Data is the new currency of the technological economy and many companies still haven’t fully realised big data’s potential. By driving a data-centric mindset into your staff, you can greatly improve every area of your business from product development to marketing.
A truly data-driven organisation is one that fosters a strong commitment to leveraging data for insights that lead to actions. According to the “Insights Driven Business Playbook” by Forrester, data-driven businesses are “growing at an average of more than 30% annually and are on track to earn $1.8 trillion by 2021.”
In an era where data-driven organisations win, enterprise-wide adoption of data governance and management frameworks is an imperative. Efficient governing of data can lead to great economic prosperity for businesses, if managed strategically. With data becoming more valuable than oil, it is important for companies to develop data governance frameworks that elevate data quality, accountability, usability and security.
However, with nearly 40% of Australian organisations outsourcing their data management to third party cloud solutions, data security, quality and accountability are at risk of being compromised due to the digitisation of data being so unpredictable.
To help you better understand the potential of effective data governance, and help mitigate the risks around data asset compromise we’ve compiled our Data Governance and Management How To Guide. This guide will help your business understand what data governance is, explore why data governance is important, and finally teach you how to build a data driven culture for your organisation.