What is application data management?
Application data management (ADM) technology lets a business and IT work together for uniform, accurate, semantic, consistent, and accountable data. This data could be in an application or a suite such as core banking or ERP.
ADM manages enterprise-wide master data so your team can analyse or export it if required. Application data management is becoming increasingly important for small and medium businesses as they aim for consistency within their systems.
Benefits of application data management
Common business benefits of application data management are –
- 1. Single source of truth – ADM acts as a single database of information which all the employees within the team can consider as a source of truth.
- 2. Digital transformation of the business – Move beyond excel sheets and paper files, and adopt holistic digital transformation wherein employees can get access to the systems based on their rights.
- 3. Better data quality – ADM streamlines data and eliminates duplicates. Users across the team can work with high-quality and usable data.
- 4. Handle change requests better – Manage logs and track changes as they happen. Never lose sight of the changes your team makes.
- 5. Reduce the time and cost of managing data – It can be difficult for businesses to manage large amounts of data without an ADM system. Without a system, data management can be expensive and time-consuming.
- 6. Avoid data duplication – Remove redundant data from decentralised systems that can cause confusion and errors.
- 7. Achieve data compliance – Make your enterprise-wide data compliant with regulations that apply to your business.
Is application data management the same as master data management?
Application data management is a subset of master data management. While ADM focuses on the management of data within an application or suite, MDM works across the organisation’s applications and processes.
For example, management of data within the customer-facing teams such as sales and marketing is application data management. When you integrate this data with finance, operations, and other departments to make enterprise-wise data consistent, it is called master data management.