Authored by Mr. Munishk Gupta, EVP, Fulcrum Digital
Data is one of the most significant assets for enterprises today as it empowers business leaders with the ability to support, make quick decisions based on facts & trends in their Business-as-Usual (BAU); functions and make strategic choices on future growth plans.
Given the higher volume of data streaming into an organization today, it is crucial to deliver the correct information at the right time to the right people, to enable the company to grow and capitalize on new opportunities.
Data governance is not only about data models/structures, but the governance around entire end-to-end business processes, people, and systems – and making suitable improvements to have a better experience and increase operational efficiencies. One of the recent McKinsey reports titled, ‘The data-driven Enterprise of 2025’ highlighted that by 2025, and most employees will utilize data to optimize almost every element of their work. Smart processes and seamless interactions between humans and robots will probably be as ubiquitous as the corporate balance sheet.
Why is data governance critical to organizations’ success?
In day-to-day business, data helps in organizing better and brings in operational efficiency. This enables enterprises to gain a competitive advantage over their industry peers. Insights can be leveraged for market research and price optimization, to provide an enhanced customer experience.
A corporate data governance program is necessary for regulatory compliance, standardization, and protection of your business and its clients from misuse. Contextualization, consistency, and trustworthiness are crucial for any organization to scale up because the same data powers next-generation business platforms with AI/ML capabilities. It is a collaborative, purposeful, and continued approach that enables you to discover and track data, comprehend it in the appropriate context and maximize its security, reliability, and utility.
Datafication of digital first organizations
Datafication of businesses enables organizations to improve operations to boost efficiency and revenue. It can help organizations complete day-to-day activities in optimal manner having micro level visibility and help providers to stay competitive by streamlining operations. Therefore, to build a data-driven organization, companies must adopt a progressive and sustainable strategy based on maturity.
Here are the five crucial steps for digital-first organizations:
Businesses that have transformed digitally using data as an asset will possess a competitive edge over other companies operating in their sector and will be regarded as innovators and leaders in their respective industries. Therefore, companies should perform detailed data analysis, create quality benchmark criteria, and implement improvement initiatives.