Teradata, the force behind data warehousing 40 years ago, found that 73% of Australian IT decision-makers said their organization had no plans to increase investments in data governance at this point, while 89% believed their organizations should always prioritize data governance and accountability initiatives more than they are.
The research was commissioned by Teradata and conducted by independent research firm Vanson Bourne in August, exploring global sentiment around data-driven transformational investments for 2021 and beyond, and reveals where organizations are placing their bets to go. prepare for success.
The results are a worrying wake-up call to businesses that data governance is seen as an expense when it is, in fact, a necessary thing. Organizations need to reframe their conversations about data governance and integrate them into their digital transformation strategies from day one to achieve the greatest success.
Steve mcmillan, CEO and President, Teradata (pictured), and Brenden Bertuola, Senior Director of Business Consulting for Teradata Asia-Pacific and Japan, spoke with iTWire Explain why data governance matters, how IT managers can sell the business value of data governance to internal stakeholders, and link data governance efforts to business value rather than introducing specific capabilities.
For clarity, data governance means data management systems that ensure business goals are supported by high quality data and controls throughout the data lifecycle. Data governance ensures the availability, usability, integrity and security of data in your systems. Emerging technologies such as artificial intelligence, Internet of Things, machine learning, automation, business intelligence and analytics, and more all rely on this framework as an informative framework. all dimensions of a business.
Some might look at this definition and think they have achieved data governance because their data is hosted and secured in a trusted public cloud with limited connections to key personnel and because they have separation between their production environments. and development. However, while essential, these elements fall outside of data governance. Reality is something else.
“Data governance is how you make sure you can trust your data,” McMillan said. “Reliable data translates into precision and analysis, based on transparency of understanding. “
“Regulated industries like finance give the best insights into data governance and standards because they are forced to do so,” he said. is trusted and used consistently across the organization so that people can access it in a secure and structured way, with understandable results.
For startups and businesses of all sizes that don’t fit into the regulated category, that’s another story. As these companies grow and innovate, their data is typically increasingly distributed across platforms, products, regions, and elsewhere – and the application of data governance to that distributed data becomes even more so. more difficult, especially if there was no governance in place to start.
Teradata’s platform has been recognized as supporting data governance in public, private and hybrid clouds, as well as on-premises.
“We are improving things in a number of dimensions. Teradata strengthens validation at the point of data entry to ensure it is reliable, to have consistent standards across the ecosystem and to ensure cooperation between multiple departments, ”McMillan said.
“Data governance reflects not only how data comes in and is structured, but how you control anomalies and use them,” he said. “Our technology platform really lends itself to enabling organizations to have a great approach to data governance, which leads to trusted data and delivers results.
The survey results – 73% of Australian companies saying they do not plan to increase their investments in data governance yet – did not surprise Teradata, “but we wanted to shed some light on the issue. “said McMillan. “This emphasizes the challenge of the market. “
“Locally, the perception is that if a business invests in data governance, it fixes a problem it shouldn’t have had in the first place,” said Bertuola. “Millions of dollars are spent on solving problems of all types and businesses are not doing it. However, with emerging technologies such as 5G and IoT, it will be necessary to have governance on this as well as new data to come, and this needs to be implemented in such a way that your time- to -value is maximized.
“Not a day goes by when there is less data in the world than the day before,” added McMillan. “There’s a data explosion that’s going to accelerate with IoT, advanced computing, AI and analytics. “
Ultimately, Teradata’s message is that the data is here to stay, and the data will only increase. It is essential for businesses to ensure that their investment in digital transformation does the right thing to enable critical decisions about product or customer service based on accurate and reliable data. This is what data governance is for and why Australian businesses need to pay attention to it.
If you’re not sure how to start applying data governance to your situation, McMillan and Bertuola have some practical advice for you.
“It’s really important to understand the perception of data quality in the organization today and the main issues around trust and data quality,” said McMillan. “It can help you quickly identify data and governance. Then prioritize the cost of bad data to the business. Prioritize a pragmatic course of action to gain support for some of the investments needed to resolve the issue of those data issues you’ve identified. “
For example, McMillan says, “If inaccurate data causes you to lose a customer or if you provide customers with incorrect answers, this is a lost opportunity in terms of growth and revenue expansion.
You can fix this, but “it’s important to anchor the conversation in terms of business value so that you can focus on areas where improving data capabilities will bring the most value to the business.” as a whole, ”he said.
Often the nuts and bolts of data lie in the back office, Bertuola noted, with a proliferation of data marts and platforms as businesses grow. “There is a proliferation of platforms, and that can lead to adopting cheaper platforms, but companies may not be sure that what comes out of the new platform is the same,” a- he declared.
Of course, you can’t stop companies from moving platforms, but front-end data governance comes into play. withdraw, ”said Bertuola.
Additionally, “where possible, we recommend not to duplicate data unless you really need it,” McMillan said. “One thing we have developed in Teradata is to enable customers to use data, not move it. can analyze and access data across multiple systems and domains, across multiple clouds. Teradata sets up connected platforms to enable analytics for customers. “
Data governance is essential to the success of the digital transformation, to ensure reliable data-driven decisions and to ensure that interactions with customers are successful. “Gartner used to say that all businesses become technology companies. Now they say all businesses are data companies, ”McMillan said.