Modern technologies such as the cloud, artificial intelligence, blockchain, and in-memory computing will redefine data management within companies, according to Dr. Josef Packowski, Managing Partner at CAMELOT Management Consultants, and a key component of future data management will be the cloud-based sharing of data across the entire value chain.
This, in turn, coupled with new types of collaboration between companies and the trend towards autonomous system communication, will dramatically increase data quality requirements, he said. Yet today most companies are still far from being aware of these challenges, with many lacking a “holistic view” of their data and more than half of the data available in the enterprise today is not used for business innovation.
Those are just some the findings from a study by CAMELOT called Shaping the Future of Enterprise Information Management, which polled around 60 executives from 37 companies and 11 industries online.
“Data Management 4.0 is the task that all companies have to set themselves as soon as possible,” Packowski noted. “Data management is and will remain central to digital business.”
Within the study, more than 50% of respondents believe that cloud and in-memory computing will take data management to a new level. In the opinion of two thirds of respondents, sharing data across the value chain will be an integral part of future data management. The point here is that data records are created only once and then shared with all relevant parties within a value chain. The goal is global data optimization within the value chain rather than the optimization of individual data. Sharing data, new ways of working together, and autonomous system communication and integration, both within and across corporate boundaries, will dramatically increase the requirements placed on data according to study participants (67% of respondents).
But digital technologies also offer opportunities, Packowski stressed. For example, the use of artificial intelligence (AI) in master data management makes many things possible, such as identification of duplicate data and ensuring high data quality – both of which are recurring problems in business. AI in conjunction with digital voice can serve as a personal concierge that assists end users in all aspects of data maintenance. Data can thus be properly maintained from the outset. In addition, AI provides the ability to enhance data in a context-specific way.
In the opinion of the companies surveyed, more than half of the data available within companies is not used for business innovation. Most of them lack a complete overview of what data is available. For many companies, an initial assessment of their data management is a major challenge, said Henrik Baumeier, one of the study’s authors and the enterprise information management partner at CAMELOT.
“Companies are overwhelmed with increasing amounts of data and the question of making meaningful use of it,” he noted. “The answer to these challenges is functioning enterprise information management that fully plans, implements and controls all initiatives and activities which concern business-relevant information.”
The study is available as a free download at: http://www.camelot-mc.com.