What it Enterprise Data Management?
Enterprise Data Management (EDM) is now both a way of processing data and managing how people in a firm use data. EDM includes getting accurately and timely data to the people who need it and setting standards for how they store it securely. While EDM can be defined as the process of ingesting, validating, enriching and curating many types of data into a single, best possible version of the data, known as golden copy, that process also should be preceded by other steps. These steps include auditing and cataloguing the data. Once all the elements of EDM are complete, the resulting golden copy is distributed to integrated downstream systems, so all departments at a firm may use it. Enterprise data management systems, or solutions, are systems that facilitate and maintain all the ingestion, rules, workflows, validations, enrichment and distribution of data.
What are the key elements of enterprise data management?
EDM’s key elements include data modeling, rules and workflows, data governance, data integration, data access and visualization, and data security:
- Data models should be robust and comprehensive.
- Rules and workflows should be customizable and transparent.
- Master data management (MDM) is used to create consistent forms for scattered data, which is accomplished with workflows.
- Data governance lays out standards for data quality, integrity and security.
- Data security covers everything from preventing theft and damage to unauthorized access.
- Data integration is the process for combining and curating data into a single consistent version. It sets the stage for accessing and visualizing data.
What is the role of enterprise data management?
The role of Enterprise Data Management is to ensure that data users can be confident the data they are working with is fit for purpose. This means that the data is quality checked, accessible and actionable for these users. EDM’s role is to be a streamlined and standardized system so users and their firms can find data, access it and manage it, as well as storing it and securing it. EDM systems can help transfer data and reduce the time spent integrating new data into systems.
How does it work?
Data is pulled into the system from multiple sources, which could be external sources such as data vendors or internal sources such as other business systems and data stores the organization is already using. Once ingested the data is validated, exceptions are resolved and it is enriched or gap-filled by other sources and processes to populate any data attributes that may be missing. The solution will also automatically curate existing data of the same type, or that is interlinked, that may have already undergone this process to create a gold copy of the data. After a gold copy or best available data set has been created, it is then distributed to all integrated downstream business systems such as reporting systems, OMS, performance systems, or data warehouses, among others, and interacted with by people across the organization.
Why do I need EDM/why is it important?
Enterprise Data Management can be used to generate complete and accurate reporting for clients and regulators, achieve business objectives, and increase efficiency in data operations. From a regulatory perspective, at their core every regulation requires accuracy, completeness, and timeliness – the only things that change from regulation to regulation are the type and volume of the data. EDM done right makes the data and the rules and workflows around it very transparent, and future-proofs organizations from unnecessary costs for future regulations, while also making it easy to report to clients. Quality data allows firms to make quality investment decisions, hit KPI metrics, and simply make more money; and well managed data makes all of these initiatives easier through automation, better exception management, and version control.
What are the four types of Enterprise Data Management?
- Customer relationship management – analyzing data about customer interactions. CRM is a type of marketing technology system.
- Marketing technology systems – typically this is software for managing marketing campaigns or efforts
- Data warehouse systems – a variation of data management systems to enable analytics to produce business intelligence
- Analytics tools – typically, these are computer or coding languages used to analyze data, such as R, Python and SQL.
Where can I buy an EDM solution?
GoldenSource offers the industry leading Enterprise Data Management Solution covering all data types with an industry standard data model, out of the box rules and workflows, pre-built integrations to external sources, and an easy to use and customizable user interface. Click the link to learn more.