Date Added: Mar 2010
According to a study released in 2009 by IDC, the digital universe will be 5 times the size it was in 2008 by the year 2012. In a similar study in 2008, IDC found that while 70% of the digital universe is created by individuals, corporations are responsible for the security, privacy and reliability of 85% of the data. As a strategic approach to corralling this expanding data, Enterprise Data Management is now increasingly becoming a top business priority for more and more corporations. CIOs are now turning to EDM as an effective and efficient way of managing data, both internally and externally. EDM is a way of defining, integrating, and retrieving data for both internal applications such as financial, HR, BI, ERP, and CRM, and for external communication with suppliers, shareholders, partners, and regulators. EDM is not easy but luckily a comprehensive EDM strategy can address tackle these problems. Thought technological advancements and new procedures allow corporations to discover and classify data, categorize and manage risk, and meet the real-time data access and scalability needs of the business. Many CIOs are looking at the benefits of EDM as a way to solve this dilemma but may struggle with knowing where to start. Consequently, EDM tends to take a backseat to other high-priority business projects.