Enterprise Data Management: How to Do It in A Right Way?
As a modern enterprise or startup, staying ad-hoc or reactive to your current business data management needs is never a good idea. You need to act proactively and be strategic when it comes to managing critical business data or information. If your company understands the significance of enterprise data in strategic decision-making, then there is a high possibility that you already have robust enterprise data management solutions in place.
But, how will these tools or solutions work together? Are they ready to scale up with your business? Do these data management systems align with your present and future business goals? Is enterprise data used effectively and strategically by these systems? These are some questions you need to consider and if answers to them provoke doubt or uncertainty, your organization needs an efficient enterprise data management strategy.
What is Enterprise Data Management?
Enterprise data management refers to the process of storing, integrating, securing, and disseminating organizational data from multiple data sources, including in-house systems, applications, trading partners, customers, and more. Under the EDM strategy or framework, companies focus on managing data as a valuable asset for their business.
EDM is crucial for businesses for informed decision making, optimizing costs, and ensuring consistent communication across the organization for better results. Setting up a right EDM strategy protects the integrity of organizational data and prevents unauthorized usage.
Benefits of Enterprise Data Management
Some of the key benefits of enterprise data management are as follows:
Improved Data Storage, Access, and Security
With a properly defined EDM strategy in place, storing and accessing high-quality data for analysis becomes easier. Also, EDM ensures robust data security and compliance in your business.
Improved Organizational Decision Making
EDM also allows you to store quality information for better improving decision making and optimizing business processes.
Robust and Flexible Data Architecture
Maintaining consistent standards and guidelines for data storage, security and integration becomes easier with robust EDM architecture in place that scales as your business grows.
Better Reporting & Analysis
EDM makes it easier for you to access decision support data and analytical data; hence, improves overall reporting and analytics capabilities in your business.
Key Components of Enterprise Data Management
Enterprise data management comprises of several components as highlighted below:
It is one of the foundational elements of enterprise data management. It refers to a set of organizational principles and processes that are used to preserve and enhance data assets. Data governance professionals perform such functions to help businesses make sound decisions.
Data Integration & Development
This function deals with the analysis, design, implementation and maintenance of data to maximize the value of enterprise data solutions. Data development is also a part of SDLC under project management. Popular data integration methods include virtualization, propagation, federation, and consolidation.
Master Data Management (MDM)
MDM is often considered similar to enterprise data management. But, in reality, it is used as a part of enterprise data management. Under MDM, a set of tools or applications are used to create master versions of data. In other words, a consolidated file or record is created that offers a holistic view of enterprise data.
For instance, the sales and marketing team often need prospects name, phone, email, and other details before running a sales campaign. With master data records, they can fetch all such details from a single record.
Under this function, proper data security policies and procedures are devised to ensure that only the right people can access sensitive business information. Technology security loopholes are also checked during data auditing as part of this module.
Defining rules or standards for how data will be stored, used, and integrated is part of data architecture assessment. It offers a formal approach for data processing across enterprise software or apps.
Data Warehousing and Business Intelligence
For analytical and reporting purposes, central data storage facilities are created under this EDM function. These data warehouses reformat and restructure data by applying business intelligence to make it meaningful for analysis and decision making.
Enterprise Data Management Best Practices
Identify Business Goals Clearly
Organizations - no matter small or big - generate bulk of data every day. So, it’s important for you to match up your business goals with your current and future enterprise data management strategy. There’s no point in wasting time, money, and resources collecting, storing, and analyzing data that is meaningless for your business.
So, ask questions to yourself like:
- What are your organization’s overall business goals?
- What type of data do we need to attain those goals?
- How frequently do we need to collect and analyze data?
- Which technology is best suited for meeting our EDM strategy goals?
Identity, three to five most critical use cases for your business data and start building a strategy from there. Keep your business objects on top while formulating your enterprise data strategy.
Analyze Current Data Processes
Once you’ve clarity over business goals, analyze your current data processes and the type of data you gather for formulating an effective strategy. It can be time-consuming, but it’s important to ensure future success. Rely on advanced enterprise data management solutions or tools to assist you in data collection and analysis.
Set up Robust Data Policies & Standards
Once you've an EDM strategy blueprint in hand, draft standards, policies, and guidelines of accessing, storing and integrating data across critical business systems like ERP, CRM solutions, and more. Educate enterprise users about your EDM strategy, its goals, and methods to achieve them via one-to-one meetings, seminars, workshops, etc.
Manage Stakeholder Expectations
To get success in your EDM campaign, it’s important for you to manage stakeholder expectations by keeping them involved and providing timely updates about campaign progress. Their knowledge might be useful in identifying the right technologies to use for data collection. Keep them in the loop throughout the campaign by making frequent interactions and asking for feedback at every major event for successful EDM implementation.
Choose the Technology Stack Wisely
Employing modern enterprise data management solutions are a must for your EDM campaign success. If you have specific data processes and requirements, utilize custom solutions by teaming up with an experienced enterprise software development company. Their knowledge will help you identify the right tools and technologies for EDM implementation.
Work with a Talented and Experienced Team
Apart from choosing the right technology stack, investing in the right people is important for successful EDM. You must work with a core team that is experienced in delivering high-quality enterprise data management services. Either you can hire an in-house EDI team or outsource the job, depending upon your budget. Remember, they will help you avoid pitfalls during EDM implementation.
Custom Enterprise Data Management Solutions Tailored to Your Business Needs
Effective enterprise data management (EDM) is critical for any business to instill robust capabilities for managing organizational data as an asset. EDM also helps businesses realize the actual benefits of organizational data and information for faster growth and better operational efficiency. Although while doing EDM on your own, the risk of data loss, theft, breach of privacy, and poor data quality - increases. So, it’s important to team up with enterprise data management solution experts like A3logics for better outcomes.
We have a decade-long experience of delivering proven EDM solutions across diverse industries, including healthcare, retail, supply chain, and more.
Drop us a line to know more about how we can help you set up the right enterprise data management strategy.