Are you able to access all the data across your organisation?

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For many years data has been the lifeblood of the organisation and more recently, the value of this commodity has been realised by many companies (see our previous article “Data is like oil”).

Advances in technology, processing power and analytics means that companies can collect and process data in real time. Most businesses are sitting on vast amounts of data and those that can harness it effectively can gain a much deeper understanding of their customers, better predict and improve their customer experience.

Our survey revealed that whilst most companies understand the value of their data and the benefits it can bring, many clients revealed a level of frustration in the systems and processes that manage it. Some respondents did qualify that “most of the data” was available, whilst others admitted some was stranded.

 “Data is in legacy silos, our long-term goal is to provide access through a consistent data management framework”

The deficiencies that we also discuss in this newsletter regarding legacy systems are partly responsible for this, although not wholly. This is a particular issue in financial services where many organisations are running on old systems that are too complex and too expensive to replace. Critical company data is trapped in silos, disconnected and incompatible with the rest of the enterprise.

These silos present a huge challenge for many companies. Recalling a comment of one Chief Data Office at a large institution;

“If I ask a question in more than one place, I usually get more than one answer!”

Data silos are expanding as companies collect too much data which they hold onto for longer than they need to. Big data has been a buzz word for a while now, but it is important that companies distinguish between big data and big bad data! The number of data sources are increasing all the time so the issue must be addressed if the data is to be used effectively to return some business value. Collecting a virtually unlimited amount of data needs to be managed properly to ensure that all data stored has a purpose and can be protected.

Shadow data further exacerbates the issue. This data is unverified, often inaccurate and out of date. Oversharing of this data results in it being stored in areas that are unknown and unable to be traced. Creating yet more data silos hidden from the wider enterprise. This data is viewed as a valid data source relied upon and then used as input into other systems, which can ultimately lead to bad business decisions being made.

A robust data governance and management strategy is something which the importance of cannot be underestimated, particularly for those serious about the digital agenda and customer experience. This is also a topic where the combination of business and IT leadership aligning on the product strategy and underlying “data plumbing” is a must.  This is not just about systems but also about the organisation’s attitude to data and its importance in the life of every business process. It is important that companies implement a data management strategy which encompasses not only the internal platforms and governance but also the presentation layer for business users, consumers and data insights.

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Posted on : 31-03-2019 | By : richard.gale | In : Data, Finance

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