DATA MANAGEMENT | SOFTWARE FOR EVERY BUSINESS
Without a foundation level of confidence in their data, organizations adopt manual processes and workarounds to augment their information—and this introduces room for error. We found that more than half of organizations globally say that a lack of trust in their data contributes to increased risk of non-compliance and regulatory penalties, as well as a downturn in customer loyalty. To become truly data-driven, organizations need information they can trust (Experian: Global Report, 2017).
Data Management. The world of data is constantly changing and evolving every second. This in turn has created a completely new dimension of growth and challenges for companies around the globe. By accurately recording data, updating and tracking them on an efficient and regular basis, companies can address their challenges on one hand and make use of the immense potential offered by this sector on the other hand.
Let’s have a look at some fascinating facts and statistics about enterprise data management:
The predicted technology trends for 2018 indicate that the “intelligent digital mesh” will soon be adopted by many businesses, whether fully or partially digital in nature. The rapid adoption of “everything digital” and AI-enabled technologies will soon be apparent in business ecosystems across the world. In the next five years, AI technology adoption in businesses will be a major battleground. The AI trends that are gradually transforming existing business models will deliver large payoffs by 2025 (Dataversity.net).
According to the Global Enterprise Data Management Market report, the Enterprise Data Management Market accounted a value of $68.60 billion in 2016 and is projected to reach a value $142.67 billion at the end of 2023.
The Global Enterprise Data Management Market is expected to keep rising at a CAGR of 11.0% for the forecast period of 2017 – 2023 (Reuters.com).
ADVANTAGES OF DATA MANAGEMENT SOFTWARE
Improved Data Sharing
According to RingLead.com, proper database management systems help in gaining better access to data as well as better management of the data. In turn, better access helps the end users share the data fast and effectively across the organization.
Accelerated Data Search
The relational database management system also allows brand managers to maintain and build their data over successive years. The various tables in the relational database management system allows brand mangers to search through their entire system for a particular information. The company manager can easily find any information that they need, using a particular criteria. This is also available for customers who can search for any feature that they want including price, color and brand. By storing information in a predictable and sequential format, it enables users to find the information they need with a lot of ease.
Fast Access to Data
A management system helps in getting quick solutions to database queries, and therefore, data access is faster and more accurate. End users like sales people will have enhanced access to the data, enabling a faster sales cycle and a more sound decision making process.
When data is better managed and access is improved, quality information is generated and the user is enabled to make faster decisions. A good database managing system helps in providing a framework to facilitate data quality initiatives and in turn, higher quality information helps in making better, faster decisions in an organization.
Creating physical copies of documents uses a lot of resources, especially since it’s needed on a daily basis for many companies. Paper alone accounts for 25% of landfill wastes. Add to that the energy used by printers and the disposal of ink cartridges. Transferring to a digital storage lessens your company’s contribution to wastes and eliminates strenuous disposal work.
DATA MANAGEMENT SECURITY CONCERNS
Enterprises know the importance of keeping documents safe and secured, especially when they contain confidential and sensitive information. Failing to protect these can hurt your company’s integrity. DMS ensures all your files are protected by using a role-based access control. This is an essential feature so you can regulate each user on which documents they can access and limit the actions they’re allowed to do. This safeguards your files from getting into the wrong hands.
- Two-factor authentication. An advanced security level to prevent hackers from accessing your documents. Knowing the victim’s password is insufficient to pass the authentication verification.
- Files encryption. Protecting files from residing in your system using adjoining keys and algorithms.
External attackers who infiltrate systems to steal data are one threat, but what about those inside the corporation? The report suggests that insiders are also likely to steal archives — including database backups — whether for money, profit or revenge. This is a common problem for the modern enterprise, and businesses should consider encrypting archives to mitigate the insider-risk.
CASE STUDY | KOC Seismic Data Management System (by sib.com)
Challenge: Develop and implement a master database for seismic data, new group workflows, and standards for managing and handling physical seismic data.
Solution: Schlumberger and KOC E&P Information Management planned for a master database, containing all poststack seismic data. This involved creation of new workflows, standards, and conventions related to seismic data across several KOC groups, including research and technology, exploration, and field development. In addition, the plan addressed management of physical seismic tapes and reports.
- Dedicated, comprehensive seismic database.
- Effective corporate workflows.
- Increased confidence in data quality.
- Barcoded field tapes and seismic reports, stored and loaded to the eSearch physical data management systems.
- Easily interrogated repository; data is found in minutes, rather than days.
Schlumberger Information Management consultants conducted a site assessment to investigate the existing data management infrastructure, workflows, and systems. Data management procedures were not clearly documented or universally understood. Further, there were no master databases for seismic data storage. This translated to a lack of trust in the quality of the available data. In addition, the need to improve physical asset management and capture interpretation results was identified.
Based on the findings of this assessment, the project was initiated. The Schlumberger team used ProSource E&P corporate information management system—based on Seabed advanced E&P datastore system—to build the seismic database. After installation and configuration, standard naming conventions were defined. Seismic data was then collated from users and stored tapes, and exported from existing data management systems. The loading and quality control procedures were defined and seismic trace and navigation data was loaded to the Seabed system.
To successfully manage the physical data items, the team created inventories for documents and tapes. The physical inventory data were then loaded to the eSearch system for powerful, searchable
storage. A gap analysis was undertaken, per asset, for any missing tapes and associated reports. The team then recommended suitable workflows to manage new seismic data going forward.
Productivity and data confidence
KOC now benefits from a dedicated and comprehensive seismic database. This promotes confidence in data quality, when previously there was little. Over 45,000 field tapes have been barcoded, stored, and loaded to the eSearch database. Seismic reports were also processed in this way and stored in an exploration library. Users now benefit from an easily interrogated repository, and can request any tape or report through the system.
The Schlumberger team ran a survey to define efficiency and productivity improvements realized through the deployment. Users reported significant time savings in obtaining seismic data; tasks which previously took days now take minutes using the master database.
WHY TO HAVE CUSTOMISED SOFTWARE SYSTEM?
According to PurposeBuilt Software, custom applications are tailored made to accommodate the needs of your business, your team, and your customers. Using an out-of-the-box software solution is like trying to fit a square peg in a round hole. Ready-made software just doesn’t understand the nuances of your business the way you do.
Secondly, software development firms that create off-the-shelf products will often make changes to their software or add or remove features based on what they feel is mass market appeal, or in some cases, to meet certain contractual obligations. This means that even if an application was perfect for you when you bought it, it may not be perfect for you few months from now.
The last but not the least – another advantage to using custom applications is the ability to integrate with your current software. Businesses often require multiple programs to run optimally, and adding software that isn’t made to fit with those programs – or needs additional third-party support to integrate properly – will only add to the bulk. Additionally, templated software usually requires you to adjust your processes, not the other way around.
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