Enterprise Data Management

The current financial crisis has highlighted that financial institutions do not have a sufficient handle on their data and has prompted many of these institutions to re-evaluate their approaches to data management. Moreover, the increased regulatory scrutiny of the financial services community during the past year has meant that data management has become a key area for investment.

But given that IT spend is down as a whole, how is this impacting the implementation of enterprise data management (EDM) projects? Is strategic investment in particular areas of the processing chain with regards to data taking priority over wider EDM implementations?

The EDM Council celebrated its third anniversary this year and it has achieved some level of success in the industry in the past three years by providing data management with the attention it deserves. However, despite the progress in getting people talking about data at an abstract level, a report by the EDM Council earlier in the year indicates that EDM is still not on the C-level radar. According to the report, data management has a heightened prominence and is more mature than it was three years ago, but it is still seen as a tactical problem.

What lies ahead for the EDM community this year?