. It also ensures that end-user gets access to a single, authorized source hosting quality data.
3. Reduced Costs
EDM frees up the staff that was supposed to cope with low-quality data. Now, they can be utilized somewhere else. An experienced enterprise data management service provider can help you reduce these costs.
4. Improved customer experience
Even the tiniest mistake can ruin your reputation in front of the customer. With centralized data management processes, you can serve your customer better.
5. Compliant data & Streamlined operation
With the increase in data, chances of compliance risk increase. Proper data management enables you to discover hidden data assets and evaluate their values & risks. Streamlined operations help you understand the processes better. With instant access to operational data, an informed decision can be made specially to meet security and compliance obligations.
Benefits of Enterprise Data Management
A well-defined enterprise data management helps you to set up rules & regulations that unify data across the workflows. The uniformity in the data brings the following benefits with it:
- It improves operational efficiencies that in turn reduce costs
- Facilitates data-driven culture.
- Helps to pace up launch of new products
- Helps in discovering new opportunities and services that can increase revenue sources.
- Gives space for innovations.
- Increase responsiveness to consumer needs & market changes.
- Alleviate the risk of losing business-critical data.
- Reduces duplication of data that helps in saving time & resources.
Implementing an enterprise data management system is not just a trend. It is an operational need that demands addressed. Enterprises must enhance their capabilities to use their data to boost efficiency, derive informed decisions, and pump up the organization’s growth.
Key Elements of Enterprise Data Management
EDM consists of the following six smaller subsystems that elucidate creating a future-ready EDM strategy –
1. Data Governance
It is the foundation layer of data management where all policies, rules & procedures for combining data from different sources are made. It streamlines the information flow, safeguards user’s privacy, and check compliance
2. Data Integration
It creates a centralized repository of data that is easily accessible to all stakeholders. It grants the appropriate responsibilities to the right people.
3. Master Data Management
It is a combination of tools and processes that manages, stores, organizes & syncs master data of the business. It offers a collaborative view of data lying in the silos.
4. Data Architecture
It creates instruction that streamlines data extraction, integration, transformation, and data modeling. The goal is to set up an architecture that organizes and secures operational infrastructure.
5. Data Warehouse & Business Intelligence
Data warehouse stores data coming from different sources. It uses a suitable format to derive insights easily. Business intelligence enables the user to make data-driven decisions for better business outcomes.
6. Metadata Management
It creates a standard procedure that governs the management of data definitions and related metadata.
Challenges faced in Enterprise Data Management
In the years to come, organizations that fail to look at their data management policies will struggle to manage and organize the data. The following problems can occur when the data storage and management is unorganized –
- Operational inefficiencies and inaccuracies
- Conflicting data
- Inconsistencies and error in reporting
- Time and effort wasted to streamline data for processing
- Dissatisfied customers
Companies feel that EDM is a daunting process. However, with a proper strategy and technology partner, you can develop and implement efficient EDM solutions.
Share your thoughts on how you are implementing enterprise data management in your business at firstname.lastname@example.org.