Repository is derived from the Latin term “repositorium” which means a place where things are stored or collected. Similarly a central data repository is an aggregation of stored data in some place such that it can be shared, updated, analyzed and secured by every user in an organization. The complexity of huge data created and used by several divisions of a business or organization poses great threats to its security, access, accuracy and quality increasing the need for more efficient centralized, integrated data management. In addition, inaccurate data can be harmful and can lead to wrong decisions resulting in loss; hence a central data repository is a necessity to support your business.
Improves decision making
Data is crucial for making business decisions; especially complete and accurate data is vital for making business analysis and taking effective decisions. When data is integrated in one place in the central repository, management can make better decisions to run the business smartly.
Enhances data quality
Erroneous data is dangerous and can result in huge losses. A survey showed that businesses are losing 15% of revenue due to bad data. Having parallel databases and transferring data within departments can result in data loss or poor-quality data too. Integrating all your business data in a central repository improves data quality and consistency to make better assessments.
Saves time and cost
With a central data repository, it takes less personnel time compared to managing multiple department databases. Moreover, a central repository is a great idea to eliminate silo management. By controlling data in a central repository, redundancy and its associated costs are eliminated and productivity is increased.
With a central repository, all data is integrated and maintained centrally so that manual data processing is eliminated and the resources devoted to multiple data management can be redirected to other business needs. By integrating historical and current data, analyzing trends to make informed decisions gets simpler. Furthermore, you need not spend time waiting for data to be complied from several systems or departments.
Reduces risk and increases ROI
With a central data repository, all your core business data can be edited and updated centrally so that it allows users access more consistent and up to date data. The confusion of having multiple data that needs to be synchronized for an unhindered centralized workflow is eliminated. Though centralized data management might seem to be expensive at first, you can prevent losses by eliminating poor, incomplete and wrong data, and uninformed decision making. A centralized database makes real-time analysis and reporting accurate for business so that you can take better decisions to increase your revenue, save money through integrated data management and gain more business through enhanced customer satisfaction.
Data being a great asset for business, effective management of the same becomes crucial for success and survival in the global market. A central data repository is a newer technology for businesses to embrace, improve efficiency and walk forward.