The principle of “garbage in, garbage out” established the accuracy of computers, acknowledging a fundamental fact that computer errors are the result of faulty human inputs. The same principle can be applied to the field of data science, as inconsistent or incorrect data can draw an entirely misleading analysis of the problem. The use of data governance tools ensures overall management of the availability, integrity, usability, and security of the data utilized in an enterprise. Although data governance is so critical for data management, many companies view it as a luxury tool and de-emphasize it.
Here are some of the reasons why companies should employ data governance to design effective data-driven marketing.
Ensuring Data Integrity
Data integrity issues cost organizations millions of dollars in direct and indirect costs. It is almost impossible to get reliable, consistent, and repeatable data without data governance. Data governance guarantees data integrity by protecting the data, irrespective of its formats. This data is then recorded, processed, and retained for future use.
Speak with our analytics experts for more queries on data governance and how your organization can implement an effective data governance program.
The end goal of every organization is to maximize its ROI. Properly defined core metrics, marketing exclusions, consumer segments, and attributes like CLV can not only help save the company money but also generate revenues. Strong data governance ensures superior data quality that reduces the likelihood of errors; thereby, contributing to indirect savings.
Solving Analysis and Reporting Issues
A problem with interpreting data results in a lack of clarity in the final analysis and reports. It usually happens when there is a lack of clarity while defining and interpreting various metrics. Data governance tools assist the managers in conveniently analyzing the data to derive an accurate analysis of the problem in hand.
Today, companies store a lot of data that is sensitive in nature. When sensitive data such as financial information, customer information, contracts, and market intelligence gets compromised, companies can lose millions of dollars and face lawsuits. Data governance tools provide data security from both external and internal members by giving access to only authorized users.
Today, managers have access to a large stream of data, and decision-making on the basis of gut-feeling, the rule of thumb, and guesswork are largely eliminated with the advent of data analytics.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like a deer on a freeway,” said a leading data analytics expert from Quantzig.
For more than 14 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision-making. Our firm has worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive any organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities and drive continuous business excellence.