Whether you are a smalltime business or an industry giant, big data affects organizations in several ways. For instance, it allows companies to improve internal efficiency and customer service. It also tells useful information like what the customers want, which platforms they use to purchase, and how they decide to buy.
With big data being a powerful force that drives decision making, it is important that organizations make use of the collected information effectively and efficiently. Failing to establish a solid enterprise data strategy to manage your inventory of data may result to serious risks. This is where enterprise data management (EDM) comes in.
EDM, according to Techopedia, is “an organization’s ability to effectively create, integrate, disseminate and manage data for all enterprise applications, processes and entities requiring timely and accurate data delivery.” Its primary role is to prevent mismanagement of information and data through a structured data delivery strategy. By doing so, organizations can get rid of issues and conflicts resulting from mismanaged data.
By implementing a solid enterprise data strategy, organizations can also control vulnerabilities relative to data. It then ensures that the right information properly gets to the people, managing the data to its full potential.
Although enterprise data management slightly varies from organization to organization, its principles still remain. Data must still be modeled, managed, and secured for organizations to trust its processing results.
Aside from its main purpose, EDM also helps organizations in the following ways:
· Strengthening data quality process – a robust enterprise data strategy reduces gaps, redundancies, and inconsistencies in data quality tasks.
· Establishing accountability for data management and governance – accountability is a critical part in an effective enterprise data strategy. EDM helps establish mechanisms for accountability through data stewardship and governance tasks for each data source, owner, and application.
· Anticipating and managing data risks – data provides both useful information and risks in an organization. With strengthened data quality and governance, data transparency can be achieved, reducing various data risks.
· Making the enterprise more informed about the collected data – awareness of the total amount collected and stored helps avoid wasting storage costs for unnecessary data.
· Creating road map to foresee new big data sources – EDM helps understand the amount of effort the organization provides in maintaining daily operations and the capabilities of your systems.
· Improving the top and bottom lines – with effective governance and use of data, organizations will improve productivity and increase customer retention, customer approval ratings, and revenue. On the other hand, EDM will also lower the costs of quality and compliance.
With the amount of data quickly rising in the recent years, managing it is one key to achieve success in your chosen industry. Maximizing its full potential through effective enterprise data management should help you reap the rewards it has to offer.
Clearly, big data is a force to reckon with. And it is every organization’s responsibility to utilize it accordingly through careful planning and strategizing.
Sunday, February 26, 2017
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