Markets are maturing, and organizations are fighting tooth and nail to win customers from the competition, while also attempting to maximize retention and avoid churn from their own customer base. Many of today’s organizations are also expanding globally, posing new challenges in compliance requirements and regulatory standards.
To keep pace with these complex changes, businesses must ensure they are using their data assets as effectively as possible. Unlocking data’s potential can improve an organization’s day-to-day operations, optimize the customer experience, establish customer loyalty, enable digital initiatives, enhance business decisions, and even increase revenue.
When data is managed correctly, it can become a company’s biggest asset. Protecting data’s value and keeping up with the constant flood of data is difficult, and for businesses to reap maximum returns on data, they need an extensive data governance program that provides complete transparency into all aspects of their data assets across the enterprise.
The rising number of diverging lines of business accessing and applying data to drive better decisions, the growing need to leverage advanced analytics, as well as the ever-increasing number of government regulations have created an urgent need for transparency when it comes to data. To provide full and complete transparency, organizations must leverage data governance that not only provides users with a firm understanding of their data from a business standpoint, but also quantifies the quality of all data assets.
By engaging all relevant parties across the enterprise, and clearly assigning roles and responsibilities among various data owners, stewards, and business users, organizations can increase collaboration and accountability around data. Visibility, ownership, and clearly defined resources help eliminate the ambiguity faced by business users as they perform critical business operations and make strategic data-driven decisions. This ensures a full understanding of data and complete transparency across the enterprise.
When transparency is achieved and a culture of understanding is cultivated, it unlocks the power of organizational data and puts data silos to rest. All users within an organization develop a firm understanding of data to combat the shifting tides of business policies and business alignment. In addition, navigating an increasingly complex regulatory environment becomes much simpler.
However, in the competitive world we live in, employees are already overtasked and strapped for time. Fostering collaboration among different lines of business can be time-consuming and difficult. To make life easier, a comprehensive solution suite that delivers a business-friendly perspective of an organization’s data landscape can substantially save both time and money as it provides deeper insights into customers and operations.
A comprehensive solution suite should deliver complete transparency into an organization’s data landscape, from the data available, its owner/steward, lineage and usage, to its associated definitions, synonyms and business attributes. All users have the capability to easily define, track, and manage all aspects of their data assets to make important business decisions and ensure regulatory compliance. With complete transparency across the enterprise, the solution suite enables collaboration, knowledge-sharing across different departments and business user empowerment.
The solution suite should connect back-end technical metadata systems and encourage a collaborative approach. When business and IT work together, the business-to-technical divide is broken down, ultimately bringing people and data together. It should also clearly define accountability for every data asset within the organization.
With accountability assigned, business users know where to look when they have pressing questions about data. Ultimately, business users can reap the benefits of data and gain a competitive advantage when they have resources readily available to answer their questions on data—such as, how it can be used? Can it be trusted? What does it mean from a business standpoint?
If you would like to learn more about data governance and providing complete transparency into your organization’s data landscape, download the data sheet below.
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