It might be an understatement to say that today’s business environment has become hyper-competitive, and the companies that aren’t continuously reinventing their business -- with data at the core -- will end up watching from the sidelines while their market is disrupted.
In fact, IDC predicted that global spending on digital transformation technologies and services was expected to increase by nearly 20% in 2018 to more than $1.1 trillion.At the foundation of the radical rethinking vital to digital transformation is intelligent management of the proliferation of data throughout the enterprise.
In addition, the harmonized and cleansed data must be able to be easily migrated into new systems error-free to accommodate the reinvention of the business.
Gartner measures the average financial impact of poor data on businesses at $9.7 million per year.”Keeping Data In CheckGetting the governance piece right is key as well, particularly in complex data landscapes.
Information governance uses a set of defined roles, processes and policies to help manage data assets and ensure their integrity, accuracy and security.
Without effective information governance, no one can be certain about what data assets an organization has, who controls them, what information they can provide and how they should be used.Good governance also increases the utility of data from new sources -- both inside and outside the organization -- and supports compliance efforts with regulations such as HIPAA and the General Data Protection Regulation (GDPR).But beyond business and compliance requirements, data trust and understanding driven by established policies and rules form the basis for effective use of the algorithms used in machine learning or artificial intelligence (AI).