Two Pathways for Establishing Data Confidence

Two Pathways for Establishing Data Confidence

Two Pathways for Establishing Data Confidence

Companies often find themselves squeezed between outdated business infrastructure, a shifting regulatory environment and the advanced technology of tomorrow. This regularly occurring situation leads many companies to question and lose confidence in the validity of their data because there are so many external and technological variables influencing the collection and measurement of data.

Data is essential to develop informed, customized business strategies that improve performance. In order to capitalize on the countless benefits of data and overcome skepticism, enterprises must establish data confidence by improving their data management capabilities. Without confidence in the data, business leaders tend to resist using analytic analysis to support business decisions and revert to instinct and experience.

The internet revolution has sparked a data evolution, and businesses are struggling to cope with the volume, velocity and variety of data. Adding to this burden are the market’s expectation for increasing speed in process execution and evolving regulatory standards.

Read Also:
Big data: Three ways to make your project a success

Customers and investors expect immediate responses for every information request, and they are becoming more aware of their personal use of data and how that data is used and shared by companies.

For example, one common complaint is, “Why can’t your company do this if these large corporations have been doing it for years?” Customers are expecting enterprises to know them better than ever, yet customers also have high expectations about the level of control they should have over their personal data and security. Regulators in many countries and across all industries are also taking an interest in data. They are setting expectations on where it is stored and how it is used as well as establishing penalties if data is compromised.

The key to establishing data confidence is through successful data management. Without data confidence, businesses will not be able to comply with the demand for customization, especially with increasing security concerns and regulatory requirements. For businesses to thrive in the digital age, they must achieve optimal data management levels that far exceed previously accepted standards.

Read Also:
How Big Data Can Help Unleash Your Print Fleet

The data confidence roadmap has two major pathways – 1) the pathway to operational excellence and 2) the pathway to unlocking the hidden value within the data.

To accomplish optimal data management, it’s essential to first bring three basic operational elements together — data stewards, data management and data technology.

 



HR & Workforce Analytics Summit 2017 San Francisco

19
Jun
2017
HR & Workforce Analytics Summit 2017 San Francisco

$200 off with code DATA200

Read Also:
5 Reasons to Use Business Intelligence at Your Call Center

M.I.E. SUMMIT BERLIN 2017

20
Jun
2017
M.I.E. SUMMIT BERLIN 2017

15% off with code 7databe

Read Also:
5 Reasons to Use Business Intelligence at Your Call Center

Sentiment Analysis Symposium

27
Jun
2017
Sentiment Analysis Symposium

15% off with code 7WDATA

Read Also:
4 Business Risks Preventing Big Data ROI

Data Analytics and Behavioural Science Applied to Retail and Consumer Markets

28
Jun
2017
Data Analytics and Behavioural Science Applied to Retail and Consumer Markets

15% off with code 7WDATA

Read Also:
How Growth-Driven Design Impacts on Your Sales Process and Why You Shouldn't Ignore It
Read Also:
Machine learning models need love, too

AI, Machine Learning and Sentiment Analysis Applied to Finance

28
Jun
2017
AI, Machine Learning and Sentiment Analysis Applied to Finance

15% off with code 7WDATA

Read Also:
Is Lack Of Business Experience Harming Data Scientists' Ability To Do Their Jobs?

Leave a Reply

Your email address will not be published. Required fields are marked *