Technological advancements in the recent years have resulted in companies storing more data than ever before. Along with the upsurge of data, the need to harness this unstructured data and transform it into reliable, relevant and contextual information has also increased. This concern about adequately managing data stems from the fact that poor data management poses a serious challenge of organisational efficiency and reliability besides impacting its finances. And this is where Enterprise Data Management (EDM) comes into the picture. EDM, as its name suggests, is an organisation’s ability to create, integrate, and manage data for all enterprise processes and applications. However, to create an accurate, consistent, and transparent data framework, organisations also need a comprehensive data strategy. Here’s why having a solid strategy is important for EDM.
Offers a centralised vision
Without a centralised foundation or vision, all data garnered by an organisation is of limited use. EDM strategy helps to configure this holistic view. It will delineate the manner in which an enterprise can leverage its data and transform it into relevant information and knowledge which will lead to improved business performance.
Better understanding of relevant data
All the data that a company store is not important. However, sieving relevant data from a maze of unstructured data is no easy task. This is where an EDM strategy comes handy. It defines what type of data or information needs to be harnessed and maintained from an enterprise perspective.
Determination of roles
Standardising data for different processes is not enough to efficiently run an organisation. There should be a precise determination of organisational roles regarding who owns and monitors what data system. EDM strategy helps to outline that.
Improved usability of data
Having an EDM strategy means having a vivid idea about how to use what kind of data where. It determines the structure of the data and its movement and usability across the enterprise.
Accommodate continuous development
Changing business requirements changes the nature and quantity of data that an organisation stores. When an EDM strategy is in place, it becomes easier to accommodate the changing data to meet the new data management goals while ensuring credibility, security, and accessibility of the data.
In short, strategy plays a key role in determining the success of Enterprise Data Management. It is a blueprint that guides how an organisation can manage its data and use it to achieve its business goals.