Investing in data and analytics? Are you doing it right?

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What’s the problem?

An increasing number of companies (SME’s and Large companies) is investing in data & analytics these days.

Usually that results in collecting data in a data lake, and launching a number of use cases by a team of data scientists.

Although that’s a good first step delivering actual business value in the short run, it often doesn’t optimise your operational efficiency or makes sure your business runs on correct facts & insights.

Too many businesses investing in data & analytics still have difficulty getting their operational data under control and becoming a data driven organisation.

In other words – the investments in data & analytics will often only provide you a temporary competitive advantage while a data driven organisation will make sure the outcomes of your data & analytics investments are sustainable.

Optimising your investments in data & analytics

The basis of a data driven organisation is having your business involved and aware of the value of good data for them and your organisation.

Companies that want to invest in sustainable operational efficiency and long lasting competitive advantage combine data & analytics efforts with data governance.

Whether we like it or not data governance is the key capability required to get your business to understand the value of data and become engaged.

No wonder the top 500 companies have data governance at the top of their list.

Investments in data governance are rising as organisations realise that investing in data & analytics alone will not be sustainable unless the whole organisation becomes data driven.

The new “Data Governance”

And while data governance may seem like a lengthy and high effort activity – it has changed over the last couple of years and is no longer the somewhat abstract world of catalogs & glossaries.

Instead data governance has and is reinventing itself to work in a more real time and automated manner – having 24/7 control over all data & every change happening in your business and reducing setup times drastically.

Data Trust Associates is helping businesses get more out of their data & analytics investments & makes sure the whole organisation operates more efficiently and uses data in their decision taking.

Christoph Balduck

www.datatrustassociates.com

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