When we discuss Enterprise Data Management (EDM) we’re almost always talking about how it applies to finance. It’s no wonder. Finance is where EDM has made the biggest inroads and the biggest impact so far. With governmental regulations such as Sarbanes-Oxley and intense pressure from stakeholders, such as investors, the CFO has to seriously look at effectively managing data. EDM has enabled organizations large and small to give up their data shadow system habit and get on the “single version of the truth” bandwagon.
A long-term benefit for companies implementing EDM would be the establishment of an end-to-end data integration framework as a shared service model. Developed once, and reused throughout your enterprise to satisfy the data needs of business units around the globe, this data-integration service transforms cost fundamentals for IT investments, as well as accelerates deployment once in place. It becomes the data-integration “plug and play” that enables business people to tap into their data when needed.
Implementing EDM enables data availability and delivery across organizations. Using it as a data backbone, business users can tap into the data regardless of the BI or analytical tools they use. This is especially important to enterprises that use many BI tools and that have realized that having the right data at the right time is far more important that what BI tool they use. In addition, this framework also can meet the on-demand data that many enterprises need in today’s business environment.
But there are many opportunities for EDM to help an enterprise beyond finance. The finance function may be the groundbreaker, but other business groups are hot on its heels.
Where else has your organization used enterprise data management or where do you plan to use it?