The following is from the Data Republic eBook Data Governance 101: Best practice tips for getting started. To download the whole eBook click here.
The shift to the digital economy has seen the volume of data created by consumers and business grow exponentially in the past five years. Indeed, it has been estimated that in the past two years more data has been created than in the entire previous history of the human race.
The staggering potential benefits of data for everything from marketing and customer acquisition through to post-sale servicing and product creation have not gone unnoticed by the broader business community with 75% of companies recently surveyed by Gartner confirming that they have invested or plan to significantly invest in big data in the next years.
So, what are we actually doing with all of this data? At present, it’s estimated that fewer than 0.5%of all data created is actually analysed and used.
It appears that we’re all very good at planning for the opportunity which data represents but can’t seem to take the leap to begin operationalising data collection, analysis and application.
One of the root causes of this stasis around data use lies with ineffective data governance. Organisations have very efficient processes for the collection, management and governance around money, but the rules surrounding the collection, analysis and use of data in business are still somewhat immature. This immaturity manifests in (amongst other things) lack of controls and mitigants that often leads to an increase in actual and perceived risk. It’s this risk that causes much of the inactivity surrounding the use of big data.
Governance is central to a company’s ability to both maximise the value of their own data and the minimise any risk associated with using it.
Click here for the full eBook: Data Governance 101: Best practice tips for getting started.