Learn how the benefits of enterprise data management may help your organization and the quality of your business decisions. If your company operates with a complex, ever-changing data set, you know the importance of enterprise data management. However, making the decision to invest in EDM often comes at great cost and time.
There are various benefits of enterprise data management including improved data quality, better business intelligence, enhanced compliance, more improved operational intelligence, faster problem solving, and reduced costs of IT infrastructure, storage, and backup
The economics of Enterprise Data Management is bleak, and it’s difficult to find the ROI from an EDM solution. It takes months or years for companies to see tangible results from their EDM investment, and most don’t even realize the benefits of enterprise data management until years later. In light of these challenges and the fact that we live in a much faster-paced world now than ever before, companies must innovate to keep up with the demands of today’s market.
In this article, we will discuss the top benefits of enterprise data management (EDM) to your organization.
Benefits of Enterprise Data Management
Enterprise data management is a process of managing and analyzing large volumes of data, which is being collected from various sources. It needs to be done in a systematic way by following best practices for data management so that it can be used for decision-making and growing the business.
The top 8 benefits of enterprise data management are:
1- Improves data quality
One of the most important benefits of enterprise data management is that it helps improves data quality within your organization. Higher data quality means better-informed business decisions.
Data quality refers to the accuracy and reliability of the information that is stored in your databases. It also refers to how easy or difficult it is for users to find information stored in your systems. The quality of data is important to your business in that it affects how well your systems function. It also affects the value of your data as a product as customers are more likely to use and buy products that they like.
2- Enables better business intelligence
Business intelligence is a process that helps organizations to make better business decisions by gathering, analyzing, and visualizing data. Organizations use business intelligence tools to identify trends, opportunities and threats in order to make more informed decisions.
Today, data is the lifeblood of any enterprise. It allows organizations to make decisions and perform analyses, which in turn help them make their business more effective. Without proper enterprise data management, organizations are not able to use business intelligence effectively and efficiently.
3- Enhances compliance
Compliance with data management is a growing concern for enterprises. However, there are many ways in which enterprises can enhance their compliance.
One of the most effective ways to enhance compliance is to use enterprise data management tools that help with data governance, risk mitigation, and security.
Enterprise data management tools are designed to give an overview of the entire enterprise and its users. They also help in identifying and reporting anomalies that may indicate a potential breach or violation of regulations.
4- Efficient operational intelligence
This refers to the ability of an organization to extract knowledge from its data and use it for day-to-day operations.
Operational intelligence is a key aspect of enterprise data management as it helps in managing, analyzing, and sharing data within the organization. This can help in improving decision-making capabilities by providing insights into how an organization operates and what needs to be done to improve it.
5- Faster problem solving
Enterprise data management helps with problem-solving by providing a way to identify and understand the data that is being generated.
Enterprise data management consists of many different tools that help with various tasks such as managing big data, analyzing huge amounts of information, and keeping track of all the information an enterprise has.
Organizing and monitoring data can help identify anomalies, trends, etc., allowing employees to quickly pinpoint potential issues or problems.
6- Data consolidation across multiple sources
Enterprise data management consolidates data across multiple sources to make sure that it is accessible and easy to use for different users.
Data consolidation helps enterprises make better decisions about their business processes and operations. It also helps them gain insights from their data by understanding how it has changed over time.
Data consolidation can be done in two ways:
– Through centralizing data storage
– Through accessing multiple databases through a single interface
7- Reduces costs of IT infrastructure, storage, and backup
The increasing volume of data that enterprises collect is overwhelming the traditional storage mediums. This leads to a huge amount of wasted space in their existing systems leading to costly storage infrastructure and backup systems.
Enterprise data management tools help reduce the cost of IT infrastructure, storage, and backup by automating storage processes in a centralized location without requiring any manual intervention from engineers or administrators.
This is considered one of the top benefits of enterprise data management.
8- Improves business processes through better information access
One of the most evident benefits of enterprise data management is that it helps organizations make better decisions by providing access to the right information at the right time.
In order to manage enterprise data, organizations need to know where it is stored and how it is structured. In order to do so, they need to use tools that are designed specifically for this purpose.
The use of AI has made this process easier by allowing companies to create a digital map of their enterprise data and store the information in machine-readable formats.
What are the Features of Enterprise Data Management?
Enterprise data management has many features that help in collecting data efficiently and in a manner that it can be used for the benefit of the business. Some of these features are:
– Data governance: Data governance is a framework for organizing and controlling the collection and use of data within an organization. It includes policies around how to collect data from multiple sources and how to store it in one or more repositories for access by authorized users.
– Data quality: The quality of information needs to be maintained throughout the life cycle of an enterprise application or system. In the enterprise application lifecycle, quality can be measured by how well an application meets its requirements (functional)
– Data integration
– Data storage
Conclusion: The importance of the benefits of good enterprise data management
The importance of enterprise data management is a growing concern for enterprises. The benefits of enterprise data management are many and they include the ability to reduce risks, increase efficiency, and improve customer service.
Enterprise data management is a vital part to any business’s success. Companies must take steps to ensure that they are staying ahead of the game in order to remain competitive in their industry.