What is Enterprise Data Management and why is it important?
The enormous quantity and variety of data incoming to and stored by today’s organizations is continually growing and changing. With such a wealth of data, how can they successfully organize, manage, and retrieve their assets? How do organizations create trust in their data, both internally and externally? And how can businesses begin to manage such an overwhelming amount of data? By using great Enterprise Data software.
Enterprise Data Management Definition
Enterprise Data Management (EDM in software) is an organization’s ability to specify, incorporate, retrieve, and store data for both internal processes and applications, as well as external communications. The fundamental goal of Enterprise Data Management is to create and maintain assurance, confidence, and trust in all data assets.
Useful, accurate data is absolutely vital for organizations to make informed decisions, create future plans based on an analytical perspective, and ultimately succeed.
What’s the data in Enterprise Data Management?
Enterprise Data Management examples include the management of a wide variety of an organization’s assets, including:
- Financial information
- Inventory numbers
- Social media
- Mobile data
- Internet of Things data
All of these data formats must be housed, organized, secured, and easily accessible in order to be useful to a business.
However, for many organizations, managing this enormous quantity of data can seem overwhelming and exhausting, particularly if there is a backlog of older data or inefficient and inaccurate systems currently in place. Not to mention, today’s companies handle an unprecedented amount of new data every single day.
This is where Enterprise Data Management comes in. Effective Enterprise Data Management software helps organizations succeed by ensuring all streams and types of data are defined, organized, and easily accessible for use. Enterprise Data Management helps organizations:
- Define and organize their data
- Create easy internal access to assets
- Secure and protect data in one place
- Operate at peak performance and functionality
What is Enterprise Management Software?
Enterprise Management Software supports the core processes of a business meaning the flow of information, a variety of reports and data analytics. This helps organizations with easier business planning, better productivity and flexibility and improved record keeping for compliance.
There are three types of Enterprise Management Software:
- Customer Relationship Management (CMS) helps organizations manage their interactions with potential customers.
- Enterprise Resource Planning (ERP) facilitates processes across various business functions.
- Supply Chain Management (SCM) manages the flow of goods, data, and finances.
What does an effective Enterprise Management Software system do?
Enterprise Management Software tracks and controls complex operations of an organization and acts as a command center. An effective Enterprise Management Software:
- Stores data in an accessible format
- Automates customer service process
- Keeps customer data secure
- Reduces business costs
- Establishes standardized processes
- Streamlines supply chain management
- Facilitates regulatory compliance
- Encourages scalability of IT
- Offers real time access to data
Why is Enterprise Data Management important?
Enterprise Data Management is important because it offers a streamlined, standardized system for organizations to find, manage, access, store, and secure their data. EDM ensures companies can easily find, analyze, and utilize data to make the best, most informed decisions and operate from a data-driven perspective.
Enterprise Data Management use cases
Effective Enterprise Data Management aids organizations in the transfer of data to varying applications, processes, and partners with success, confidence, and ease. This streamlines processes and improves operational efficiency and effectiveness.
Enterprise Data Management delivers another crucial benefit by reducing the internal time spent regulating new data. Effective Enterprise Data Management helps to manage and organize the constant changes and fluctuations in assets, which bolsters overall trust in an organization’s content and policies.
By defining, incorporating, and storing data in one organized, easily accessible system, Enterprise Data Management helps companies:
- Store, find, analyze, and use their data
- Operate from a data-driven, analytical perspective
- Make informed decisions
- Plan for the future
- Streamline processes
- Function effectively and efficiently
- Cultivate and lock in trust of assets
In short? Enterprise data management ensures accurate, accessible data is stored in a standardized, secure way, and is absolutely essential for organizations to succeed.
Enterprise Data Management best practice
With a set of clearly defined goals and expectations, organizations can reap the benefits of data management. This starts with an assessment of existing data systems to understand data flows and processes. Leveraging this information in conjunction with a knowledge of business standards and policies that need to be adhered to enables data to be managed in the right way.
Enterprise data management software brings a host of benefits that can streamline and simplify data management processes. With software solutions, organizations can centrally manage their data assets, automate workflows and ensure greater compliance with data regulations – and they find their operational efficiency greatly improves as a result.
What problems does ineffective data management create?
The amount of total global data will increase by a Compound Annual Growth Rate of 26% between now and 2024, according to IDC. The sheer amount of data, and the never-ending onslaught of new, incoming data makes Enterprise Data Management absolutely vital to an organization’s success.
However, many organizations struggle with Enterprise Data Management, especially if they failed to put policies and systems in place years ago. Today, many companies feel lost in a veritable sea of data, both old and new, and have no idea how to even begin to organize, manage, and securely store their constantly changing assets.
Unfortunately, when data is stored in an inaccurate, uncoordinated, or unorganized manner a wide swath of problems can arise for organizations.
When enterprise data management is mishandled or absent, problems can include:
- Reduced trust in assets
- Decreased data quality
- Conflicting data
- Inconsistencies in organizational operations
- Inconsistencies in reporting
- Wasted time on reconciling differences in data, processes, and storage
- Diminished employee and partner trust
- Internal frustrations
While companies who are behind on Enterprise Data Management may feel daunted at the idea of beginning to define, organize, and store their assets, successful Enterprise Data Management can still be accomplished with the right tools and the right processes in place.
Key components of successful Enterprise Data Management
Successful Enterprise Data Management relies on four key components:
- Data governance – the creation of precise, factual, high-quality data
- Data integration – the incorporation of data into applications
- Data accessibility – consolidation of data to one easy-to-access location
- Data security – data storage and protection
To start, Enterprise Data Management systems require data governance or the set of policies that ensure data remains high quality through its entire lifespan. This is achieved with the creation of consistent, factual content and data that is as precise as possible.
In addition to precise, accurate data creation, successful Enterprise Data Management tools also depends on the standardized data integration of all content and assets into internal and external applications and communications. This ensures all forms of data are available to use by different branches of an organization.
Another key component to successful EDM? Data accessibility. Data must be able to be retrieved easily and efficiently, so any and all assets can be used to make the best decisions and steer organizational direction.
Finally, successful Enterprise Data Management relies on data security. Data security is the ability to store, secure, and protect data and assets. Data security includes everything from anti-theft, anti-leak, anti-corruption, and anti-destruction measures, along with the safe transfers of data internally and externally.
The benefits of Enterprise Data Management
Good EDM can have wide-reaching benefits for an organization. Here are some of the main advantages, as well as some of the enterprise data management solutions we have on hand to help an organization implement effective Enterprise Data Management.
Leverage a single source of truth
By centralizing data, an organization gains vital governance and provides users with a single, authorized resource hosting quality data, driving consistency and compliance.
Remove hidden risks
Proper data management across the entire organization allows you to detect hidden or siloed data assets and assess their value and risk level.
By having quality data at hand, management and operational decisions can be more informed and precise, especially when it comes to compliance obligations.
Streamline operational processes
By leveraging data and analytics, managers and workflow designers can optimize processes by identifying those areas ripe for improvement and revision.