The increasing need to adopt enterprise data management is not just a trend or an assumption. There are real operational demands affecting this change. Among those need, there is an increasing need to make data approachable and helpful. Businesses should have the ability to put their data to work in order to power decisions, boost effectiveness and shape company directions. In other words, data should be standardized, changed to helpful forms and stored in the location that makes sure its security and also accessibility.
Your company may be able to handle data management effectively by adopting proactive solutions. However, there are still a lot of companies today who find it so challenging to handle their data, which keeps on growing and changing on a daily basis.
Different aspects of enterprise data
Currently, companies are dealing with a volume of data that is increasing by about 40 percent every year. Companies are dealing with more data and the types of data are also expanding a lot. Data streams come with everything from figures to financial information and videos, pictures and many more. All of which come from social media, mobile and the Internet of Things. All of these different data types should be centralized, arranged and made to be accessible and useful to the company. This is also the main responsibility of enterprise data management.
The definition of enterprise data management
Enterprise data management makes a description of a company’s ability to integrate, govern, secure and disseminate data from different data streams. This comes with the capability of accurately and securely delivering data among partners, apps and processes. Enterprise data management can only be done effectively by being clear about your data and adopting a smart enterprise data management strategy.
The components of enterprise data management
Enterprise data management has different components, as follows:
First of all, data governance means the policies and processes utilized to make sure the integrity, quality and security of data. This is rather close to data stewardship and refers to the guidelines regarding policy enforcement, overall responsibility and governance authority. To simply understand, data governance sets up a company’s data laws along with how, when and by whom they will be enforced.
Secondly, enterprise data integration refers to transferring and consolidating a company’s different data into one single location to be accessed. This is a major factor in order to turn all the disparate data forms into approachable and usable assets for the companies. There are different kinds of data integration, such as virtualization, propagation, federation and consolidation.
Master data management is another component to learn. Data integration methods are utilized in Master Data Management and this has caused a little bit confusion for users. Master data management is the tools or apps made use as a part of an enterprise data management strategy in order to generate master versions of data and offer a constant view of scattered data. In order to generalize, data integration means the movement and consolidation of data and then it can become approachable. On the other hand, master data management means reconciling a business data from different sources to a usable one.
Last but not least, data security is an indispensable part of any strategy driven by data. Data security means the measures used to make sure that data is protected at all points within the lifecycle, including both data at rest and data in transit. This protection means preventing theft and leaking issues by adopting different measures. Moreover, it also refers to efforts used to maintain data integrity and avoid corruption.
After you have been clear about those components, let’s start with an enterprise data management strategy by learning more the following best practices.
Enterprise data management strategy best practices
First and foremost, businesses should have a clear understanding about their data flows and which types of data they own in order to develop a good and suitable data management strategy. This task would take time but it is worth the effort because it can help make sure the methods of management adopted are suitable for the data.
Secondly, companies are highly suggested to make an outline of what they would like to achieve by adopting enterprise data management. Some questions that should be taken into consideration include the end goals, the success measured, demands on data and so on.
After that, companies should think of standards, policies and procedures carefully. These are invaluable guideposts, which can keep data in the right location that it should be and help avoid corruption, security problems and data loss. The efficiency of standards and policies depend much on the procedures used to enable them. Those procedures will provide staff members with the right methods and tools they can take advantage to adapt to required standards. Policies are also integral keys in terms of regulatory compliance, especially if the company is working in such fields as healthcare and banking. They will not only protect data but also help avoid serious fines and preserver customer trust.
The next step is to educate and inform stakeholders. Enterprise data management will not be successful if the standards, policies and procedures related to it are not emphasized properly. In addition, enterprise data management strategies are more efficient if all of those who handle data are on board for the project. In this case, it is necessary to set up a training campaign to make sure that all people in your organization understand the aims and objectives of enterprise data management, the methods to achieve them and the reasons why those initiatives should be done.
Finally, you should make an investment into the right people and technology. Getting to know the hidden truth of managing data is not everyone’s forte. It is better to get an in-house or consultative professional with skills and experience in setting up enterprise data management systems. Their knowledge can be ideal and effective to identify the right and the most suitable technologies to use.