Data is your organization’s most strategic asset. But, evolving regulations, expanding service ecosystems, and business necessities create a chaotic world for data. Organizations can choose to be defensive and tighten their control to ensure that it’s trusted and secured, or they can be offensive and democratize it to gain value as quickly as possible. Regardless of the posture you take, reactively addressing challenges as they come is not the way to manage your data, even if you could keep up with the speed of change. This is certainly not a revelation, but it does beg the question – how are you ensuring that data of the highest possible quality and of the greatest referential value is the single source of truth for your business?
Business is Data
Data is the center of everything. It’s fair to say that in as much as “data is business,” fundamentally speaking, each of our respective businesses is “data.” This is the case regardless of the vertical you operate in, how you classify the customers you support, or the services you offer. This is why the concept of governing data continues to be an ever-evolving endeavor for most organizations, especially because it affects the people, process, and technology.
It’s safe to say that nearly every organization generates data related to their clients and internal processes. Because of this, the necessity to treat data as a strategic asset requires an approach that centrally stores, manages, controls, and mobilizes is essential for tactical and strategic initiatives. This means that data governance is the foundation for getting the best and most value out of your data. Any organization that willingly ignores this is effectively ignoring its data – ergo its future. Furthermore, good data governance supports good compliance and vice versa, both of which directly affect the degree of risk exposure faced by the company and the speed to which they can respond with corrective actions.
Challenges Data Analysts and Consumers Face
One of the biggest challenges data analysts and users struggle with is the lack of competency to handle messy data. In fact, according to the Future Proof Your Data Value through Data Governance webinar:
- 44% report there are too many data sources
- 38% blame the lack of access to technology to manage data source integration
So, what should you do to address these challenges? As discussed in the webinar, there are three data investments your organization should make right now, which are:
- Pick a process
- Define data flashpoints
- Establish the baseline and mechanisms to measure, communicate, and understand next steps
How Hitachi Vantara Can Help
Data is your greatest asset. When used properly, it reveals your path to innovation and new ways for you and the world to work. And it’s never been easier to collect and store your data. With an intelligent data governance strategy, you can give your data meaningful context so that you can capitalize on its value and win in your market. Hitachi Vantara elevates your advantage and helps you drive your data to the outcomes that matter. Learn more here.