According to a new report published by Aite Group, IT spending on enterprise data management projects will continue to increase over the next few years, reaching well over US$2 billion by the end of 2009.

Boston, MA, July 13, 2005 – According to a new Impact Note from Aite Group, LLC, industry-wide awareness of importance in enterprise data management (EDM) has hit its peak in recent months. The report examines some of the tough data management issues each firm faces in today's competitive marketplace, and highlights the creation of the Enterprise Data Management (EDM) Council as a first step towards tackling the industry-wide challenges posed by EDM.

According to Sang Lee Managing Partner of Aite Group and the author of the report, "A decentralized data management infrastructure is the norm in today's financial services industry, with duplication and the overlap of processes making it extremely difficult for firms to truly understand their enterprise-wide financial and regulatory status." Lee goes onto add, "The formation of the EDM Council was the easy part. The hard part will be for the members and sponsors of the EDM Council to develop and sustain an industry-wide strategy that can be implemented to effectively address the EDM conundrum."

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