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Companies often begin their data analytics practices by focusing on the tools they will use, and the skills required to support them. I can’t tell you how many times I’ve heard the question, “Are you experienced with <insert solution name here>?”
Instead, I wish I were asked, “Are you experienced with extracting value from data?” That would be a strong indication the program is on the starting on the right foot.
Yes, it’s exciting to think about the possibilities of uncovering hidden insights and working with powerful new tools to achieve large organizational goals. And if a company has already made an investment in a specific technology, of course it is correct and proper to seek out qualified individuals to support the practice.
But as any nearly any computer science student will tell you – garbage in, garbage out.
We know data integrity issues are widespread. By some estimates, data scientists spend up to
80% of their time acquiring and remediating data, rather than working on value-producing activities like analysis or predictive modeling.
Surprisingly, dealing with that problem is easier than it may seem. Any organization can start right now by launching a Data Governance Initiative.
The Data Governance Institute describes data governance as “a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.”
Ultimately, data governance
increases the value of your existing data.
Data governance helps organizations dial in their focus on specific areas– such as data quality, data operations or data strategy. It provides a roadmap for moving from the current state to target state and a ‘code of conduct’ for all staff – which helps create a team environment where everyone focuses on building and maintaining the value of corporate data assets.
A new Data Governance Initiative doesn’t require an investment in new technology or tools. It simply requires an investment of time – typically, a part-time commitment form a subset IT and business stakeholders. There is no tool or technology currently available that can enhance data assets more than employees and business processes can.
This reminds me of a business axiom I heard many years ago – “employees respect what you inspect” – this is certainly true of data governance.
After all, data is that rare asset that becomes more valuable as your use it – so, the sooner you get started with data governance, the better.
Tomorrow’s technology is shaping business today. To learn more about how MNP can help you can make Predictive Analytics work for you, contact Brian Foster at 204.336.6131 or [email protected]
Related Topics:Technology; Operational Effectiveness; Business Performance
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