Data has always been the lifeline of every enterprise. It has now become more critical in this age of digitization. Organizations now need to implement the right tools to unlock the purpose of collecting data and making good use.
Data, today, is the crux of digital transformation. With organizations generating more data, there is an increasing need to enhance data accessibility and derive more value. Data governance comprises functions and processes associated with capturing, storing, organizing, and maintaining vast volumes of organizational data. As a result, data governance issues on how enterprises manage, use, and share their data across the value chain are gaining prominence.
The Growing Significance of Data Governance
Proper data management is critical for every organization as it enables them to improve the quality of their data, reduce regulatory risks, and make better business decisions.
Data governance confines the people, processes, and technology required to create a consistent and proper handling mechanism for an organization’s data. Effective data governance is essential for maintaining good data quality, accurate and timely regulatory reporting, and controlling data value for competitive advantage.
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Using Data Governance to Gain Competitive Advantage
The McKinsey Global Institute report states that data-driven enterprises are 23 times more likely to gain customers and six times more likely to retain them. The key to competitive advantage is understanding data on customers through data-enabled learning, which helps create the network effects.
The advent of new governance technologies has dramatically transformed the way businesses collect and process data on their customers and employ it to improve, enhance, and customize their offerings. Effective data governance enables organizations in the following:
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Data-Driven Decision Making
Businesses today are driven by data. By employing data to their competitive advantage, enterprises can improve their operation, support ROI generation, and take wiser result-backed decisions.
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Power Innovation
Data drives innovation in enterprises. Organizations can use data to drive innovation by replacing existing working operations by including data-backed decision-making. It also enables organizations to build customized marketing campaigns for target audiences, assess the success of these campaigns, and then utilize that data to develop future campaigns.
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Improve Accuracy and Reliability of Data
Quality data is vital to support effective decision-making. The quality of data is defined by its accuracy, precision, timeliness, reliability, and completeness. With quality control measures, companies can ensure quality data for business decision-making. Businesses can fix or remove incorrect, duplicate, corrupt, or incorrectly formatted data within their dataset by implementing data cleansing activities.
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Enhance Control and Compliance
Data analytics is important to increase efficiency, improve decision-making, and attain a competitive edge. It ensures that the data remains compliant with security standards. Businesses can perform detailed audit trails to track and trace computational records, project details, or other financial data with digitized data.
To Summarize
Modern businesses are employing tech-savvy data governance to stay competitive and relevant in today’s digital age. Accurate, professionally managed, and indexed data can help businesses make strategic and informed decisions for continued growth.
Achieving a competitive advantage in this digital world is about having more data and scrutinizing real-time data to win in the marketplace. With the right digital governance partner, you can get your data ready for analytics to improve business intelligence and drive competitive advantage.
If you are searching for an all-in-one data governance service then S.G. Analytics is your one-stop solution. To enhance data quality and implement governance to enable actionable insights, you can consider employing data analytics services from SG Analytics. Contact us today to make valuable data-driven insights to drive growth through digital transformation.
Visit www.sganalytics.com for more details on Data Management & Analytics, Data Science, and Data Engineering.