Businesses talk a great deal about being data-driven. Yet, using data for strategic purposes can often prove to be more challenging than it would first appear. Organizations today are at the center of a data dilemma, plagued by inaccurate and unstandardized data, information that is scattered across disparate systems, and a lack of defined processes and skilled employees. Yet, business users are demanding access to data with greater urgency than ever before.
It’s 8:30 in the morning on Day 3 of the MDM & Data Governance conference and Aaron Zornes, Chief Research Officer of The MDM Institute, is about to introduce a panel of three experts who will address an intimate room of 100 or so attendees.
The Data Governance and Information Quality (DGIQ) Conference and Dataversity took their talents to sunny San Diego this week. DGIQ looks at the latest trends and practices used by the leaders in the data space and how they apply strategies around data governance and data quality. This event had a heavy focus on the emergence of data governance and regulatory issues companies are facing in regards to their own data as well as the importance of understanding the integrity and quality of their data moving forward to help drive the bottom line.
In the world of data management, there is a lot of terminology that is used interchangeably. For example: validation and verification or fuzzy matching and identity resolution; these are similar terms that are widely used in our ecosystem. Data quality and data governance are two examples of terms that are not synonyms, but are often confused, and with good reason. These two terms are symbiotic, meaning they are interdependent on each other. You don’t really want to do one without the other.
According to a study by 451 research, the cloud storage market is expected to double from 2016 to 2017, with cloud storage costs jumping from $19 billion to nearly $40 billion. As organizations prepare to invest even more in storing their data, it is important to remember that storing vast amounts of data is only valuable when you know what to do with that data. Storing data you do not use can cost more than you may think.
This week, I attended the FIMA (Financial Information Management) Data Management conference in Boston. While I have heard of this conference, I have not attended in the past. I was excited to hear what the industry experts had to say over the course of two and a half days. The opening remark was given by Peter Serenita, Group CDO at HSBC. He talked about the evolution of his own role—the Chief Data Officer (CDO)—across industries and companies.
This year, Enterprise Data World (EDW) took their conference to the Omni Hotel in Atlanta, GA. EDW examines the latest trends in the world of data—especially in regards to data governance and data quality. This event focused on leveraging data as an asset and bringing IT and business users together to make better decisions for their enterprises. The keynote speakers focused on the emergence of the Chief Data Officer (CDO) within organizations, the importance of having a foundation of high quality data, data modeling, and much more.
When it comes to data management practices, government agencies today have their work cut out for them. As the breadth and volume of data entering organizations continue to grow, harnessing this information for strategic initiatives becomes increasingly elusive—even for the most advanced agencies. One such area where data is heavily relied upon is in the transportation sector, which is typically responsible for maintaining roadways and airways in addition to issuing permits for both residents and companies. As you can imagine, transportation departments have a lot of information that requires strong data management practices.
Do you consider yourself data driven? Do you use the data you have to make informed, strategic decisions? If so, you’re in good company. In fact, more than 80 percent of organizations believe that data is an integral part of forming their business strategy. With such an emphasis on making informed decisions, it’s really important to trust the data you’re working with. Right?
There’s a lot on the line when it comes to your data quality. From regulation to revenue, it can make or break your company. While organizations today talk a lot about making data-driven decisions, we find that many of them lack the confidence in the quality of their data necessary to drive new initiatives. Given that C-level executives believe that 33 percent of their organizations’ data is inaccurate, it’s easy to understand why. Do you fully trust your data to make important decisions?