In the Internet of Things and digital age, it is much simpler for businesses to collect and store data generated by connected devices, internal processes and workflows, web applications and even social media platforms. Now the real question is how to take advantage of this abundant amount of data, and how to turn it from a cost into a stream of revenues.
Although not all companies acknowledge it, data-driven enterprises need strong and robust data governance, which is made of policies and tools to manage data assets, correlate and enrich important pieces of information, establish and monitor key metrics to support the achievement of specific objectives, ensure regulatory compliance. Effective data governance requires technology professionals and expertise, but also CIOs and business leaders who succeed in sharing the data culture across the organization.
The first step to get actionable insights from existing data is to establish a clear data governance strategy. A preliminary assessment of project goals should be scheduled, possibly engaging leaders from different business units to collect their expectations and have them onboard. KPIs and related measurement processes will be defined accordingly.
Once the strategy is drafted, there comes the time to check the existing data architecture: is it robust and secure enough? Does it support business operations in making accurate data available when and where needed?
The following step is data and analytics tools selection. Among the many solutions the market offers, look for flexible and scalable platforms to manage and maintain master data assets, ensuring full integrity and protection, but also for a solution offering the capabilities to dig into metadata and get deeper insights. Whenever possible, compare success stories to learn how to integrate advanced analytics and predictive techniques into your data governance model.
An effective data governance framework will support your organisation in evolving as a data-driven enterprise: business decision makers will always be provided with the most accurate, precise, and reliable insights about the company, its customers and the market – and will be able to grow and innovate.
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