MLM News Hubb
Advertisement
  • Home
  • Marketing
  • Multi Level Marketing News
  • Contact us
No Result
View All Result
  • Home
  • Marketing
  • Multi Level Marketing News
  • Contact us
No Result
View All Result
MLM News Hubb
No Result
View All Result
Home Marketing

What Are the Key Elements of Enterprise Data Management?

admin by admin
January 14, 2023
in Marketing


Share:




The key elements of any enterprise data management strategy include data quality, data governance, master data management, data security, and data integration. These ensure the quality, accuracy, consistency, security, and availability of data across all functions in real-time.

Data has become the driving force or currency that drives the world of business. From delivering business intelligence and gathering insights on operational needs to charting out user journeys, it has come a long way.

Enterprises, to remain competitive, need to manage data adroitly by employing a holistic data modernization strategy. They need to utilize data to fuel decisions, drive efficiencies, empower the workforce, and shape the company’s direction. This would entail transforming the data into a structured and standardized form, storing it securely, and making it available for easy and quick access. 

Interestingly, enterprises often lack the foresight to maintain a robust enterprise data architecture and scramble to manage data that keeps growing and changing. In fact, according to the market intelligence firm IDC, businesses manage a data volume that keeps growing at a rate of 40% per year. With so much focus on data, let us first understand what enterprise data management is all about.

What is Enterprise Data Management?

Enterprise data management broadly represents the ability of an enterprise to source, integrate, store, and access data seamlessly and securely for business requirements. In other words, enterprise data management deals with the processes and practices to ensure the quality, security, availability, and management of data and how best it can be used for business purposes.

The job of any enterprise data management service is to mitigate any existing or potential issues related to data management. These ensure departments such as IT, HR, Finance, Production, Marketing, and others get easy access to accurate data in real-time. The key to the success of any business that spans domains is its ability to manage data effectively.

Why is Enterprise Data Management (EDM) Crucial for a Business?

Enterprise data management is crucial for any enterprise, as it builds a standardized system to source, monitor, manage, store, access, secure, and share data across functions.

The system ensures the enterprise quickly gets, analyzes, and uses data to draw insights and make decisions in real-time. EDM ensures data and insights always complement each other. The need for an EDM system is to ensure the following outcomes:

  • Streamlined operations
  • Better decision-making in real time
  • Improved customer experience
  • Gain competitive advantage
  • Create space for innovation
  • Better response to customer needs and market changes
  • Regulatory compliance
  • Reduced costs

Key Elements of Enterprise Data Management

Working with data can be a challenge, so enterprises need to consider some key elements to manage data and be successful.

Data Governance: As the foundation of data management, data governance encompasses laying out the policies, roles, and procedures related to data. It ensures the privacy, integrity, and security of data, compliance with regulatory standards, ethical responsibility and accountability, and a seamless flow of information.

Data Integration: To make the most of any data management solutions, it is important that data be received from various sources and formats and integrated into a centralized repository for easy access. Data integration makes the data uniform and allows stakeholders to extract actionable insights and business intelligence. It helps to reduce errors, save time, and enforce better system collaboration. There are various types of data integration, such as propagation, virtualization, consolidation, and federation.

Master Data Management: It is a process where data is organized, categorized, centralized, and transformed given that most data comes from disparate silos. Master data management (MDM) ensures the quality of the data is enhanced, and suitable insights are drawn for decision-making. It is called master data because employees can make use of it to bring about uniformity in other data and facilitate analytics. As a combination of tools, processes, and software, MDM helps eliminate data redundancies.

Data Quality: Data received from disparate sources can be unorganized, unstructured, incomplete, or even inaccurate. Using such data can negate the reliability of analytics and impact the business. Hence, the quality and integrity of data must be maintained at all times by performing data cleansing, enrichment, and other QA activities.

Data Security: With cybercrime rearing its ugly head now and then and the regulatory landscape changing continually, the security of data must be ensured at all times, whether during storage or transit. Thus, EDM should implement measures to prevent breaches, leaks, theft, or destruction. The measures may include encryption, the use of a virtual private network or data lake services, or two-factor authentication. Even technologies such as blockchain can be an option where enterprises gain from its cryptography and decentralization aspects.

Conclusion

Enterprise data management is a multidimensional concept encompassing a few key components, as stated above. Given that data has become a hack for enterprises to succeed, it is important to leverage data and gain suitable business intelligence.

Hiring experienced enterprise data management services can be a step in the right direction to ensure the EDM ecosystem for a business is alive and kicking.





Source link

Tags: architecturedataenterpriseManagementmodernizationservicesStrategy
Previous Post

This Strategy Could Help Your Brand Get Mentioned By AI Text Tools

Next Post

The 10 Resume Mistakes to Avoid at All Costs

Next Post

The 10 Resume Mistakes to Avoid at All Costs

Recommended

The Need for Google Analytics for Your Website in 2022

October 21, 2022

24 Ways to Spend Your Marketing Budget Next Quarter

January 20, 2023

Dr. Tina Wong fined $15K for doTerra COVID-19 misinformation

January 31, 2023

Exploring the Latest Trends in Digital Marketing Technology

February 2, 2023

Don't miss it

Marketing

What Challenges Does a PIM System Solve For Retailers

February 2, 2023
Marketing

Exploring the Latest Trends in Digital Marketing Technology

February 2, 2023
Multi Level Marketing News

Go Global Review: Collapsed OmegaPro Ponzi rebooted

February 2, 2023
Multi Level Marketing News

How Megan George got 100 Customers in a Month in using Tiktok

February 2, 2023
What Is It & How Is It Beneficial? [+ Examples]
Marketing

What Is It & How Is It Beneficial? [+ Examples]

February 2, 2023
Marketing

Set Your Data Free With Web3

February 1, 2023
Marketing

How Forrest Webber Grew to $40k Per Month After Replacing Rental Properties With Websites

February 1, 2023
Multi Level Marketing News

John DeMarr sentenced to 5 years in prison for Krstic fraud

February 1, 2023
Multi Level Marketing News

How to Attract Good Prospects for Your Business by Edwin Haynes

February 1, 2023
Marketing

How to Use Black-Owned Banks to Start Your Business

February 1, 2023

© 2022 MLM News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Marketing
  • Multi Level Marketing News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Marketing
  • Multi Level Marketing News
  • Contact us

© 2022 MLM News Hubb All rights reserved.