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enterprise data management, reference data management

GoldenSource 101: Enterprise Data Management

What it Enterprise Data Management?

Enterprise Data Management (EDM) is the process of ingesting, validating, enriching, and curating multiple types of data from multiple sources into one single, fit-for-purpose, best available version of the data, or golden copy. This golden copy is distributed to integrated downstream systems to be reliably used by all departments across the enterprise. An Enterprise Data Management Solution is a system that facilitates and maintains all the ingestion, rules, workflows, validation, enrichment, and distribution of the data.

What are the key elements of enterprise data management?

The key elements of enterprise data management are a robust and comprehensive data model, customizable and transparent rules and workflows, integration with downstream and upstream sources and systems, and the capability to access, visualize, and interact with the data. These elements ensure that the data made available across the business is clearly defined, commonly understood, that all the relationships between data types are represented and interlinked, and that the data is actionable.

What is the role of enterprise data management?

The role of enterprise data management is far reaching, but in essence it is to ensure that people are confidently working with data that is fit for purpose. This means that it is quality checked, accessible, and actionable by appropriate systems and users.

How does it work?

Data is pulled into the system from multiple sources, which could be external sources such as data vendors or internal sources such as other business systems and data stores the organization is already using. Once ingested the data is validated, exceptions are resolved and it is enriched or gap-filled by other sources and processes to populate any data attributes that may be missing. The solution will also automatically curate existing data of the same type, or that is interlinked, that may have already undergone this process to create a gold copy of the data. After a gold copy or best available data set has been created, it is then distributed to all integrated downstream business systems such as reporting systems, OMS, performance systems, or data warehouses, among others, and interacted with by people across the organization.

Why do I need EDM/why is it important?

Enterprise Data Management can be used to generate complete and accurate reporting for clients and regulators, achieve business objectives, and increase efficiency in data operations. From a regulatory perspective, at their core every regulation requires accuracy, completeness, and timeliness – the only things that change from regulation to regulation are the type and volume of the data. EDM done right makes the data and the rules and workflows around it very transparent, and future-proofs organizations from unnecessary costs for future regulations, while also making it easy to report to clients. Quality data allows firms to make quality investment decisions, hit KPI metrics, and simply make more money; and well managed data makes all of these initiatives easier through automation, better exception management, and version control.

Where can I buy an EDM solution?

GoldenSource offers the industry leading Enterprise Data Management Solution covering all data types with an industry standard data model, out of the box rules and workflows, pre-built integrations to external sources, and an easy to use and customizable user interface. Click the link to learn more.

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