{"id":229,"date":"2022-10-04T05:16:53","date_gmt":"2022-10-04T05:16:53","guid":{"rendered":"https:\/\/yodaplus.com\/blog\/?p=229"},"modified":"2023-06-06T11:50:11","modified_gmt":"2023-06-06T11:50:11","slug":"enterprise-data-management-drives-business-growth","status":"publish","type":"post","link":"https:\/\/yodaplus.com\/blog\/enterprise-data-management-drives-business-growth\/","title":{"rendered":"How Enterprise Data Management Drives Business Growth and Profitability"},"content":{"rendered":"<p><span data-contrast=\"none\">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.<\/span><\/p>\n<p>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.<\/p>\n<p>With access to the right enterprise data management or EDM\u00a0tools, businesses can transform raw data into actionable intel, disrupt themselves, and accelerate growth.<\/p>\n<p>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.<\/p>\n<h2>Enterprise Data Management Deconstructed<\/h2>\n<p><span data-contrast=\"none\">EDM\u00a0is 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.<\/span><\/p>\n<p>Besides having a comprehensive data model, an effective EDM integrates all internal and external sources of transactional, trade, operational, customer data, and financial data.<\/p>\n<p>The emerging data quality is made actionable by diverse teams to power high-stakes decision-making and drive the desired business outcomes.<\/p>\n<h2>EDM&#8217;s Core Benefits<\/h2>\n<p><span data-contrast=\"none\">Here&#8217;s a snapshot of four ways the adoption of advanced EDM tools can offer businesses a competitive edge:<\/span><\/p>\n<ul>\n<li style=\"color=#6b7280;list-style-type: circle;\"><span style=\"color: #6b7280;\">Enables seamless data integration: EDM brings all internal and external data sources under one roof, preventing data silos that lead to leakage and duplication.<\/span><\/li>\n<li style=\"color=#6b7280;list-style-type: circle;\"><span style=\"color: #6b7280;\">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.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">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.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">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.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Use Cases in the Financial Services Sector<\/h2>\n<p><span data-contrast=\"none\">EDM is especially transformational for financial services and capital markets businesses. Here&#8217;s a snapshot of its use cases in this sector:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">Insurance companies use processed data to navigate insurance risk by understanding consumer histories and behaviors. EDM may leverage alternative data, such as a consumer&#8217;s geospatial data, to predict the potential for liabilities.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">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.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">Stock exchanges leverage EDM enhanced with natural language processors and network analytics to monitor trading patterns and flag irregularities.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">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.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Typical EDM Workflow<\/h2>\n<p><span data-contrast=\"none\">Here&#8217;s what a typical EDM workflow looks like:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">Data is pulled into the system from all internal and external sources.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">The data is validated. Missing data points are filled in, and duplication is resolved.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">A golden copy, i.e., a master version of any record, is generated.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">The golden copy is made available on all reporting and maintenance systems and is accessible to relevant stakeholders.<\/span><\/li>\n<li style=\"list-style-type: circle;\"><span style=\"color: #6b7280;\">When a golden copy is updated, the stakeholders are notified.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Significance of EDM in Today&#8217;s Business World<\/h2>\n<p><span data-contrast=\"none\">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.<\/span><\/p>\n<p>EDM is enabling the delivery of such actionable data. By 2025, the EDM market is expected to grow to <a href=\"https:\/\/www.marketsandmarkets.com\/Market-Reports\/enterprise-data-management-market-69219339.html\" target=\"_blank\" rel=\"noopener\">$122.9 billion<\/a>, and companies that make early investments will win the decision-making race.<\/p>\n<h3>In Conclusion<\/h3>\n<p><span data-contrast=\"none\">Every business&#8217; data needs are unique. To that end, <a href=\"https:\/\/yodaplus.com\/\" target=\"_blank\" rel=\"noopener\">Yodaplus<\/a> 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.<\/span><\/p>\n<p><a href=\"https:\/\/yodaplus.com\/contact.html\">Connect with us<\/a> to start a conversation and find a partner for your enterprise data management needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":464,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[27,26],"class_list":["post-229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-data-management","tag-edm-tools","tag-enterprise-data-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Enterprise Data Management Drives Business Growth and Profitability | Yodaplus<\/title>\n<meta name=\"description\" content=\"Enterprise Data Management helps businesses transform raw data into actionable intel, disrupt themselves, and accelerate growt\" \/>\n<meta name=\"robots\" content=\"index, follow, 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