Organizations today struggle to adopt, integrate, and manage the enterprise data that moves through their systems. Data may be the currency that drives business, but without a holistic enterprise data management strategy, businesses are unable to harness its full value.
Business leaders can gain a key competitive advantage from their data ecosystems, but research suggests that most leaders realize they don’t have their data ducks in a row. According to Experian’s 2018 Global Data Benchmark Report, US organizations believe 33% of their customer and prospect data is inaccurate in some way. A UK article reports that nearly 85% of businesses say they’re operating databases with between 10–40% bad records. Poor data quality affects everything from analytics and business intelligence (wrong conclusions drawn) to employee productivity (lost time due to rework and poor communication).
Enterprise data management (EDM) refers to a set of processes, practices, and activities focused on data accuracy, quality, security, availability, and good governance.