Today, organizations across almost every sector generate massive amounts of enterprise data each second. Data is an asset to any business, and data-centricity is a driver of growth and profitability.
In essence, they are sitting on a goldmine. However, the inability to strategically capture, integrate, organize, analyze and distribute data, stands in the way of businesses utilizing their full potential.
With access to the right enterprise data management or EDM tools, businesses can transform raw data into actionable intel, disrupt themselves, and accelerate growth.
Today, EDM is leveraged by several sectors, such as pharma and healthcare, transportation, government, and financial services. This blog thus dissects how EDM is transforming the business landscape.
Enterprise Data Management Deconstructed
EDM is a tech-enabled process with the intelligence capabilities to validate, analyze, visualize, govern, and maintain massive amounts of data as a single source of truth for all stakeholders in highly scalable businesses.
Besides having a comprehensive data model, an effective EDM integrates all internal and external sources of transactional, trade, operational, customer data, and financial data.
The emerging data quality is made actionable by diverse teams to power high-stakes decision-making and drive the desired business outcomes.
EDM’s Core Benefits
Here’s a snapshot of four ways the adoption of advanced EDM tools can offer businesses a competitive edge:
- Enables seamless data integration: EDM brings all internal and external data sources under one roof, preventing data silos that lead to leakage and duplication.
- Strengthens data governance: The value of data is based on authenticity, security, and access to the right stakeholders. Superior EDM systems ensure all three. Technologies like blockchain enable a single version of the truth. They diminish the potential to manipulate data and bring transparency between all stakeholders.
- Enhances data quality: Business teams get access to data that is validated, enriched, and actionable, helping them make superior decisions that impact the sustainability and profitability of the business.
- Powers data distribution: With so much valuable data hosted in one location, EDM has the capability to publish and disseminate data to various audiences promptly.
Use Cases in the Financial Services Sector
EDM is especially transformational for financial services and capital markets businesses. Here’s a snapshot of its use cases in this sector:
- Insurance companies use processed data to navigate insurance risk by understanding consumer histories and behaviors. EDM may leverage alternative data, such as a consumer’s geospatial data, to predict the potential for liabilities.
- Real-time analytics are helping fintech companies comprehend and respond faster to market needs and win market share. For instance, product development teams can innovate financial products based on real-time data gathering through services like geofencing.
- Stock exchanges leverage EDM enhanced with natural language processors and network analytics to monitor trading patterns and flag irregularities.
- Financial businesses are leveraging highly processed data to make number-driven decisions when investing millions in stocks, raising capital for businesses, or purchasing commodities like gold.
Typical EDM Workflow
Here’s what a typical EDM workflow looks like:
- Data is pulled into the system from all internal and external sources.
- The data is validated. Missing data points are filled in, and duplication is resolved.
- A golden copy, i.e., a master version of any record, is generated.
- The golden copy is made available on all reporting and maintenance systems and is accessible to relevant stakeholders.
- When a golden copy is updated, the stakeholders are notified.
Significance of EDM in Today’s Business World
The cost of a bad decision is always expensive in the business world. Access to validated, high-quality, real-time data is highly valuable to businesses, helping them make decisions scientifically.
EDM is enabling the delivery of such actionable data. By 2025, the EDM market is expected to grow to $122.9 billion, and companies that make early investments will win the decision-making race.
Every business’ data needs are unique. To that end, Yodaplus offers bespoke enterprise data management solutions as well as implementation of packaged solutions with an industry-standard data model, out-of-the-box rules, and workflows. We help you develop consistent data architecture solutions that scale alongside your enterprise.
Connect with us to start a conversation and find a partner for your enterprise data management needs.