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?
Master Data Management (MDM) is a huge buzzword in boardrooms around the world. Organizations today collect and generate massive amounts of data, and the belief is that MDM is required to make any sense of it. Many see MDM as this magical solution that allows business users to leverage business data. And they’re right. But that’s like saying you would hire Shaquille O'Neal just so he can help you replace light bulbs in high ceilings or clean the gutters.
In the past few months, we have had the wonderful opportunity to work with Data3Sixty, a technology company that focuses on active data governance. As we have been making the rounds at similar conferences, groups, and other events in the beautiful Boston area, it seemed obvious to continue the conversation and really understand how we can work together. We identified the opportunity to collaborate from a technology perspective and to capitalize on the mutual momentum in the marketplace around data quality and data governance.
Businesses today rely on tremendous amounts of data to do everything from improving their customers’ experience, to streamlining operations, to reducing risk to the organization. Data is everywhere, and countless individuals interact with it throughout its life cycle. While this provides an incredible opportunity, organizations need to ensure that the quality of that data is upheld to ensure that it is fit for purpose.
It was a beautiful, sunny day in Philadelphia. I was fortunate enough to attend the DAMA Philadelphia inaugural event of 2016. The chapter meeting was focused on data governance and brought together leading vendors, service providers, and customers that are defining how data governance is being executed today.