Enterprise Data Management: The Market Inquisition

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I own an SUV and every time I take it for overhauling to the store, the store just pulls out all the old-time records of past 6 years simply with my customer ID. Before I could babble about the problems of my SUV, the store tells me which parts need to be changed, how the performance is etc. based on their records.

You must be wondering why am I narrating you this story contrary to addressing Enterprise Data Management? Well, because fetching past records by utterly providing a number or ID in the system is possible only because of the so-called ‘Data Management’.

Data management is of vital importance to businesses of all industry verticals because today the privations, demeanor, and stance of the consumers are changing. Hence the significant factor for business success and growth is effective enterprise data management. Before I dive into the facts of market analysis for Enterprise Data management, let me give you a quick introduction about Data Management.

Let’s not get into the mechanical definition of Data Management

Do you know what Data Management means? If your answer is ‘I don’t know’, here’s the elemental definition of Data Management – Data Management simply means managing the data or information as a very valuable resource (Oh yea! just like preserving water). Data management is also imputed as information management.

Data Management came into focus in 1980, in that era, this data and information were stored in tapes, cards etc.; now we have advanced systems, applications to store. Technically, data management is the implementation, consummation, and management of plans, policies, and practices that supervise, secure, cede, and improvise the value of a customer or consumer’s information and data.

It has evolved since 1980 when the technology was centered around sequential data processing but at the hour it is random access to data. Today, the random-access speed of data is much faster comparatively. There are many elements of Data Management:

•         Data Edifice
•         Data Governance
•         Data Protection
•         Enterprise Data Management
•       Data Quality Management
•        Content Management
•       And so on

Enterprise Data Management - An overview

Enterprise Data Management shortened sometimes as EDM (Oh, I am not referring to the famous EDM bands), is the skill of a business organization to define word for word, efficiently coalesce and effectively employ the customer data (On spec: In businesses, customer term is more relevant than consumer) both in internal and external applications. It stresses on how the data and content are coalesced in the business application and then passed on from one business process to another.

EDM is about managing the lock stock and barrel information right from employee data to vendor data to customer data. Because, for an organization to grow they need to have happy employees, vendors, and customers.

Now that I have given an elemental overview of EDM, are you speculating on ‘why’ is EDM vital for organizations? Well, I also, was wondering the same. So, let me throw some light on why EDM is the ‘bread and butter’ for organizations.

Think about it this way that you are going to watch a soccer match, but your house is so messed up that you can’t find your soccer tickets, you can’t find your best outfit. Won’t you dread? What will you do? You will keep your tickets in the right place where you can find it easily, right? The same way, organizations must precisely keep all their data organized.

Enterprise Data Management ensures that the most critical data is at the right person’s disposal at the right time. This also explains the need for the exceeded structuring of business operations. It removes the conflicts and losses resulting from the data mismanagement. Approving and effecting EDM can result in organized delivery of data from producer to consumer, an improved efficiency, and competence of the organization.

‘The need’ for Market Inquisition

If I am running a business (no matter small or big) of let say gym apparels, then it is obvious that I will keep an eye on my competitors and what they are selling, where do I stand in the market, the importance of EDM for my industry, my target audience and lots more. This analysis will help me to grow my business, isn’t it? So, you agree with me that to grow and succeed in my business, I need to keep in and out information of the market.

Hence, to win the race, as an organization it is very vital to know the market, what are the involved risk factors, what are the best resources for implementing EDM and most importantly how precise your EDM is? You need to have the up-to-the-minute knowledge about the market conditions, what it was in the past year(s) and what’s in the offing in the future.

Market Inquisition – Global Market Perspective (2016-2023):

The global Enterprise Data Management accounted for $69 billion approximately in 2016. By 2020, it is anticipated to cross $105 billion and reach to $142.67 billion figure by 2023.  According to the Stratistics MRC, the Enterprise Data Management will be growing from 2016 till 2023 at a 12% CARG.  The below graph represents the expected growth*.

Image source: mrfbucket

The increasing demand for improved compact business operations, risk management, the advanced acceptance rate for parallel processing frameworks, mounting governing agreements and regulations are a few vital elements that determine the market size. In today’s progressive scheme, healthcare continues to be the leading verticals in deploying EDM.

EDM achieved a lot of importance in the healthcare industry due to huge accumulation and management of information and data. This data comprised of the increased demand for healthcare information and records of patients. This eventually led to the EDM market growth. Talking with regards to geography, North America is anticipated to be the capital market in terms of size.

Designing the game plan

Based on the above data you can prepare your plan for the year, take the right decisions, design the perfect strategies and see it through. The market study will give you the information like the latest market trends, technologies, competitors, improvising capital structure, propellers, geographies etc.

The acceptance for EDM is increasing with each passing day because of the need for reducing the data management cost and business growth. Majority of the organizations across different industry verticals are designing EDM policies and measures to ensure top-notch data governance and management in accordance with the federal rules and regulations.

The key take away:

As organizations become more customer-oriented, they attempt to refine the customer experience. The data of a complete system including employees, customers, and vendors is too enormous to manage, this necessitates the need for data management.

With this growing demand, the need for EDM in organizations is growing too. Now you know from the above statistics how swiftly the EMD market has evolved and, in the future, will evolve. EDM can open the doors of exciting opportunities if you are up for it.

*Data Source: marketsandmarkets and marketresearchfuture