The days of data silos and exclusive data access are over. Data Scientists and business analysts are still an important component of the business and IT teams are still crucial to the success and stability of the organization BUT if you are thinking that these roles are still responsible for day-to-day analytics and delivering every bit of data analysis to the enterprise, your business strategy needs an upgrade!
‘Democratizing data means providing the data that a business user needs as and when they need it.’
Tech research giant, Gartner has predicted, ‘Through 2025, 80% of organizations seeking to scale digital business will fail because they do not take a modern approach to data and analytics governance.’ But, what does that mean, exactly? What is a ‘modern approach to data and analytics governance’?
In this article, we discuss four (4) factors that will take your business from the dark ages of business intelligence concepts to the era of modern data and analytics.
Preparing the Organization for Data Democratization
Data Democratization is a concept that must be cascaded throughout the organization, in order to provide access to data for all business users. Data can then be used to perform daily tasks, test assumptions, monitor and manage, solve problems, etc. It is the foundation of self-serve analytics in that it allows the average business user to access the data and use that data to make fact-based decisions, thereby creating a data-driven culture. In order to successfully achieve data democratization, the organization must prepare the culture, the management teams and the technology infrastructure to support self-serve business intelligence tools and augmented analytics and enable users to leverage these tools within the walls of the organization and via mobile devices when the user is on the road or working remotely. Establishing data democratization is not just a question of making the announcement! Senior managers, middle managers and users must be aware of the importance of this new initiative and reward systems and expectations must be established to reinforce the use of data in making recommendations and presenting information for management decisions. Technology infrastructure investment may be required in order to bring the enterprise up to date and prepare it for the business intelligence tools users will need to achieve the results the business expects.
Selecting the Right Business Intelligence and Analytics Solution
Traditional and Modern Business Intelligence and Augmented Analytics tools should support the business user with features and a foundation that is designed for the average technical skills of your team members, and includes Smart Data Visualization, Self-Serve Data Preparation, Assisted Predictive Modeling, Dynamic Key Performance Indicators (KPIs), simple, flexible reporting and other features designed to support the organization and make it simple to upgrade and stay abreast of new requirements.
Ensuring Appropriate Security and Data Governance
The senior team and IT professionals will want to ensure appropriate security and access to data. A plan to identify data sources and secure information that is appropriate to the roles of the users is a mandatory consideration. If suppliers or partners are to be given access to data to contribute to approval processes, complete orders, etc., the systems and solutions the business chooses must allow for multi-layered security to mitigate risk and protect the organization from legal and government regulatory gaps. Democratizing data means providing the data that a business user needs as and when they need it. It does not mean opening the door to every level of organizational data. So, be sure your business chooses a solution that allows for appropriate security, privacy requirements and industry and government regulatory controls.
Building for the Future
The business may choose to implement a data democratization initiative and BI tools in one business unit or division to begin the process, to learn from the experience and to establish a foundation for success. Be sure the solution you choose allows for growth in user volume, in the number of locations etc., and be sure that the vendor has a proven track record of upgrading the features and technology to keep pace with the market and with trends and requirements.
‘…80% of organizations seeking to scale digital business will fail because they do not take a modern approach to data and analytics governance. Don’t let that be you!’
Find out how Self-Serve Business Intelligence Tools and Augmented Analytics tools can support data democratization and improve your business results. Let us help you achieve your vision and improve productivity and insight across the organization.Share