Enterprise Data Management or EDM is generally a disaster for most of the companies. They have outdated processes for collecting data, storage facilities that are old by today’s standards, and very little networking capability, so the data that is stored cannot be properly managed within the company. There are a few companies that have managed to solve this problem, but they are few and far between. The problem when this is done incorrectly is that there is a significant slowdown in production, reporting errors, and a generally tarnished public image. None of these problems have to happen.
Collecting the data quickly and correctly must be a priority so that it can be quickly collated. This would allow managers to use it more efficiently so that responses to issues can be resolved much faster and even in real time. When enterprise data management is done right, mobile processing becomes possible, which means corporate revenue increases as better decisions are made. Improper matching methods also lead to reporting errors that can have huge ramifications for corporate profits and the company’s public image. Bond ratings may fall if those errors become public and that affects public investment. So a simple new software program that collects your production data efficiently and automatically organizes it so it can be cataloged effectively can dramatically improve the company’s position or at least prevent its downfall. This doesn’t even include the improved data integration that would allow sales people to receive up-to-date numbers they could trust in real time. That allows them to respond to customers faster and more accurately. Sales increase rapidly.
Proper EDM methods allow data analysis to speed up as all data will now be managed correctly. Database programs can be written to analyze them more effectively. This generates internal reports that make more sense so that all teams are on the same page in meetings. Managers reach conclusions faster because the data is accurate and available faster. Organization heads react more quickly to changes in the market. The company as a whole becomes more fluid, less hierarchical and more creative. All because Operations made the right decision on how to handle corporate data more efficiently.
One end result of all this is that corporate revenues rise while expenses fall, pushing profit margins to new heights. Shareholders become happier, which means the stock price rises and everyone gets a raise and bonus at the end of the year. Everyone should thank the COO for thinking outside the box.
