In today’s business world, it’s all about data. Although there will always be tangible assets that are important to companies, there are many companies today (Uber, Airbnb, Facebook, among others) whose entire existence is based strictly on data assets, not tangible ones. And as this data proliferates, the need for enterprise data management for companies of all sizes increases.
What Is Enterprise Data Management?
Enterprise data management (commonly abbreviated as EDM) is a set of practices used by a company regarding its data — that includes the quality and accuracy of it, along with its availability, security and governance. Quite often, it’s one of the major assets of the company, and in many instances, it’s required legally, as there are governances on how this data is retained. Many industries must deal with certain compliance issues with their enterprise data, as there are constantly new laws and regulations being added to the books. It’s vital that this data be managed securely at all times and that it remains accessible to sanctioned users.
The Components of Enterprise Data Management
Similar to other systems, every company’s EDM involves a number of subsystems, each of which is a vital part of the system. These include the following.
- Data Governance: This is the “law of the land” as far as the data is concerned. Data governance sets the rules and regulations regarding the data, follows compliance rules, dictates security and protects the privacy of the users.
- Integration: This is the data stored in a central location, and it dictates that users are able to access the appropriate data and prevents unauthorized users from accessing it.
- Master data management: This is the toolbox that organizes the data and allows users to gain a consistent view of the information of all the disparate data housed in the various silos of the company.
- Architecture: This is the rulebook that helps streamline data extraction, transformation, integration and modeling. In short, it’s where the data is kept and modified.
- Warehousing and business intelligence: The warehouse is where the data is stored. Again, this data funnels in from multiple sources. The data is structured into a universal format to ease analysis to be mined and to make decisions based on the data.
- Metadata management: This is the practice of making optimal use of the data by giving users visibility into what data is available, how it originated and how and where it is stored.
What Problems Does Enterprise Data Management Solve for Businesses?
Aside from the previously mentioned legal requirements, EDM solves a vital issue for businesses; it creates a standardized platform to securely manage the data, monitor it and keep it accessible for the appropriate parties. Additional benefits of EDM include the following:
- Reduces costs
- Enables a data-driven culture
- Speeds up the process of bringing new products to market
- Enables innovation and market disruption
- Boosts responsiveness to market changes and consumer trends
- Saves both time and money by retaining mission-critical business data and by avoiding duplication of the data
Considerations Companies Should Take When Choosing an EDM Vendor
Unfortunately, there is no “one size fits all” solution when it comes to selecting an EDM vendor. The volume of data managed by businesses continues to grow year after year, and that trend doesn’t look to change anytime soon. Therefore, any type of vendor for EDM must have the capacity to be scalable in order to meet these growth requirements. This data — like many other types — can be organized in multiple formats, including legacy systems that are no longer used. Any EDM vendor has to be able to handle all of these types of data.
Where a Virtual Data Room Fits into the Picture
A virtual data room (VDR) is a secure online repository for sharing and storing documents, the perfect solution for all EDM needs. One of the benefits of using a VDR for EDM purposes (besides the security, of course) is its ability to allow multiple users to access documents simultaneously. VDRs are widely used in all sorts of industries (banking, litigation, corporate, biotech/pharma and many others), and as long as there is a need to retain data, a VDR is a mandatory part of your EDM strategy.
When looking for a VDR, there are a few items that must be present. These include the following.
- Security: Required components include encryption, multiple backups, digital rights management (DRM) that allows admins to control and manage access and watermark capability, which indicates what users have accessed, edited and/or downloaded.
- Control: Having the ability to control who has access to certain documents, being able to change permissions on the fly and setting an expiration date on access to specific files.
- Ease of use: The ability to access the VDR with virtually any type of computer, tablet or smartphone is key, as well as ease of use for the admins, as far as setting permissions and file organization is concerned.
Where CapLinked Comes into Play
For any company that is looking to simplify the management of its EDM, partnering with a trusted third-party data room provider will help streamline the process, both logistically and financially. CapLinked, a leader in the VDR space, offers solutions that are as easy to use as they are secure. To learn more about CapLinked and to get a free trial of its cutting-edge VDRs, contact us today!
Chris Capelle is a technology expert, writer and instructor. For over 25 years, he has worked in the publishing, advertising and consumer products industries.
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