In today's digital world, data is crucial to how a business functions. And to keep up with the pace of this rapidly changing digital world, businesses must make sense of data and find meaning in the noise created by different systems and technologies. Meaningful, accurate, complete, real-time, and actionable data can be a major driver of an organisation's growth. However, while everyone talks about the importance of the right kind of data going into the right systems, this is often an elusive step in the digital transformation story.
Watch the webinar below where Johnson Sequeira (R&D Head, Needle Innovision) talks about the importance of data organisation & management and how efficient data management can change the way enterprises work with the data they possess.
Key takeaways from the webinar-
Setting the foundation for digital transformation: Data foundation.
Data is the crux of digital transformation. The enablers of digital transformation such as Artificial Intelligence, Machine Learning, Internet of Things, Industry 4.0, advanced analytics, to name a few- all need timely, accurate and secure data to help businesses see the entire data picture at all times.
And as we face the digital world now more than ever, the importance of data and data-driven technologies has only increased. Many businesses now realise the need to ride the digital transformation wagon- make better use of their data, use data to predict future events, and bring resilience into their business models and plans.
Data organisation & management is not about putting up an app or tool in place.
Data organisation & management is about putting together a set of processes or workflows in a way that helps an organisation work efficiently.
Data is vital in today's digital world. What happens without it?
Gone are the days where data was managed exclusively by IT departments. Any updates, additions, etc., were made behind the scenes where business units would submit requests and then the IT department would implement the changes. The days where analysts would put data together on excel sheets to help businesses no longer work either.
In today's day and age, businesses have become more user-driven. The key business decision-makers want direct access to data to make timely and informed decisions. The way data is managed changes from enterprise to enterprise, department to department. Also, as data rises from many sources and sits on the businesses' environment in multiple forms and categories, not having a proper organisation process of the collated data in place could negatively impact an enterprise's growth in many ways. It could hold an organisation from making informed decisions at the right time, form data silos within the organisation, to name a few negative impacts.
As data rises from a multitude of sources and in various formats, having a data management flow is important- a few checks to tick off.
Data gets generated from various sources such as files uploaded by users, files generated from user activities, chunks of database files, logs generated by systems. Each source has its own mechanism of storing the data in particular formats decided by how it will be used further. And in today's digital world, data acts as a separate entity and goes through various forms in its lifecycle. Hence, setting up a workflow for organising the set data is essential. A few checks enterprises need to consider while working with data-
- Is your enterprise's data siloed?
- Is it scalable?
- Can it support multiple security upgrades?
- Can it support quality checks throughout its lifecycle?
- As data acts as a separate entity nowadays, it follows its process. Is it securely accessible at all the access points for the teams using it?
- Can your data support transitions to a different environment altogether?
- Are your data storage systems flexible and customisable?
- Is it future-proof to accommodate tomorrow's requirements for analytics, security purpose, compliance purpose, etc.?
What happens when a data organisation structure is not maintained?
To make informed decisions as a whole organisation, all departments need to have access to real-time, accurate data.
Let's understand more with an example of a business related to the stock market.
This finance giant has a massive magnitude of data getting collected into a database, but it is not easily accessible. To gain insights out of it, different teams have to work on a subset of the whole data. But decisions based on these insights could negatively affect the enterprise since they are not based on accurate, real-time data. Given the financial data the organisation deals with, imagine the negative impact one wrong decision could have. For such a scenario, having multiple, optimal access points for the various departments as per their requirements can help the business make informed decisions.
Some data organisation best practices to consider:
- Ensure the data organisation flow is future-proof to accommodate different business requirements
- It is flexible
- Have multiple access points for teams to get hold of real-time and accurate data
How's your data supporting your enterprise? Let's find out together.
Watch this space to hear more data and digital transformation stories.