Within all major industries — including automotive, banking, healthcare, energy, telecommunications, insurance, and government— organizations from around the world are beginning to understand the importance and tremendous value associated with ensuring the accuracy, consistency, and timeliness of their own information.
To this end, companies are gaining a better appreciation for Enterprise Information Management and its related Governance. Hence, the need to adopt information governance principles and rules across the enterprise became mandatory.
As a matter of fact, Information as an asset has to be governed and managed as any other enterprise asset is. Until information is not properly governed and managed, Information has no chance to fulfill its potential added value across the whole enterprise’s organization. In other words: there can be billions more spent on “exploiting” data, buying Business Intelligence tools, doing “Big Data” extraction and statistics, replicating data many times in many places. All these effort and spending are wasted money unless you know what you want to achieve, what you want to exploit, where is the trustable source, and what is value will it bring for you and your company.
The MDM - Master Data Management - apparatus (it’s a lot more than just technologies) is a fundamental component to guarantee that an enterprise architecture is translated to an efficient IT system. Moreover, without valid Master Data vision set and implemented, an enterprise architecture may be a complete failure and a total waste of money. The Information Governance Framework aims to establish the foundations for a company to govern and operate Information produced and transformed across the full extended enterprise.
Enterprise Information Management (EIM)
Enterprise Information Management (EIM) is an integrative discipline for structuring, describing and governing information assets to:
- enable business insight
- improve operational efficiency
- promote transparency
Information may be structured or unstructured. Master Data and Master Reference Data are structured information, which is in the heart of transactional processes and operations as well as analytics.
Enterprise: Information Management (EIM):
The discipline that governs manages and operates IAM. EIM manages enterprise information asset to support the business and improve value. EIM manages the plans, policies, principles, frameworks, technologies, organizations, people and processes in an enterprise toward the goal of maximizing the investment in data and content.
Information Asset Management (IAM): the philosophy of managing enterprise data, information and content as an asset in the business accounting sense. IAM describes philosophies to ensure that data, information and content are all treated as assets in the true business and accounting sense, avoiding increased risk and cost due to data and content misuse, poor handling or exposure to regulatory scrutiny.