Running a business is hard work. You are responsible for so much that goes on within the company and with your consumers. There’s a lot of data that you have to stay on top of to keep your enterprise growing and efficient. And unfortunately, the more something grows, the more it is threatened by outside sources. Management of data and enterprise security should be your top priorities in any business or tech company you are running.
Now, what if we told you there was a way for you to stay on top of your data management while maintaining better security? The answer is using better reference data. With so many pieces of information to keep organized, reference data sets simply create a map of all your data and analytics so you can see and understand the functions in one simple way. With the help of these classifications, your enterprise and databases will be quicker, more centralized, consistent, and overall more secure. Let’s explore just a few of the reasons why reference data management (RDM) is the most important thing you can do for your enterprise security.
Before we get into the benefits of RDM, you need to understand what is reference data management. So every company has master data, information like client numbers, sales totals, and marketing analytics. Without reference data, all those metrics would be scattered about without any real organization. Reference data organizes all your other data. A few examples of reference data would include postal codes, country codes, legal entities, and charts of accounts. These are the spreadsheets and business rules that help business entities process massive amounts of data and succeed in their business process. RDM has been instrumental for master data management across the business world and is the first step in building a long-lasting, secure enterprise.
Security, especially in the digital sphere, needs to be more advanced than ever. With hackers and malware and whatever else is hidden on the dark web, you are fighting against threats you may not even know about yet. You need to be ahead of the curve, not catching up with other hierarchies. You need RDM to manage your master data and make sure your database is consistent and protected. With stray places of information wandering out of the framework, you don’t know who could get their hands on what business transactions. By making a single source of truth, you help your business process stay secure.
A centralized system is what RDM is all about. Your data model is all in one place that can be easily accessed by your team. It centralizes control and only makes a connection with the people who need the information. Holding your cards closer to your chest allows you to monitor your information better and stay as secure as possible.
Inconsistency can be a huge threat to your business case. Without a set process, things can slip through the cracks, and you can end up paying for it in the long run. Having regulatory compliance and RDM systems will keep your data quality consistent. Managing all your reference data and giving them the same data governance, code lists, and reference data value will help you stay consistent and stay secure.
With completely interconnected systems, you need to be sure they will all work well with each other. Your data model needs to be compliant with all the others. RDM solutions eliminate the compliance risks and guarantee that your master data will be processed no matter what. As a business user, it helps you feel more secure that you are getting the same experience, without a security risk, every time.