Key Components of Modern Enterprise Data Management

From being a mere by-product of actions to become the driving force behind business intelligence, data has come a long way and will go a long way. Today, it has become an integral part of all aspects of a business. Enterprises need to expertly manage their data and extract actionable information if they hope to thrive in their industry.   Enterprise data management (EDM) has become a core issue, and many businesses are giving it due importance. In the following blog, we’ll delve into what enterprise data management is, why it is essential, and what are the key elements of enterprise data management. 

What is Enterprise Data Management (EDM)?

In simple terms, enterprise data management is the ability of an enterprise to gather, store, sort, and process data into information based on which the enterprise can make intelligent, high-value decisions that will work in its favor. Many enterprises have access to a lot of data and even have the ability to store it, but managing it and extracting business intelligence from it is a different story. There are many key components of enterprise data management that you have to look into if you want to manage your data successfully. 

Why is Enterprise Data Management Important for Business?

So, why is enterprise data management important? All future businesses will be using modern technologies like data science, artificial intelligence, machine learning, robotic process automation, etc. and data is the fuel that drives these technologies.  Think of data like a crystal ball that lets you see into the past, know the present, and predict the future of your business. And though it works like magic, data analysis is proven science that is changing the way business decisions are made.  One of the biggest industries in the world, banking, is always averse to integrating anything new without testing. But by 2025, the data analytics industry in banking alone will hit a value of $62.1 billion, showcasing that even an essential industry like banking trusts data.   The market of Big Data analytics in banking could rise to $62.10 billion by 2025. – Soccer Nurds Enterprise data management is important because, according to Forbes, 80% of data today is unstructured, making analysis extremely difficult. Enterprise data management is the only way to make unstructured, unpolished data into structured, usable data.   Key Components/Elements of Modern Enterprise Data Management The key components of enterprise data management will help you understand the whole concept because data management on an enterprise level is more complex.  But by implementing enterprise data management at the early stage of your enterprise’s growth, you can ensure your enterprise data management strategy grows with your organization. Here are the key components/elements of modern enterprise data management:

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Extract, Transform & Load

Popularly known as ETL, Extract, Transform & Load is the process of extracting your data from a source that is not built of data analytics and moving that data to storage where analytics can be performed. This enterprise data management key element is important for data transmission from one source to a more analytics-friendly data warehouse.  

Data Warehouses

Various types of data, historical and contemporary, come from multiple sources. This data is transferred from data silos and stored in a single location called data warehouses. A data warehouse could be an on-premise or a cloud-based server that can store vast amounts of data.  Data warehouses are where data mining and processing are done. A data warehouse is another key component in enterprise data management as it is the central storage space, and many actions are performed in a data warehouse. Therefore, enterprises must choose the right type of data warehouse.  

Master Data Management

The key element of enterprise data management, master data management (MDM), is the process where all of the business data is categorized, organized, centralized, and enriched because most of this data comes from scattered data silos. MDM ensures the overall quality of the data is improved, and the final product is used for decision-making.  The reason why it is called master data is that the employees can use this data to ensure uniformity in the rest of the data, so the analytics process runs smoothly. MDM helps apply modeling rules and remove additional identical data. MDM is a combination of processes, tools, and software.  

Data Integration

Data integration is a process-driven component of enterprise data management. Each employee should have access to clean, high-quality data that is consistent and stored in a singular location. That is exactly what data integration does. Making the data uniform gives value to the data and uses the tool to extract actionable business intelligence.  There are many other benefits that data integration brings to enterprise data management, like the reduction in data and employee errors, better system collaboration, and saving precious time.  

Data Governance

Without data governance, enterprises can never have successful MDM. Data governance is a set of processes, rules, and regulations that decide the flow of data in the organizational structure and the duties and responsibilities to be given to the employee. Data governance also accounts for the industry compliances and laws regarding data, and the interests of the users, customers, and stakeholders. Data governance is a document that is a governing constitution of an enterprise that ensures everyone in the organization understands their roles and responsibility, thus ensuring employees work responsibly and ethically, data privacy is maintained, and operational hierarchy and infrastructure is optimized. It is one of the most important enterprise data management components. 

Data Security

If you’d ask what is the key element of enterprise data management, many experts would say its data security. Data is constantly under threat, and the threat is not always from external sources like hackers and cybercriminals. Threats also occur in the form of corruption. Enterprises expert at managing data allots a huge chunk from the budget towards data security as it is mostly in a software form and vulnerable to breach. Therefore, you need to have good cybersecurity, backups, and other contingencies in place. After all, data is your most valuable asset.  Important Takeaway An Enterprise data management system is not a singular concept or action. It is the amalgamation of all the critical components stated above. You must give each piece its importance, which must work together for successful enterprise data management. Data has become a hack to success, and enterprises that know how to leverage it are leading their industries. Therefore, enterprise data management should be a core issue for all enterprises.  Related: Six signs of an effective enterprise data management strategy Related: Five data management best practices Valutastic Has the Solution  Vaultastic’s enterprise data management solutions are what you need. We are data management experts and can provide you with software, tools, expertise, and services to help you master all the critical components of enterprise data management. Get in touch with us and even take a free trial to understand how Vaultastic can help your organization with robust enterprise data management.

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