Adopt best data democratization practices

According to IDC, the market for big data and data analytics solutions and services is expected to grow an average of 12.8% per year until 2025.

Over the past decade, data analytics has helped improve business decisions. The democratization of data is accelerating this trend by putting high-value information directly into the hands of the organization’s front-line users, in direct contact with customers. However, this brings with it some risks that should not be ignored.

As companies democratize data, they also increase the possibility of it being misinterpreted or even deliberately misused. If data silos persist, users will have to make do with incomplete information. Poor data quality can hamper efforts to obtain relevant information, leading to a loss of trust among decision makers. Data security and privacy can raise even greater concerns as compliance risks threaten most companies, especially those operating globally.

Thus, to anticipate these problems, companies can adopt some good practices in the democratization of their data.

Eliminate data silos

Companies today rely on a wide range of software systems to manage customers, suppliers, products and finances. The days of integral monolithic systems are over. Organizations often use ERP, CRM, digital marketing automation, e-commerce or human resources tools across different software systems.

Each of these elements represents a silo of data whose multiple sources lead to redundancies with little or no direct connection between them. For example, a customer registered in an ERP system may have a delivery address different from the one indicated in the CRM database, or may have updated his e-mail address on the e-commerce site without this information having been passed on to other systems. customer tracking.

Another frequent problem for companies is the duplicates generated in customer and prospect databases. Their presence, due to often heterogeneous systems and processes, creates confusion, undermines the integrity of the information contained and generates higher error rates in the medium and long term.

To overcome these obstacles to organizational performance, robust and flexible data integration platforms are real assets. They solve this problem of data silos by synchronizing changes made to each major system with the other systems in the company. This first step is essential for data consistency and integrity.

Importance of Data Visibility

However, the field of data management is broader and more complex than managing ERP or CRM tools. Based on this observation, almost every company must also deal with a set of ad hoc data sources, such as “in-house” databases, Excel spreadsheets, and employee-generated flat files. They often reside on shared file servers or even on users’ hard drives and are also prone to issues with updates, versions, and duplicates. So much information not visible that it can corrupt the integrity of the information. Thus, having a clear idea of ​​the data, its location, access and how it is used is essential; companies need complete visibility into information security, redundancy, silos and potential data inconsistencies, as well as scalable management and analysis tools.

As data silos are broken down and the organization gains a deeper understanding of its existing data assets, teams can focus on proactively managing data quality. This is even more important when it comes to data privacy regulatory obligations such as the General Data Protection Regulation (GDPR).

Prioritize security, privacy and compliance

As the amount of data continues to grow and democratize, security and confidentiality issues are more important than ever. The European Union got the ball rolling by adopting GDPR in May 2018. Since then, other jurisdictions have followed suit in other countries. Although there are differences between the various regulations in force, their purpose is the same: companies must assume responsibility for the management and protection of personal data under their control. To help them comply with the requirements of these regulations, automated data management, analysis and governance tools allow you to more quickly identify sensitive data to protect.

Data is essential for companies, it is at the heart of all processes, of all strategic decisions and its accuracy and integrity contribute to performance and competitiveness. More so, they have become a prime market value for cybercriminals and competitors. Therefore, its management must be a priority and an integral part of a company’s strategy. Assuming that data needs to be monitored and analyzed will help ensure quality and consistency. Relationships with partners, customers and prospects will be even more qualitative and decisions will be better informed.

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