Can Organizations Become Wholly Data-Driven?
With heaps of data available and rapidly evolving business environment flooded, with breaches, compliance, and constant mergers, companies can find it challenging to manage their data and wish to stay competitive, selectively.
FREMONT, CA: In today’s time, data is the most priceless asset organizations carry. The business leaders understand that the companies will experience specific impacts when they fully leverage the asset. The companies have hired a Chief Data Officer (CDO) to ensure the usage of assets ideally. However, a few of them struggle with how to utilize the data into usable insights.
Reducing the Risk:
Traditionally, organizations took a defensive approach to data management, which gave them a general understanding of their data and the rules that managed it. But with the fast-growing business environment, everything needs to be more. As per a study, 1.7 megabytes of data might be created every second per person in the world, along with keeping in mind the vast amount of data being collected and generated. The defensive strategy adopted has gotten much more complicated and requires the time and sweat of the IT teams.
Nonetheless, the scenario of regulatory departments has also witnessed a significant shift, extensively due to a high interest in securing personal data of the consumers. Along with the change, companies are required to be informed about the industry-specific regulations and also abide by the broader regulatory landscape as more industry-agnostic rules, as they affect the situation.
The regulations are enormously rigid about how to accumulate, store, and handle data, as well as need the businesses to be able to explain their compliance significantly in real-time. Due to this, organizations need to have a wide range of understanding of their data than before. The consumers today have more information regarding their data, and they do not think twice to ask about it to ensure its authenticity. They are placing requests from every side, and not being able to fulfill their requests can lead to hefty fines and harmed reputations.
Maximizing Business Benefits:
To take a partially aggressive approach to defensive strategies cannot satisfy the requirements of the business. To ultimately acquire the digital transformation and thrive in the information economy, business leaders need to integrate offensive strategies within their information management processes. Offensive data strategies help the users get into their data and determine the information they give, along with its origin and reliability. If the issues are resolved, then organizations can feel empowered to utilize their data in a way that can add value without compromising the non-compliance.
For several organizations, the new territory needs to have a much deeper level of data analysis than the existing processes. According to Gartner, recognizing data that delivers value and focuses on data management activities are amongst the massive data-related challenges that the companies face in the present time. A significant element that makes the strategies successful is the data catalog. Organizations should have the data they need to answer the critical questions helping them expand to an uninterrupted governance model along with a functioning data catalog. With these procedures in position, users will be able to utilize and evaluate the data to collect new insights that will let them enhance the existing products and establish the new ones.
Exceeding Business Goals:
Creating an information management strategy that restores the defensive processes and integrates the offensive processes need to have an overall cultural shift for several organizations. Offensive and defensive strategies need access, agility, and transparency, as well as the appropriate infrastructure to bear them. Businesses, on the other hand, need to provide the users with literacy, tools, and processes to comprehend data that is available, access it, and utilize it for innovations.
Furthermore, they can make it available for every user to leverage the data. Instead of depending entirely on the IT teams to manage and analyze data, business leaders need to invest in data heredity and governance tools, which can automate the time-consuming tasks, particularly the ones concerning compliance. Self-service business intelligence tools can also lend a hand in easing the workload of the IT team by empowering every user to believe in their abilities while understanding and leveraging data, irrespective of their role.