Better Trust in Data for Better Use of Data
The current economic climate has highlighted more than ever the differences between enterprises that can turn data into actionable insights and those that are incapable of seeing or responding to the need for change. Data-driven enterprises stand to gain a competitive advantage by increasing the speed and scale at which data is accessed and processed. One obstacle they face is that core data sets from various organizations within the enterprise, such as finance, human resources or supply chain, can become siloed within applications. Extracting data from these applications and transforming and loading it into a data warehouse makes it available for analysis for multiple purposes, but this can be a time-consuming process that delays business insight. Additionally, data duplication and fragmentation issues can lead to disagreements across the business about data definitions and accuracy. To improve business agility, enterprises need access to linked and comprehensive data that is available in real time and that they can trust to be valid, consistent and current.
Having trust in data is critical to the ability of an enterprise to make data-driven business decisions and accelerate digital transformation initiatives. Data leaders need to be able to deliver trusted, reusable, up-to-date data sets for operational and analytics initiatives led by business teams and data scientists. They also must ensure data access is democratized without sacrificing data security and governance. Analytics and data science teams need quick access to trusted data sets with flexible modeling and rich attributes that are continuously curated. They also need to reduce the time and effort spent on data preparation and have well-governed data to improve machine learning (ML) governance and transparency. However, only 16% of participants in our Data Governance Benchmark Research say data is well-trusted in their organization. As a result, it is not surprising that two-thirds of enterprises are not very confident in governing data across the business. Having confidence in the data used to run and analyze the business requires real-time access to trusted data from multiple applications and use cases.