Remember the freedom you felt when you purchased your first car? The flexibility to go wherever you wanted, whenever you wanted, and the ability to explore open roads and unfamiliar places that weren’t possible before this symbol of personal freedom? However, if there wasn’t gas in the tank, and you didn’t have the money to purchase fuel, you weren’t going anywhere.
In the business world today, data is like premium gasoline that keeps an organization firing on all cylinders, as it ensures an enterprise remains healthy and moving forward. Data fuels analytics to provide critical business insights, the most important of which are those that reveal vital information on customer behaviors that would otherwise go uncovered. Through data analysis, organizations can study customer behavior patterns to learn a plethora of valuable information about their buyers and their preferences. This allows businesses to market the right products and services at the right time to customers. By gaining a deeper understanding of the customer, organizations not only adapt faster to changes in the environment, but reduce customer churn, increase loyalty, enhance customer service, and improve the organization’s bottom line.
However, just like a car’s fuel system requires regular maintenance to stay in good working order, data needs ongoing care and curation to ensure it can be found, it is consumable from a business standpoint and remains accurate and trustworthy as it travels through the complex data supply chain. Only well managed, good quality data can drive better business decisions.
Data Governance Fuels Analytics
When organizations leverage inaccurate data or don’t maintain the data they do have, they risk reaching unreliable insights or inaccurate conclusions about customer behavior patterns and preferences. Another risk is to be non-compliant with current licenses and regulations (e.g. privacy). Flawed deductions and faulty decisions can lead to negative customer experiences, which can result in missed revenue in an increasingly competitive world where there is little margin for error. However, data governance can provide organizations with the fuel and maintenance they need to solve many challenges by implementing a framework of data understanding.
If data is the fuel that keeps business going, then data governance is the station that allows business users to leverage those data assets for analytics, which can lead to critical business insights. By ensuring that data is applied appropriately to both maximize value and mitigate the risk of using incorrect or inaccurate data, organizations can ensure that business users have full confidence in all of their data assets.
Data governance serves as an essential function of an enterprise data strategy by establishing a clear understanding and ownership of data assets, including where that data came from and how it is used across the enterprise. Through data governance, organizations can create business glossaries and curated data catalogs, track data lineage and create and enforce consistent policies and procedures to ensure data remains accessible, accurate and trustworthy. However, organizations still need a solution suite to foster success in their data governance efforts.
Data Governance Wrapped in Analytics
An all-inclusive solution suite with extensive data governance capabilities can provide complete clarity into an organization’s data landscape. By bringing clarity to data, business users can easily track the data available, its owner/steward/curator, lineage and usage, as well as related definitions, synonyms and business terms.
The solution suite should bring people and data together by clearly defining ownership and accountability for every data asset within the enterprise. Business users know where to go when they have pertinent questions about the definition of data, its quality, or how it can be applied across the enterprise to assure a smooth customer experience.
When business users can quickly define, track, and manage all aspects of their data assets, they become empowered to collaborate and share knowledge across the entire enterprise. The result is analytical insights that wouldn’t be possible without successful data governance. Whether you’re talking data or cars, with regular maintenance and a full tank of gas, you can be confident that you’ll reach your destination.
If you would like to learn more about how data fuels analytics through data governance, check out the datasheet below.
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