The data businesses collect and generate in today’s digital age is unprecedented. The worldwide enterprise data management market was valued at around USD 81.54 billion in 2021 and is expected to increase to approximately USD 165.37 billion by 2030, with a compound annual growth rate (CAGR) of roughly 8.7% between 2022 and 2030.
Businesses can access a wide range of data, from internal operations and performance measurements to consumer interactions and financial transactions. If properly handled, this wealth of information has the potential to significantly boost corporate development and provide businesses with a competitive edge.
Proper data management is critical for companies that want to maximize their data. It enables organizations to combine and integrate data from diverse sources, assuring accuracy, security, and ease of access. As a result, businesses can enhance their efficiency, identify new revenue streams, and make better decisions using data.
Large-scale data management is a difficult task, though. Data silos, complexity, and accessing and interpreting data may be challenging for businesses. A deliberate approach to data management is required to traverse these difficulties and fully utilize their data.
How Can Enterprise Data Management Help Your Business?
Setting up a clear EDM framework entails developing and implementing regulations to standardize how your company utilizes data throughout its processes. A company that offers enterprise data management services can assist in this step. To begin with, this entails creating workflows for each business activity inside the firm, including the operation’s what, how, why, who, when, and where.
EDM spans the full data lifecycle of an organization:
- All enterprise data types—metadata, reference data, master data, transactional data, and reporting data—are designed and described in detail.
- Every dataset has its data structure specifications specified, so the user of a given dataset will immediately know what kind and how much of what kind of data is in it.
- When data is transformed into the finished output, it ensures that business requirements are relevant and applied where they should be.
This article will examine enterprise data management emphasizing its importance to a company’s development.
1. Creating a Centralized System for Data Governance
For efficient data management, a centralized data governance system is a need. It creates a precise framework of guidelines, practices, and standards for data management at every stage of its lifespan. This covers the whole data production and ingestion process and data storage, processing, and evaluation.
In addition to defining roles and responsibilities for data management inside an organization, a centralized data governance system offers data usage and access policies. Businesses may guarantee that their data is accurate, consistent, and secure by having a single control point.
2. Securing and Maintaining High-Quality Data
Any company would be devastated to lose vital business data—up to 94% of businesses that suffer a serious data loss never recover. However, an intelligent data management system may avoid it by guaranteeing that you always have a reliable data backup and that it is finished on time. Your data management system will enable you to quickly and easily recover vital information in an emergency.
Strong security measures are also essential to prevent data breaches and unauthorized access. Businesses may guarantee that the information they require for decision-making is dependable and correct by emphasizing data quality and security.
3. Higher Productivity
Data access is critical for companies. If you can access the necessary data, your entire company will become more efficient and organized. Employees can readily access all information owing to an enterprise management system, significantly reducing their time to look for it. This is directly related to increased efficacy. Furthermore, accessibility makes it simpler for staff members to interpret and cooperate on information, reducing human error dramatically.
4. Improving Decision-Making Process
To ensure everything is in order, your organization has to maintain its data management system. When every area of your business functions well, your judgment is improved, which results in better decisions. Decision-making should be enhanced because it is so vital to company growth.
5. Boost Revenue Growth
Access to reliable, accurate, and comprehensive data from all consumer touchpoints is essential if you want to offer tailored cross-sell and up-sell offerings. Enterprise data management is a central database for information about consumers, goods, sales, and company connections.
It guarantees that the appropriate cross-sell and up-sell possibilities and offers reach the consumers at the proper time through the right channels to increase revenue. The ability to provide seamless customer service and ensure business growth relies on a deeper understanding of customer demographics, preferences, and characteristics.
By customizing interactions, businesses may improve client experiences, foster customer loyalty, increase sales, offer consistent services across various digital touchpoints or sales channels, and develop goods and services that align with their wants and requirements.
6. Minimal Data Loss
Losing crucial business data is a terrible thing to happen to any company. Yet a clever data management solution might prevent it by ensuring you always have a reliable data backup and that it is completed on schedule. You may swiftly recover critical information in an emergency thanks to your data management system.
Effective enterprise data management is essential for organizations hoping to use their data to drive development. Organizations can overcome the difficulties of managing vast volumes of data and realize their full potential by implementing a centralized data governance structure, assuring data quality and security, and leveraging data management tools and technology.
An organization’s data management strategy is one of its most critical elements. Companies are paying millions of dollars to ensure that the appropriate EDM framework is created and implemented by utilizing the capabilities of products like Tableau, Stitch ETL, and other related technologies, which makes this apparent. We will see more expansions of this process in the future.