Top pressures driving data management initiatives:
- too much data is inaccessible or under-utilised for business analysis
- delivery of relevant business information is too slow
- complexity / disparity of data has become overwhelming
- business users don’t trust the data used for analysis
Key strategic actions to support data management:
- build a data-driven decision culture
- expand data access into more business functions
- define and document the business rules required for analysis
- create a long-term data management strategy roadmap
Process and organisational capabilities:
- established process for cleansing and enriching data
- decision-making culture that values the use of supporting data
Knowledge and performance management capabilities:
- formal in-house development of analytical skill sets
- adoption / usage of BI tools is tracked
Key technology enablers:
- data integration tools
- data modeling software
- data cleansing / hygiene tools
- in-house data mining algorithms
To achieve best-in-class performance, companies must:
- start measuring “time-to-information”
- establish a cross-functional team to develop data management strategy
- consider deploying a master data management platform
