The evolution of enterprise data management software requirements
Here’s a look at why and how enterprise data management software has evolved.
Over the years, we have witnessed data management software evolve. That can be attributed to companies’ realizing the value of their data and the importance of making their data more accessible and meaningful. But also because of the sheer amount of data that companies churn out every single day. This blog aims to look at why enterprise data management software has evolved and the new changes in today’s data management software.
The Importance of data
It’s quite simple. Any organization that wants to stay successful and have a competitive edge must use all the information it has. The information must be used to maximize customer value, enter new and upcoming markets, stay compliant, and make better result-oriented business decisions. All this while keeping its costs down to a bare minimum. How can a business do this? The answer lies in the quality of its data.
The need for real-time data
Financial companies deal with stocks and shares, commodities, or trades. They must manage and handle transactions worth several millions of dollars every single day, day in and day out. With prices fluctuating down to 0.001 cents of a dollar at any given point in a day, it is critical access to current prices. Also, all their reference data must be100% up-to-date. Without real-time data, those financial companies risk losing trillions of dollars every month – if not every week. The only way to access real-time data is via a modern centralized enterprise data management software solution.
Real-time data is critical, not just for financial companies. All companies can make use of real-time data to make strategic business decisions. Organizations that require to measure product trends on an hourly or daily basis can identify gaps in their product selection in real-time. Real-time data can help organizations better manage their inventories and provide consistent customer outreach as well.
The changing face of data
In 2018, the quantity of data residing in the global datasphere was around 33 zettabytes. That number has been growing consistently and at an alarming rate – it is expected to cross 175 zettabytes by 2025. Over a third of this data will be required in real-time. All this data will also have to be:
Managing this growing quantity of data is difficult without a data management system. But it gets more complicated. As the face of data shifts and grows, so will the requirements of data management software. Companies will be subjected to more compliance regulations. They will also require massive and scalable information storage capacity.
Losing data can cost a company dearly. Over 93% of companies that lost their data for over ten days filed for bankruptcy within a year of losing their data. The only way vital information can be stored, backed up, and retrieved securely is through a reliable data management system.
Data management is not a luxury – it's a necessity
With the growing importance of data, data management is not a luxury anymore. Any organization that wishes to be successful must devise a data management strategy and invest in proper data management.
Data management can ensure a company is well organized and more productive. It is a cost-effective strategy that does away with unnecessary and duplicate information. At the same time, it makes relevant data accessible instantly to all concerned parties. As a result, companies can make more accurate and better decisions based on accurate information.
Data management software as we know it today
Today’s data management systems are very different from what they were a decade ago. It is now centralized shared platforms from silo-based solutions residing within individual business applications.
A decade ago, data management systems lacked consistency and provided lousy reporting. Today’s data management software allows companies to integrate data into their decision-making processes seamlessly.
Companies can rest with the assurance that their data is secure.
Today’s data management software allows companies to centralize all their data in a single, accessible location and ensure that data is useful.
Companies can distribute relevant data across multiple streams and transfer data between subsidiaries, partners, and applications.
The future of data management software
While the sheer amount of data churned out daily offers excellent innovation opportunities, it is, no doubt, a heavy burden. In the future, companies will have to consider outsourcing the company’s physical and technical infrastructure. Data management software vendors will begin hosting applications and even conduct data operations themselves while ensuring cost, quality, and compliance don’t suffer.
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