Why is Data Democratization Crucial to Becoming a Data-driven Enterprise?

Feb 10, 2021

food and beverage industry challenges

Being data-driven is crucial to thriving in today’s complex markets. Businesses that have lagged on this front have witnessed their competitors seize a huge chunk of the market share and make inroads into their customer base with time. To become data-driven and make data easily accessible by all irrespective of their role within an organization is a topic that is now bandied about frequently and has subsequently completely lost its real purpose. Across industries, data access is mostly restricted to people who have the skills required to analyze and process data for their organization. Notably, the restriction is mostly because not all end-users are trained on using data for decision-making. But with the emergence of new technologies and digital platforms, businesses have witnessed considerable improvements in data management processes, making data more accessible and interpretable. If done right, data democratization will catapult businesses to newer heights, accelerating their data transformation journey.

Data democratization enables organizations to rethink how they manage, distribute, and consume data. That often means driving a dramatic cultural change in the organization to realize a financial gain.

What is the primary purpose of data democratization?

Data democratization aims to help businesses make digital data accessible to all end-users of information systems irrespective of their role and without creating a bottleneck at the data gateway. Democratizing data access also enables businesses to lay the foundation for self-service analytics, which helps non-technical users gather and analyze data without support or guidance. Quantzig is well-known for its analytics-powered solutions that drive results from day one. Are you looking to leverage the real power of data to bring about improvements in data governance? – Contact Quantzig today.

Data democratization a game-changer across industries

Though the benefits of data democratization are wide-spread, many challenges are hindering businesses from enabling organization-wide access to data, it includes –

Siloed databases

Most organizations have succeeded in storing data in data warehouses and data lakes, which only solves a part of the data governance problem. With data stored in disparate systems, most information is stored in siloed databases, making it challenging for businesses to establish a single source of truth.

Obsolete tools and data management systems

Traditional BI and data querying tools just weren’t designed for the self-service analytics world we find ourselves in today. This has become a major factor compelling to adopt new tools and technologies to thrive in the new business world.

Unorganized assets and KPIs

Data and insights spread across business intelligence and data reporting systems not only restrict data access but also complicates the decision-making process. This also leads to wastage of resources and time as end-users might have to spend quality time searching for and analyzing KPIs.

By empowering professionals with the analytical insights required to solve data problems successfully, Quantzig has helped lead businesses to identify new growth opportunities. Request a free proposal to learn how Quantzig’s analytics solutions can benefit your business.

Data Modernization: Key to Overcoming Data Democratization Challenges

The answer to overcoming most of the data democratization challenges faced by businesses lies in data modernization. It helps create a single source of truth by unifying data silos and ensuring organization-wide access to standardized data with transparent data governance and security controls in place.

With data modernization, businesses can create a cloud-enabled ecosystem and cross-pollinate data in ways that uncover actionable insights and, importantly, makes it available for consumption on a real-time basis.

A successful data democratization program shouldn’t require end-users to be data-specialists. Advanced analytics platforms and data dashboards now provide plug-and-play options for non-data specialists to gather and analyze data. Request more information for detailed insights.

A modern data platform must offer the following capabilities:

  • Intelligent data management
  • Responsive data architecture
  • Delivery at scale

Data democratization is impossible to ignore, given its potential in improving data governance and data management processes. The difference will depend on how companies handle it and how well new practitioners are guided and advised.

According to the latest market study, approximately 80% of businesses have low business intelligence and analytics maturity, revealing that different business units are pursuing their data and analytics initiatives as stand-alone projects leading to data silos. What’s required for data democratization to reach its full potential is a comprehensive approach that delivers enterprise-wide intelligence and insights required to drive growth and revenue.

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