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Enterprise data management (EDM) is a business strategy. The EDM Council describes EDM as “ensuring data used for business processing and regulatory oversight is trusted to be fit-for-purpose, accessible when needed, easy to integrate into downstream systems and comparable across multiple sources without the requirement of additional transformation or the need for manual reconciliation.”
Enterprise data management has been of special interest to finance due to the requirement to support regulatory standards including Sarbanes-Oxley Act (SOX) which demands traceability, auditability and reporting on data. New regulatory standards are in development and companies that have applied EDM strategies should have less complexity and cost in implementing new process and reporting to support compliance.
No single software solutions can provide Enterprise data management. Instead, a combined set of solutions is required. Software solutions that can be combined to support an EDM strategy include Business Intelligence (BI), Data Quality (DQ), Business Process Management (BPM), Data Lifecycle Management (DLM) and Master Data Management (MDM).