What to do with all that data? In a time when businesses are encouraged to capture as much data as possible legacy systems can often get overcrowded. But it’s the quality of data, not the quantity that dictates the value we can put onto it.
A data governance strategy is an overarching approach to ensure data sets are: clean, accurate, usable and secure. The goal is to have consistent, reliable data, to evaluate enterprise performance and make management decisions.
Why have one?
The mere volume of data we collect as businesses existing in the age of information often leaves us running into challenges. But the attitude towards legacy data and what should be done with it mean dealing with these issues when and where they pop-up.
This reactionary response to new data sources, data types and applications is common but serves no beneficial purpose. In fact, you waste time, resources and money when putting out fires as they burn more and more of the ground underneath you. Instead of being a custodian to data sets companies should take the time to consider a purposeful data governance strategy, and reap the most out of their data.
Trust your data
Major campaigns like; marketing, sales and support rely heavily on data and the integrity of it. Businesses these days are only as good as the data they’re holding onto and it’s no surprise that the mass amounts of information stored on legacy systems are largely made up of unactionable data.
“A recent study across industry sectors indicated that only 3% of data quality scores can be rated as acceptable. In fact, knowledge workers are wasting 50% of their time finding and correcting all that bad data.”
With accurate data sets achieved through an adequate data governance strategy you can:
- Cut costs
- Make better decisions
- Confidence for new product/ service launch
- Improved understanding of consumer
In a world where siloed sectors and remote employees flood our professional environments, it’s easy to lose context when working from one department to another. Consolidating data and processing insights in one platform are a must if you want your data sets to remain reliable and actionable.
Coca-Cola staying connected to its consumers
In 2015 Coca-Cola, through the use of a data governance strategy managed to drive up customer retention. By strengthening their data strategy Coca-Coal were able to build a ‘digitally-led loyalty programme.’
The director of data strategy said in an interview with the ADMA “Data plays an increasingly important role in marketing and product development. Consumers do a great job of sharing their opinions with us – either by phone, email or social networks – that allow us to hear their voice and adjust our approach.” Showing just how important a data governance strategy is when looking to make better decisions and improve your understanding of the consumer.
UOB Bank calculating risks
UOB Bank from Singapore equipped a data governance strategy for their business to effectively and accurately drive risk management. Without a thought out means for managing risks financial institutions can acquire massive losses. By utilising a data strategy to drive their risk management the time it took to calculate said risks dropped significantly from 18 hours o only a few minutes. “Through this initiative, the bank will possibly be able to carry out real-time risk analysis in the near future.” (Andreas, 2014).
Path for the future
With a data governance strategy in place, it equips your business with the tools to quickly pivot and adjust course when the market dictates. In highly competitive markets this enables you to survive and go on to plan for the future.
By monitoring sales data, industry trends, news and social activity a data governance strategy gives you a broader picture to work with. Which allows you to really focus in on the details that lead to an understanding of your competitors, business, landscape and customer.
If you’re interested in implementing a data governance strategy to better understand the world you operate in, have a look at our new data services team and see what we can do for you below.
Take the first step towards valuable data
With our Data Capture app and Data services team on offer we provide all the tools necessary to unlock the value in your customer data