Business Intelligence – Provide a near-real-time view into business intelligence to enable better decision making, reporting and disclosures.ĬonclusionMany organizations have implemented some or all of the EDM capabilities listed above, but the maturity of each capability varies.Data Discovery – Discover relationships between data elements and data entities across one or more data stores, to identify anomalies and patterns.Data Certification – Develop data certification processes and associated business solutions to certify the quality of internally generated and externally sourced data with associated evidence (transaction logs, workflow process, audit trail etc.).Data Forensics – Implement data forensics (profiling), issue management and root-cause analysis capability for data quality issues.data source, etc.) and between internal and external data sources (ratings, securities data, etc.) Reconciling data between internal data stores (TXN to ODS, ODS to mart, mart to warehouse, upstream and downstream, reports vs. Data Reconciliation – Perform data and business transaction-level reconciliations.
Data Lineage – Ability to track a particular data element or set of data elements across various systems of record.Master Data Management (MDM) – Develop single versions of the truth for key business entities such as customers, accounts, products, suppliers, etc.Metadata Management – Capture data definitions, business glossaries, data dictionaries, and other metadata required to support the business activities.Holistic Data Quality Management (HDQ) – Deploy a data quality framework for consistently defining data quality requirements and implement proactive management of data quality for business critical data across the information supply chain.Data Governance – Implement processes, policies, procedures and standards to govern business critical data.There is no silver bullet that addresses all the business priorities listed above, but the ten enterprise data management (EDM) capabilities that firms must invest in to gain competitive advantage are: Total Cost of Ownership – Reduce development, maintenance and infrastructure expenses to address budgetary challenges.ġ0 “Must Have” Enterprise Data Management Capabilities.
Data business intelligence definition software#
Compliance – Ensure strong controls, transaction logs, transaction history, and version control and ensure that software captures pertinent control-related data at each process step and has workflow capabilities to facilitate that.Business Intelligence – Deploy capabilities to support decision making.Transparency – Give data consumers timely access and transparency into business critical data.This is a daunting undertaking, and the implementation challenge is compounded by a firm’s culture, legacy infrastructure, complex data architecture, data management capability, and siloed approaches to data management.īusiness PrioritiesConsumers of corporate data require data that they can trust, that is available in a timely manner, and that meets their specific business need. These processes have to be supported by metrics across the information supply chain end-to-end. These pressures include improving risk management, eliminating fraud, and providing transparency into internal business processes and controls. Corporate boards and C-level executives are under tremendous pressure related to business critical data. Companies can gain a significant competitive advantage if they leverage their data assets better.
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