Data as an asset: leveraging the full power of data management
Companies are increasingly aware of the importance of data. Many, however, still perceive data management as the IT department’s responsibility. As a result, there is little to no governance over how data is created or used outside of IT. In a world where customers expect consistency and privacy laws (GDPR) are growing more stringent, this can have far-reaching consequences. A typical scenario are users gathering and analyzing data with their own tools, only to complain about data quality to IT later on. It’s high-time to explore another approach.
The cost of scattered dataThe IT-centric approach, however, traditionally focused on operational matters: making sure the databases are performing and the applications are running. Outside of IT, however, there is little to no insight into how data is created or used. As a question, the ‘who does what with which data’ is never really under control.
At the same time, with the increasing importance of analytics and data science, the data requirements of the business are rapidly increasing. If no effective data governance is in place on how data is delivered to data consumers, people start fulfilling their data needs by themselves. The result is that data is floating around in the organization, which makes it hard to find the right piece of information at the right time.
In the meantime, customers are expecting a consistent user experience across all channels. What’s more, GDPR and ‘the right to be forgotten’ will pose major problems for companies without adequate data governance.
Treating data as an asset
The solution? Treat data as an asset, not only in words, but also in deeds. This comes down to three things:
- Recognize that data is not only the IT department’s responsibility. Rethink your leadership within the business in function of proper data governance. Set up the necessary organizational structures and authorizations to empower data management.
- Formulate a clear vision on how data should be managed in a data strategy. A team of experts at delaware has created a proven approach to determine your data strategy.
- Identify initiatives to boost the way data is managed, including clear-cut processes, procedures and guidelines, and security protocols.
Finally, remember that information is power. Using data in an effective way empowers business users, provides new insights, and might even result in new business models.