In the current digital era, Enterprise Data Management (EDM) plays a pivotal role in enhancing business performance by ensuring efficient handling of diverse data sources and enabling real-time applications. However, the complexity of managing vast data streams and integrating various systems presents significant challenges for enterprises. These challenges can be mitigated by incorporating APIs and Middleware, APIs help integrate diverse systems, while middleware solutions facilitate communication between different software environments, Cloud-Based Data Platforms such as AWS, Azure, and Google Cloud to offer scalable data storage and processing capabilities, allowing businesses to expand without compromising on performance. This study proposes a systematic review of business performance improvements driven by various types, sources, and real-time applications, highlighting cost efficiency, reliability, and increase in revenue using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework, the inclusion criteria is bounded by (1) publication date between 2014 to 2024, (2) written in English, (3) research focusing on EDM with an emphasis on types, data sources, and real-time applications, and (4) research work that provides a clear framework for the analysis of EDM’s impact on enhancing business performance. Following this process, 136 eligible research studies were included. The cost of implementation can vary significantly based on the size and complexity of the system. Operational and maintenance costs can vary widely depending on the infrastructure, data storage requirements, and the level of real-time application integrations. As EDM systems scale to accommodate more diverse data sources and real-time analytics capabilities, the associated costs increase accordingly.