Whether it is a start-up or a well-established business giant, they all need to handle and manage a large amount of data. Mishandling of data can create chaos and disturb the smooth functioning of various departments, leading to poor outcomes. To avoid such mishaps, companies from different sectors rely on Enterprise data management.
According to a report, the market for global enterprise data management is expected to grow at a CAGR of 14.0% from 2022 to 2030. It is because of the increased requirement for data management in enterprises that this market is witnessing fast growth.
Enterprise Data Management
Enterprise data management is a system obtained by an organisation to store, retrieve and access information and data for internal as well as external uses.
Data means any piece of information generated digitally.
The data can be sales volumes, tweets, Instagram videos, posts, pictures, etc. It can be found anywhere around us. Data is the main ingredient in data management, no organisation can run without data.
Enterprise data management or EDM also includes the capacity to transfer data among business partners, branches, or within any department of an organisation. In other words, it simply means how you control your data, who can access it and how you can store it.
Examples of EDM
- Keeping and maintaining a record of the IDs who logged into the company’s website to track cyberattacks.
- Keeping a record of the transactions, customer orders, and billing to track the history of the customers.
Components Of EDM
- Data governance – It is the process that ensures that the data is managed as per the standard norms and policies.
- Data integration – Data integration means storing the diversely located data in one accessible place.
- Data security – Data security means providing authenticity of the data, the data can be viewed and accessed only by those who are authorised to view it. This component also restricts the external individual to view the secured data.
- Master data management – Master data management refers to the ability to ensure that the data must be circulated and shared across the organisation in an updated, accurate, and error-free way.
Many companies across the globe are looking for enterprise data management strategies. There are tons of information available that an organisation has to manage. Companies that opted for enterprise data management have benefitted in multiple ways.
How Enterprise Data Management is helping organisations?
- EDM ensures cost reduction through improvement in operational efficiencies. The cost of storage, backup, and restoration can be reduced substantially due to EDM
- Decision-making can be enhanced as the quality of data is maintained in EDM and the management can use this data to make future projections.
- Easy access to information without any hassle makes it a user-friendly system. Data can be easily accessed anywhere across the globe.
- As the information is available at the right time and right place so the management can take future decisions easily.
- One of the beneficial features of EDM is the Accurate storage of data that quickly analyses the data and identifies anomalies and mistakes in storing the data. This helps in avoiding data mishandling and keeping the information sorted.
- Large data can be stored and retrieved easily.
- Faster response to compliance and fraud can be identified as early warning signals that can be shared by EDM to organisations.
- The data can be much more secure than it was in manual record keeping. The chances of losing or forgetting data are reduced.
Conclusion
EDM reduces the threat of losing confidential data and ensures security. It has made the data management process much easier removing the extra need of hiring people to manage records offline. But, enterprise data management also needs regular improvements, and updates to remain efficient. This requires a technically sound person to handle and store the data in the digital system.
Although, with its numerous benefits like keeping the data secure, accurate, and high-quality with fewer expenses, EDM is now becoming the first choice for enterprises for data management.
Hence, EDM can be considered as a backbone of the business as it is helping to track the business records from starting to till the end and governs the business on the path to success.
About Artha Solutions:
Artha Solutions is a premier business and technology consulting firm providing insights and expertise in both business strategy and technical implementations. Artha brings forward thinking and innovation to a new level with years of technical and industry expertise and complete transparency. Artha has a proven track record working with SMB (small to medium businesses) to Fortune 500 enterprises turning their business and technology challenges into business value.
