Data has become the core corporate asset that determines the success of a business. Digital transformation is on the rise in every sector and every industry, but the only way to truly succeed in your digital transformation is by making sure you have a data governance framework in place. The data governance framework must control data standards that are needed for the buyer enablement and delegate the required roles and responsibilities within the organization.
The importance of a data governance plan might seem like a rhetorical question, but the truth is, the power of data can drive business success –if the insights are data-driven.
A data governance plan is required to ensure the information is formally, proactively and effectively managed throughout the enterprise – to secure its accountability and trust.
Here are the top 5 reasons to have a data governance plan:
1. Data accuracy
As Scott Taylor of MetaMeta Consulting recently said, “with bad data, we keep making bad decisions. We just don’t realize they’re bad decisions until later.”
Lack of effective data governance is a huge concern because of the security risks associated with dirty and unstructured data. Unstructured data can clog a database and make it impossible to effectively monitor the contents.
In addition to the structure, the quality of that data is also critical. As the regulations regarding data continue to evolve, it becomes increasingly important for organizations to manage their data properly. Every business needs to regularly monitor and govern every piece of prospect data to make sure it is accurate and up to date – and this should happen at least every 90 days.
An effective prospect data governance process cleanses expired data through rigorous validation, verification, and tracking and delivers detailed reports of any discrepancies.
2. Data visualization & analytics
Comparing stacks and rows of raw numbers in a spreadsheet in order to gain insight on trends and other metrics is difficult and time consuming. This is where visualizing the data through graphical representations comes in handy. If the data is plotted pictorially using widgets, it’s easier not only to find valuable insights from a year’s worth of data in just a few seconds, but it makes it quick and easy to communicate that data to others. Imagine the same kind of comparison with 10 years worth of data!
Data visualization and analytics can also help to identify areas that need improvement, clarify the factors that influence customer behavior, help to understand which products to place where, and helps to predicts sales volume.
3. CRM Functionalities
The term “Big Data” refers to the use of predictive analytics, user behavior analytics, or certain other advanced data analytics methods that extract value from data. Data can be structured or unstructured as it is generated from multiple sources such as server logs, database stores, social media platforms, business records, web clickstreams, etc.
The possibilities that big data creates are endless but you need to have the right tools in place to deliver the detailed insights required to make informed business decisions. If a company wants to reap the benefits of big data, it will first have to incorporate it into their CRM (Customer Relationship Management) software. CRM systems effectively track data trails that are left by customers and prospects on various relevant online platforms and present the data coherently.
In addition, it can’t be understated that the right data governance tools need to go hand-in-hand with your CRM and your big data analytics. Make sure that any CRM tools are easily accessible by both business and IT-users alike. Doing so enables seamless collaboration across teams and ensures businesses are flexible enough to evolve with changing business needs
4. To plan and create strategies
In today’s competitive environment businesses are focused on ensuring that every employee is working towards the same goal. A strategic plan helps provide direction and a focal point– a specific result to achieve – and effectively establishes a course of action to reach that goal. A strategy helps various departments organize and align themselves toward a common goal.
Without a clear plan, priorities can change constantly, expectations are developed in a void, and there are no alignments with common goals.
You might already have an intuitive sense of your strategy. You know where your organization is now and where it needs to be going forward, and many of the key activities that you need to do to get you there. However, for many companies a data governance strategy remains a more ethereal prospect – locked in the heads of management and not communicated throughout the organization. When your management team, marketing, business development, operations, and even your customers know where you’re going, then you tend to position yourself for more predictable success.
5. Benchmark data to connect with the right decision-makers
Data governance involves the collection of prospect data that is then revised, standardized and put to good use. It makes data consistent and ensures that critical data is available to the right person at the right time, and in a standardized form so that sales teams can connect with the right decision-maker, every time.
In short, adopting and implementing data governance best practices will result in improved productivity and ROI.
Prospect Data Governance Solution
Flobile can convert curdled data into active prospect profiles that deliver value to businesses, and allow them to make confident decisions.
The AI-driven data scientist-developed system purges old data and verifies entries with up to 99% accuracy to empower sales teams with actionable insights. Flobile data governance services scan databases every 90 days to close loopholes and deliver reports on the findings.