A centralized database is where the information is collected, stored, and maintained in one location but is accessible from many points. As a rule, this means using one central database system or mainframe.
Data centralization leads to more meaningful reporting, ensures that the same data is available across the organization, and increases your Return Of Investment (ROI). With a robust and efficient data management system, companies can provide authorized & secured access to stored data. It’s also a better approach to share data securely and seamlessly.
Many companies struggle with the management of their information systems and related databases. A primary reason for this is a lack of centralization. With a centralized data management system like UBS, you can collect, store and retrieve information in a single system safely while having complete access across the company. The key benefits of having centralized data management are it provides data security, consistency, integrity, operational efficiency, reduces cost, etc.
So, do you want to know the top 5 ways to centralize your company’s data? Here we go!
The centralized data strategy should be defined within the business context, aligned with the organization’s hierarchy, decision types, and stakeholder needs. It must align with business strategy to prioritize areas that require more strategic, tactical, and operational decision-making at different ranks such as top executive, senior management, and associate levels. An effective data strategy should streamline data collection and management for product design and delivery, operational and process improvements, and compliance.
Companies must focus on a robust data management system to support business initiatives and build an effective data strategy. From a positive point of view for business-critical data, data management eliminates data grains and synchronizes enterprise-wide data from large databases. Data management helps harmonize, reset, and manage data related to products, customers, assets, suppliers, employees, locations, materials, and references. Effective data management strategy and implementation will simplify linking and syndicating information across digital and physical assets.
Data governance and supervising play a crucial role in providing accountability, managing access control, and optimizing role-based security. The enterprise data strategy should be equipped with robust data to reduce the risk of improper access, data tampering, and leakage of sensitive information. Data supervising ensures that data is stored, archived, and backed up to secure against internal issues, data theft, and cyber-attacks. In addition, businesses should remember that work transparency and efficiency helps to grow the business.
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For the centralized data strategy to deliver value, businesses must ensure cross-functional collaboration between product, technology, and business teams. Building scalable disciplinary teams with diverse, complementary skill sets and experience will promote data competency and data-driven culture across the organization. Creating a centralized hub or dashboard will enable the relevant teams to access data, share intuitive analytic tools, and generate insightful reports. This brief communication empowers organizations to uncover actionable insights and allow data literacy across functions. Having a cross-functional collaboration will not only help the organization but may also generate new users.
The data must be visible and accessible to the right people on demand, but the data management team must ensure that frequent access does not alter its quality and integrity. Having a strict control framework in place will check and monitor the data quality for inconsistencies. Also, the business must measure the performance of the data strategy to manage it effectively. Defining proper matrices is critical to understand the efficiency of the data strategy implemented. It helps re-evaluate and refine the data management processes and procedures to ensure optimal data management.
So, do the points mentioned above help in centralizing the data of your company?
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So, what do you think? Is data centralization helpful for your company? Proper strategy and planning are what companies should start focusing on. Businesses must take a holistic approach to make a centralized long-term data strategy for continuous growth.
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