Data is the currency that drives businesses worldwide! It comes in many forms like images, videos, graphs & charts. In the modern context, Enterprises often struggle to adopt, integrate, and manage data that moves through their systems. But, without a holistic data management strategy, they cannot unlock the full potential of their data ecosystems. Here comes the need to leverage the capabilities of enterprise data management (EDM).
If your company was fast enough to adapt data management, implementing proactive measures over the last few years, you are better than handling data tide. Unfortunately, many enterprises didn’t have the same foresight & now they struggle to get a handle on their data, which is growing and changing daily.
So, whether you’re just getting started or honing your strategy, here’s what you need to know about enterprise data management in 2023. This blog will discuss EDM, its use, essential elements, processes, challenges, benefits, and more.
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It is the process of organizing, governing, and maintaining an organization’s data assets. EDM encompasses a set of strategies, policies, and technologies that help organizations manage their data as a valuable asset and ensure that it is accurate, complete, and reliable.
EDM aims to improve the quality, accessibility, and usability of an organization’s data. It involves establishing a framework for data management, including policies and procedures for data collection, storage, analysis, and distribution. It also includes implementing tools and technologies for managing data, such as data warehouses, data governance tools, and data integration platforms.
Enterprise data can take many forms as it is the totality of the digital information flowing through an organization. Broadly it would include structured data, such as records in spreadsheets and relational databases, and unstructured data, such as images and video content. Here are some common types of enterprise data forms:
Customer Data Forms:
Employee Data Forms:
Product Data Forms:
Financial Data Forms:
Marketing Data Forms:
Survey Data Forms:
Overall, enterprise data forms are critical tools for businesses to capture and manage different data types from various sources.
EDM creates a standardized system to manage, monitor, store, secure, access, and share data. It ensures you quickly find, analyze and use data to make timely and right data-driven decisions. The primary purpose of any enterprise data management software is to eliminate existing and potential issues arising due to the mishandling and bungling of data.
Did you know?
The data volume managed by businesses worldwide will grow 61% (175 zettabytes) by 2025, says IDC report. Enterprises not using EDM effectively will run the risk of non-compliance and may also have a hit on revenue. In comparison, effective data management will ensure business sustainability & growth.
Here are six more reasons why your business needs enterprise data management:
1. Up-to-the-minute Data
Unmonitored data loses its authenticity and resourcefulness for your business. EDM ensures that your data is accurate, relevant, and reliable.
2. Competitive Value
Centralized, structured, and usable data is valuable. EDM helps you gain vital governance and access to a single, authorized source hosting quality data for analytics and Business Intelligence (BI).
3. Compliant Data
Increased data volume and variety make mitigating compliance risks difficult. Proper data management enables you to evaluate the risk level and comply with rules and regulations.
4. Reduced Expenses
You spent considerably on the staff to cope with low-quality data. They could focus on value-add processes instead! Effective data management or data engineering services can help reduce these costs.
5. Improved Customer Experience
A minor error could damage your online reputation with a negative customer review. Robust data management helps you better serve customers and instills long-term loyalty.
6. Streamlined Operations
Leveraging the potential of data analytics, your data managers can identify areas for improvement. With access to actionable data, they can make informed operational decisions, especially for data security and compliance obligations.
Effective enterprise data management provides wide-reaching benefits. It helps you define and enforce rules and regulations that unify your data across workflows. This standardization brings your business the following advantages:
The mounting pressure to implement enterprise data management solutions is not a fad. You have real operational needs, like making data easily accessible and convenient. So, why delay embracing the change that benefits and transforms your business? Now is the time to adapt and take advantage of EDM.
We can help design & implement data governance policies with relevant technical solutions to enable effective data management.
Like any other organized system, a company’s EDM system comprises many smaller subsystems where each has a specific role. The six core components of enterprise data management are as follows:
After accounting for these key enterprise data management elements, you can chalk out a future strategy.
Businesses often ask how to create a strategy for successful enterprise data management. No one-size-fits-all strategy is proven to work efficiently for every enterprise. A tailored roadmap based on your specific needs could help. Here are the steps to creating an effective strategy for enterprise data management based on our experience:
Enterprise Data Management (EDM) organizes and maintains data assets across an organization to support effective decision-making and improve business performance. Below are some of the EDM best practices following our experience working on diverse data projects across industries.
By implementing these best practices, organizations can effectively manage their data assets and use them to make informed business decisions, improve operational efficiency, and drive business success.
Organizations in a better position to mobilize their data assets and power mission-critical business initiatives will gain a distinct edge in the coming years. Those that fail to revamp policies and put systems in place will struggle in the veritable sea of old and new data. When data management is unorganized, the enterprise can face many challenges. Here are a few of them:
Data management may be daunting, and you may face challenges in defining, organizing, and storing assets. However, enterprise data management solution development can be accomplished with the support of the right technology partner that is backed by proven experience, the right strategies, and a competent team.
Organizations have business rules for departments like operations, sales, and marketing. Therefore, following those rules, if they centralize and manage data in master data, this process is called Master Data Management (MDM). For instance, financial institutions trading in securities create a security master for data management. Across industries, when a company needs to master entry-level data with critical touchpoints, they utilize the MDM terminology for data management.
In broad terms, EDM and MDM are the same because both represent the process of standardizing, managing, and governing mission-critical data.
However, there’s more to Enterprise Data Management, as it also provides analytical information to drive decision-making and strategic business planning. It ensures that the data running through your business systems and applications are accurate, accessible, and reliable. So, when an organization adopts EDM, MDM becomes one of its key elements (as discussed in the earlier section).
As an experienced data engineering services provider, we offer end-to-end EDM services from data acquisition, cleansing, interpretation, deduplication, and structuring.
We can build ETL (Extract, Transform, Load) processes, data pipelines, data lakes, data warehouses, and BI (Business Intelligence) capabilities. Being certified AWS (Amazon Web Services) and Microsoft Azure partners, we can help you with cloud deployment, migration, cloud-native application development, and data modernization.
And that’s not it. Our team is adept at leveraging the benefits of many tools and technologies.
A US-based F&B & Resort management company wanted to eliminate data silos and efficiently manage disparate data from 20+ sources. It was an outcome of multiple acquisitions with varied data source integration. They tried to unify their business data and merge numerous business applications, including PMS, POS, analytics, inventory, etc.
With a consultation-led approach, we created & executed a detailed project roadmap for developing an enterprise data management platform. Right from Understanding data, Operational Data Store (ODS), ETL and Data Warehouse creation, BI integration, and cloud deployment.
Read more about how the developed cloud-based data warehouse system enabled the US-based hospitality giant helped the US-based hospitality giant to manage disparate data from 20+ sources & derive valuable insights as per their needs.
Implementing an enterprise data management solution correctly helps make profitable, evidence-based decisions. It enables seamless integration of actionable insights into developing your products & services.
Efficient data management streamlines the data flow and work culture, improving internal and external communication. EDM saves you considerable time & money by eliminating the stress, hassles, and costs of coping with low-quality data.
If you want a new EDM system or to enhance an existing one, we can help you. Every enterprise is data-driven! And so, now is the best time to make the most of this system.