We are already living in a digital world where computers, mobile phones, transportation, defense, businesses, manufacturing, health, household appliances, etc. are either controlled by humans or independent functions by way of their programming. The internet is the center of it all and with the foreseen adaptation of Internet of Things (IoT), it may just take a few more years before we reach “The Jetsons” age. With all these interconnections occuring all over the internet and the world, it has made a big impact on our social, work, business and personal lives. With all the exchanges of data happening every minute of every day, getting and storing the right information is a very big challenge for everyone. Every person online has the ability to create data, whether it be pictures, documents or anything that we do over the internet. This is all converted into data, and this collected data is what we now know as “Big Data”.
Big data is important because it is where all the information, studies and advancements in computing are harnessed. Big data is also essential because it has the ability to transform how an individual user can take advantage of getting the right information or how an enterprise can manage their business. Government or private enterprises have seen how useful big data is in improving their services and introducing products that are targeted to the masses. With big data comes business intelligence, and with business intelligence comes enterprise data.
Enterprise Data Defined
Enterprise data can be defined in many ways. Enterprise data can be defined as centralized data that is shared by many users all throughout the enterprise. It can also be described as data that is shared by all users of an organization across many departments and geographic locations or regions. Financial losses can happen due to enterprise data loss thus an enterprise should make time to ensure and spend their resources to create effective data security, modeling, networking and ample storage. Enterprise data can be divided into 2 categories – internal and external data categories. These 2 categories are further classified according to their resources, organizational processes and standards. Many experts have stated that there are no standards that define enterprise data for both small and medium sized enterprises. Although, once an organization has reached the point where there are already too many operating units in different locations, it can get more complicated as compared to a single location business with only one IT department.
Characteristics Of Enterprise Data
This ensures a consistent, single version of enterprise data for sharing throughout the organization.
2. Minimized Errors, Redundancy And Disparity
Once the enterprise data is shared across the organization, errors and discrepancies should be minimized. Data management and data modeling are the right strategies to counter these factors.
3. Data Quality
The enterprise data should follow an organization or identified standards for different internal and external components to ensure the quality of data.
4. Data Security
One of the most important things that any organization should do is to secure the enterprise data by way of controlled and authorized access.
5. Data Scalability
The enterprise data must be scalable, robust and flexible in order to meet the many requirements of the organization.
Enterprise Data Management
Once the organization is making exchanges through the enterprise data network, there will be a sure growth of unreliable data, thus it is important for the organization to use the right Enterprise Data Management to get everything back on track. Unfortunately, many organizations are using EDMs in addressing the symptoms of bad data. Experts have stated that to solve any enterprise data issues, the focus should be on the root cause of the problem. Any data that is unreliable from the point of its creation will continue to cause problems within the whole system. EDM also helps in managing data across all points during its entire life cycle. A comprehensive and correct EDM solution includes:
- Cleansing, profiling, monitoring to improve data quality
- The metadata that will ensure the consistent definitions and its usage
- The data governance that will provide ongoing oversight and the application of the standards and procedures
- The security and the retentions in supporting secure and accessible data
- The master data management improvements in the mentioned areas which can help create the right, reliable data for the organization
Enterprise Data Management Advantages
By implementing a comprehensive enterprise data management solution, a business or organization can fully take advantage of:
1. Strategic Data Management
This will enable any business to sort out and organize data in which it can be easily retrieved and used. Using a centralized database will provide easy and controlled access to all authorized users.
2. Multi User Capabilities
The same data may be required by different users in different locations. Without a central data repository, obtaining the needed data will become a great challenge. The right and efficient data solution can address this by providing the capability to make data available to multiple users anytime, anywhere.
3. Enhanced Reporting Capabilities
Multiple databases in different locations can cause issues. Tracking the needed data can be more difficult and will cause deficiencies and missing elements when reporting data. A comprehensive enterprise data solution will ensure enhanced data reporting since all data is well organized and managed in one platform.
4. Fast And Accurate Decision Making
All businesses depend on strategic decisions and correct information, thus it is important to organize data in a useful and correct fashion. EDMs can organize and store data in a very structured way which enables fast and accurate decision making at any time.
5. Forecasting Capabilities
Any information is an advantage and when used, should be helpful in forecasting any business trends and opportunities. This is only possible if the information needed is readily available. Implementing an EDM can make this happen. Knowing and understanding enterprise data and its management can drastically lower operational expenditures because it will streamline the organization’s workflow and minimize errors in the system. It is very important to get the right EDM solution to make your organization a well-oiled machine.