The value of a data driven business becomes reality from data governance. And offering connected, relevant data driven customer experiences requires accurate, complete and consistent data. After all, insight, decision and action are only as good as the data they’re based on.
Brands are facing challenges due to data silos and legacy systems that lead to duplicate, as well as, incorrect customer data and information. Using data that’s not representative of reality poses threats to your organization and can have real costs—from the inability to detect fraudulent or abnormal activity, through wasteful resource management, to poor customer satisfaction—and worst of all, an inability to easily get a comprehensive, accurate view of all organizational activities.
Now Is the Time to Comply
Data Governance is to your data assets, as Human Resources is to your human assets.
With emerging regulations on privacy, such as the European GDPR, there will be significant impact to organizations that have not taken the governance seriously and ensured compliance. In addition, as organizations approach the next generation of growth challenges it’s critical to have the right data available to the right person at the right time. From Digital Transformation and Customer Experience initiatives, to investments in big data and advanced analytics, teams face a crucial shift that requires both business and IT in an organization to come together to define the data elements and rules that govern data from production to consumption.
How Data Governance Can Help
Understanding your data, registering your data, documenting your data, rationalizing your data, and governing your data are NOT the same.
Data governance can bring solutions by:
- Defining policies, tools and key terminology
- Installing a data quality infrastructure that ensures trusted, correct and consistent data
- Installing master data policies, processes and tools to build a system of records
Data governance has a very real and immediate ROI in eliminating costs brought on by incorrect information and enabling next-generation initiatives to give value.
Take Control of Your Data
In order to drive more value from internal and external data sources, organizations need to build data governance platforms to ensure that all data flowing throughout your organization remains in its highest quality over time and across systems. It’s vital to build an infrastructure that delivers high data quality and mastered data management, ensuring your data is comprehensive and trusted.
By creating this sound infrastructure and digital transformation you’ll be able to:
- Harness data to accelerate your business growth and make better, more informed decisions around your customers, faster
- Gain complete visibility into your operational and marketing performance
- Integrate all your data into a central repository to fuel better decisions
- Reduce lag and risk of human error and increase operational effectiveness and consistency by installing systems to automate business processes
- Predict with certainty the impact of specific decisions on operations, marketing and customer behavior in order to make smarter decisions, faster
- Excel at being a customer-centric business by leveraging customer data to form a holistic and context-aware understanding of each customer
At NGDATA this methodology applies to both data and business strategies so that you can best understand how to implement the most optimal approach to data governance. This ensures that the data on which you’re basing your decisions is high-quality, trusted, and consistent throughout your organization.