These formerly big buzzwords on the data scene have gradually become staples of business vocabulary. But just because they have less hype surrounding them doesn’t mean they’re any less important. In fact, it’s quite the opposite.
Data is the driver behind critical business decisions – decisions that support the profitability and growth regardless of their size or industry.
Whether it’s the way banks track the spending and borrowing habits of customers to personalise communications with customers, or people in the insurance sector use data to eliminate inefficiencies and make savings through shorter claim cycles.
And, as the availability and analysis of data become increasingly critical, the need for business users at all levels of an organisation to be able to access and harness this information to improve their processes is now more important than ever.
The Difficulties in Data Management
A key reason behind why companies can’t utilise the big data available to them to benefit the strategic direction of their company is the technical nature of this information.
Particularly for professionals in the asset management industry who have to handle an incredible volume of in-demand asset data, being able to digest and translate this information into effective decision-making is not straightforward. Remember – having a ton of data to hand is great, but only if business users can interpret it.
That is why self-service options are becoming more sought-after. These tools not only make the processes behind capturing, storing and analysing data faster and possible in real-time, but they are also making it more straightforward for business users at all levels to understand data and use it to make critical business decisions.
Gartner actually predicted that 2020 will be the year we witness ‘citizen’ data scientists produce more advanced analysis than analytics professionals and data scientists, predominantly due to greater access to self-service systems.
And while these self-service approaches are very helpful in relation to BI and analytics, their use in the realm of data governance is just as important. Data governance supports the understanding of data and ensures its authenticity, so that this information can then be used to form meaningful insights regarding a company’s performance. This includes:
- Data quality
- Data architecture
- Data storage
- Data security
- Data integration
- Data warehousing and BI
Data governance breaks through any confusion and makes data useful moving forward. These models are essential for any business managing asset data and looking to make it actionable, as it provides reassurance that the information available is trustworthy and secure.
And that’s why the top companies are focusing on introducing self-service data governance models so that all business users can use this information to make fundamental improvements.
Unlocking Self-service Data Governance
A self-service approach is all about optimising how companies can ensure data governance – to make it more efficient and accessible to business users across the length and breadth of the company. However, this requires access to an intuitive, easy-to-use interface, tailored to that user’s specific data requirements.
Think of it like an ‘Amazon Marketplace’ type model. It should be simple to search for, request and access an organisation’s data assets – something that leaves no margin for error. It is about making data governance more business-centric as opposed to just a concern of IT and compliance teams. Putting core data directly into the hands of people that can use it to take positive actions for their business.
If a company intends to introduce a self-service data governance model, the primary goal should be to expand access to data, driven by built-in security and data quality. Consider the following:
- Bring all disciplines of the business into one single, enterprise-wide initiative, as this means all users can find and utilise data for the areas they are responsible for
- Ensure the solution delivers complete transparency into the company’s data landscape
- Provide users with a visual drag-and-drop interface to quickly combine data sets
- Make sure it can analyse data through easy-to-use transformation, blending and machine learning algorithms
As the role of data governance becomes more and more rooted into everyday business operations, empowering entire teams with the capacity to access, analyse and govern data that can drive their company can deliver a true competitive advantage.
Make the Most of Business Data
Today, companies are leveraging their data in numerous ways, be it to:
- Enhance day-to-day operations
- Optimise their customers’ experience
- Boost customer loyalty
- Activate digital initiatives
- Improve strategic decision-making
- Stimulate growth
By introducing a self-service data governance model within an organisation, companies take strides in building their company’s future, with complete assurance over the strength and validity of their data.
How Fundipedia Can Help
Fundipedia has supported many leading asset managers in governing their data with ease, making smarter, faster decisions, and meeting regulatory reporting requirements with confidence. If you’re ready to take control of your data, we’re here to help.