Insight-driven organizations don’t just gather data, they put it to use to create better products, design more effective strategies, and engender a superior customer experience.
In a nutshell, “Data Democratization” refers to hindrance-free, easy access to data for everyone within an organization. Further, all stakeholders should be able to understand this data to expedite decision-making and unearth opportunities for quicker growth.
The distribution of information through Data Democratization enables teams within an organization to gain a competitive advantage by identifying and acting on critical business insights. It also empowers stakeholders at all levels to be accountable for making data-backed decisions.
Concerns that commonly keep organizations from democratizing data include; poor handling and misinterpretation by non-technical teams, which can lead to inept decision-making.
Additionally, with more people having access to business-critical data, the question of maintaining data security and data integrity cannot be ignored. Another concern relates to cleaning up inconsistencies – even in the smallest datasets and files. These may need to be converted into different formats before they can be used.
However, technical innovations – such as cloud storage, software for data visualization, data federation, and self-service BI applications – can make it easy for non-technical people to analyze and interpret data correctly.
Data Democratization is expected to give rise to new business models, help uncover untapped opportunities, and transform the way businesses make data-driven decisions. You don’t want to overlook this!