Impact of Enterprise Data Management on Businesses

We live in a world where data, much like air, is omnipresent. Today, it is the most valuable currency and has the power to make or break organizations. With each passing day, the types and amount of data produced are growing perpetually, with a pause button unavailable. Every day we create bytes of information, whether at work, on our smartphones, or the shows we stream online. As this volume multiplies infinitely, processing data and deriving insights become more complex.?

Organizations at large deal with an unfathomable amount of data to create a niche for themselves in the market. In this context, its ineffective management can often render businesses obsolete and direct them to a path of zero to negligible monetary gains. Enterprise Data Management (EDM) allows companies to effectively strategize and implement information derived from data and create a well-rounded data ecosystem.

This blog will elaborate on how Enterprise Data Management impacts businesses and whether it is the right choice for your organization. Read on to know more!

What is Enterprise Data Management (EDM)?

Enterprise data management can be defined as an organizational strategy wherein processes, activities, and practices focus on the quality, accuracy, governance, and availability of data. With the help of EDM, organizations can precisely define, seamlessly integrate, and effectively access bytes of information for internal as well as external communications.?

Why is enterprise data management important?

Companies worldwide are quickly adopting data management strategies at the organizational level to ensure the value of information does not get lost in translation. Enterprise Data Management has proven to be a key strategy in more than one way.

• Improved data literacy: While the journey of achieving optimal data insights starts with offering employees the correct information, there is always a prerequisite that cannot be missed. Before your organization's employees begin assessing the data, it is essential that they have the intellect and skills to interpret and process it. Management of data across the entire organization enables employees to acquire data literacy, allowing them to generate value from available information. Organizations can only take advantage of data democratization if their employees convert bytes of information into business wins.?
• Enhanced overall RoI: Technical intensive systems often leave available data unused optimally. With Enterprise Data Management, organizations can transform their data ecosystem into SaaS (Software as a Service), impacting productivity and efficiency positively. It will also drive businesses to make informed decisions, in turn boosting business avenues and potential. Under EDM, companies will be required to build a sturdy technical infrastructure and equip end-users with skills to unlock the potential of information bytes. Research by the University of Pennsylvania and MIT has shown that incorporating data-driven decisions into a business strategy can enhance an organization's overall health and RoI.?
• Better customer experience: There are two components at the receiving end of every business: employees and customers. Companies can equip client-servicing employees with the correct data to serve their customers at par with optimal satisfaction using Enterprise Data Management.
• Streamline operations across different verticals: Data analysis can reap benefits not just for customer-handling employees but also for business stakeholders. It allows them to identify the areas with the highest potential for improvement, risk areas, and processes that are running seamlessly. This will enable stakeholders to vest their capital and time into problem areas, further accelerating company growth.

With a volatile market constantly pushing organizations to modify their strategy on the go, Enterprise Data Management will allow them to develop a firm footing. Harnessing the power of data management for big corporations is a critical skill that can create value and opportunities for your company if implemented strategically.?

If your organization requires an Enterprise Data Management system, Proven Consult can help you set up the apt data infrastructure for your business. Write to us at [email protected].