Data Governance: Key To Realizing BI's Full Value
While business intelligence (BI) is yielding crucial benefits for many companies, most IT decision makers feel that there is a huge scope for an improvement in their data governance strategies. Data governance is key to ensuring consistent, reliable and optimized results, reveals the latest joined study by Big data analytics solution provider Qlik and Forbes.
According to the global study “Breakthrough Business Intelligence: How Stronger Governance Becomes a Force for Enablement”, released on November 1, 45 percent of respondents rate their BI program as yielding “very significant” benefits, while a further 36 percent rated the benefits as “significant.” But even so, there are other hindrances such as less-than-optimal adoption rates, lingering silos, multiple “versions of the truth” and data security. This means that only 48 percent felt they had achieved the full potential benefits of their BI program.
The solution identified by the survey is better data governance, which includes key points such as standardizing definitions and formulas, improving data security and enabling secure access. This will empower individuals within the firm to utilize data independently to achieve their goals.
“Governance requires a really fine balance - governing to the point where consistency is assured, but flexibility remains,” said Mike Saliter, Vice President, Global Industry Solutions, Qlik. “There is no perfect formula, but finding the right governance level within your organisation’s culture is a critical component to making the most of BI opportunities”, he added.
Also Read: Is The Big Data Boom Already Over?
Key findings of the survey include:
# Four out of five organizations (81percent) report that they are experiencing “very significant” (45percent) or “significant” (36percent) business benefits from their BI programs.
# Three out of four respondents (76percent) said the benefits of BI are a mix of tangible and intangible, but are always substantial. Specific benefits include improved customer metrics, accelerated time to market, stronger product and service mixes, enhanced brand valuation and recognition, and higher profitability
# Executives recognize the importance of governance in BI, as over three quarters (78percent) say data governance is either vital or important to their BI operations, and two-thirds (65percent) say governance is a useful means to empower end-users to uncover new insights
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