Provided by Prostream South Africa & Ctrl Digital ZA.
Digitalization is booming at an alarming pace. Despite this, data remains one of the most underutilized assets of any organization. In the face of high volume, high-speed data, enterprises must move quickly to validate and integrate data for broader usage throughout the organization.
According to an Experian study, more than 30% of organizations’ data is stale or inaccurate. If you can’t trust your data, you’re putting yourself at massive risk. Data management solutions that secure, automate, scale, and optimize the use of information within organizations are the answer to this Big Data conundrum.
What is enterprise data management (EDM)?
Essentially, enterprise data management refers to the capability of an organization to identify, integrate, and access data for internal applications and external communications. The primary purpose of enterprise data management is to provide real-time access to accurate data across departments like IT, Finance, HR, Marketing & Production.
By integrating enterprise data management into an organization’s processes, the organization can utilize data more efficiently than it could before. When performed successfully, data management aims to create accurate, consistent, and transparent information that enables organizations to make better, more informed business decisions.
What makes enterprise data management so important?
On the surface, it seems consistency and data quality is crucial for gaining a deeper understanding of your business. However, it isn’t easy to imagine staying in business very long if you don’t understand the basics, such as where your customers live, how much inventory you have, or how much you sold last month.
Analytics aims to solve business problems, so it is essential to harmonize any disparate data models within a company to gain valuable insights from corporate data hidden across multiple geographies, subsidiaries, and systems. Therefore, effective data management is one of the most important strategies for determining the sustainability of any business.
“Businesses can derive a great deal of value from data. It can be monetized and give you more insight into your business, customers, and competitive position than anything else available. However, before you can use data effectively, a discipline of professional data management has to be established. For most organizations, to effectively use historical data and all of the new data coming in, standardized methods of storing, securing, monitoring, and managing your data are essential.” – Peter Glashoff, Director at Prostream South Africa.
How can an enterprise data management solution benefit your business?
Enterprise data management strategies that are well-defined benefit enterprises on many levels. By defining and enforcing rules and policies across workflows, you can bring greater unification to your data. The benefits of this standardization are as follows:
Real-Time Data. The value of your data depends on its accuracy, relevance, and reliability. If it isn’t monitored consistently, its authenticity suffers considerably and becomes no longer helpful to your business.
Competitive Value. A centralized data source is a valuable resource and worth the investment. A data management solution helps you gain essential governance and drive consistency by providing end-users with a single, authorized source of high-quality data.
Compliant Data. Companies have a more challenging time mitigating compliance risks because of the increasing amount and variety of data, such as that of edge devices. Data management helps uncover siloed or hidden data assets, assessing them for value and risk.
Reduced Expenses. A substantial percentage of a company’s revenue goes toward processing low-quality data. By using a professional approach to business data processing, you can reduce these costs significantly, allowing your employees to focus on value-added processes.
Improved Customer Experience. When you streamline your data management processes, you can more effectively serve your customers and develop long-term loyalty. Something as small as an erroneous mail can lead to a negative online review.
Streamlined Operations. Managers can quickly identify improvement opportunities via data analytics and optimize processes if they take advantage of the capabilities. In addition, when operational decisions are based on actionable data, security and compliance obligations can be more accurately assessed, resulting in more informed business decisions.
With the right data management, you can prevent security breaches, inaccurate data analysis, compliance risks, and legal problems that may arise from storing insecure data in the cloud or on-premise.
Try Prostream Data Management Solutions
Harness the power of data within your organization. Our data management solutions provide the simplicity, efficiency, and flexibility needed to take complete control over your data. The Prostream Data Ecosystem provides AI and AGI-powered business solutions that streamline the digital transformation process. By eliminating silos and complexity, you can access your data wherever it lives.
