Why Organizations Are Becoming More Data-driven
I listened to a webinar recently — Solving Silos: Becoming a More Data-Driven Organization — with 451 Senior Research Analyst Paige Bartley and MarkLogic customer Woodmen of the World Life Insurance Society. I want to share some key points that Paige highlighted which reflect how many of our customers view data management/data governance and why this is so important to their business strategy.
Data Governance started as a way to meet regulatory or compliance needs, but that mindset is changing. We learned in the webinar that in organizations that are truly data-driven, data governance is no longer viewed as reactive — it is a way to accelerate business insights and drive business results.
Leveraging data to make strategic and more informed business decisions is one of the top priorities of all the companies I talk to.
Benefits of Being Data-driven
Let’s dig into some of the findings from 451 Research regarding the benefits of being data-driven. These results are strongly aligned with the experience of our customers, who leverage data across their business to not only achieve better business insight but to grow their business and increase customer satisfaction.
Lowering costs and improving business processes has always been a priority for IT investment. What I have found is that IT decisions made around data access may reduce costs, but can also accelerate revenue-generating activities for the business, leading to increased sales, better customer engagement, and the ability to deliver new or enhanced products and services.
The research shows, as highlighted in the graphic above, that respondents expect that becoming more data-driven will help drive business growth and improved business agility. These benefits are equally, if not more, important than cost reduction and business process improvement for the business.
Circling back to data governance — Paige emphasizes a key point:
It is no longer about big data – it is about better data.
She also noted that “82% of data-driven organizations see it as adding value to the organization.”
The 451 Research results highlight the business value that data governance brings to respondents:
- higher quality of data and insight
- faster access to relevant data
- reduction in IT bottlenecks
It is obvious that being data-driven can provide a competitive advantage for many companies, yet many struggle to achieve that goal.
In my next blog, I will address some of the challenges the customers I work with face in becoming more data-driven, and why choosing the right technologies can aid these efforts. I’ll also explain how MarkLogic technology and expertise has helped our customers deliver more value to their business through better data.
- Watch a recording of the webinar, Solving Silos: Becoming a More Data-Driven Organization
- Read about WoodmenLife’s experience working with MarkLogic to modernize their data platform and deliver a “Member 360” with MarkLogic