Benefits of Modern Enterprise Data Management For Your Business
Are you also struggling to manage enterprise data? Still relying on manual processes like spreadsheets, email, and in-person meetings to govern structural changes across your enterprise systems. If these, chances of modern enterprise data management solutions lacking in your business are high.
Have you also faced a situation where most of your team members in a meeting have a different number of performance measures? This typically results in the next hour spent on reconciliation of that data rather than making strategic business decisions.
When you do further analysis, everyone will have the right number as per the system from which this data was derived. The differences occur due to inconsistent hierarchical master data across multiple systems used separately by team members. These problems exist even since more than one system was implemented in businesses. The problem has now magnified due to the presence of multiple information systems across organizations.
It is therefore crucial for organizations to effectively manage their hierarchical master data across multiple systems. Moving beyond the mix of spreadsheets, emails, and ad-hoc systems for data management tasks is an absolute must for companies.
Addressing this aspect, the article will explore the benefits of modern enterprise data management and why it’s so important in today’s business environment
Let’s get started:
What is Enterprise Data Management?
Enterprise data management refers to the ability of an organization to accurately store, effectively integrate, and seamlessly share the business data across enterprise systems, as well as, external systems.
This data can be both analytical and transactional. It often includes application-specific metadata, corporate dimensions, hierarchies, future undertakings, reference data, and master data assets.
Few examples of enterprise data include:
- Charts of accounts
- Legal entity and ownership hierarchy
- Items and product hierarchies
- Client or vendor hierarchies
- Market segment and product categories
Why is Enterprise Data Management Crucial?
As this data is a vital asset from an enterprise point of view, protecting, security, and utilizing it the proper way is important. When using multiple unsynchronised systems, the task of managing data is even difficult. Because then you have multiple fields, formats, and codes. Maintaining consistency and accuracy becomes challenging.
The other objectives of enterprise data management include:
- Improving the availability and quality of data and information across the organization.
- Maintaining integrity and accuracy of data.
- Preventing unauthorized data access due to technology security loopholes.
- To promote a wider and deeper understanding of information assets across the organization
- Align the information management infrastructure with the overall business goals or objectives
Current Enterprise Data Management Challenges
The presence of multiple information systems across organizations has increased the complexity of data management. As per 2018 Experian’s Global Data Report, 33% of the companies in the US consider their prospect and customer data to be inaccurate in some or other ways. Adding to this, a UK article reveals that 85% of the firms work on records that have inaccurate information.
To manage a large set of organization data across critical systems like ERP, CRM, many firms still use telephone calls, email conversations, and spreadsheets. For instance, if the departmental manager wants to add another cost center or if management wants to move facilities from HR to finances, this decision must be approved by all decision-makers, which takes time.
If the change gets approved, then the request will be passed to the IT team and they ensure this change data transcends through all crucial enterprise systems, data warehouses, BI, and performance management systems. As changes are made manually, often the end result is people making a lot of mistakes while entering data in such mission-critical systems.
Due to human errors, a lot of mission-critical data goes undiscovered due to a lack of visibility and traceability in the data management process.
Inefficient data management strategies pose a major threat to inter-departmental communication and decision-making at firms.
Benefits of Enterprise Data Management
To overcome data management challenges, enterprise data management solution providers have come up with a modern approach that focuses on centralizing the hierarchical master data within a purpose-built system. This offers a unique solution that is highly accurate and consistent despite endless changes made within the underlying analytical and transactional data.
Implementation of modern, flexible enterprise data management solutions can help your businesses in the following ways:
Improved Access to Organized, High-Quality Data
By adopting a centralized data management approach, you get access to organized, clearly defined information quickly and efficiently. This information promotes improved decision-making for streamlined operations.
Better Reporting and Analytics
With modern enterprise data management solutions, you get timely updates about the key changes made across information systems. Analyzing the information modification impact across system, department and organizational level gets easier.
Robust Data Security and Privacy
Safeguarding the mission-critical business data and information can be done efficiently by having a modern enterprise data management strategy in place. Information gets stored as per the recommended standards and guidelines with high accuracy.
Data Consistency Across Enterprise Systems
By implementing cloud-based software solutions for enterprise data management, you can align and align and distribute master data changes across ERP, CRM, and other systems with maximum visibility. It also enables your business to respond faster to changes and more effectively.
Accelerated New Application Development
Integrating and developing new applications/ enterprise systems becomes a lot easier when you adopt an interactive and flexible enterprise data management approach. Most enterprise software development services providers stick to this approach and record progression data in a timely manner while building applications from scratch.
Why Choose Enterprise Data Management Solution Partner For Your Business
In a nutshell, enterprise data management is a crucial part of every organization, providing its capabilities and structure to manage data and information as company assets. If you’re also looking to harness the power of modern enterprise data management, then teaming up with an experienced and professional company like A3logics is the best idea to take your business to the next level.
Leveraging our vast experience and expertise in business data processing, we provide future-proof and reliable enterprise data management solutions that let you focus on core competencies without worrying about resource-consuming data administration tasks. Our solutions enable you to adopt a more efficient approach to corporate data management for increased productivity and faster decision making.