The concepts of Business Analytics, Visual Analytics, and Predictive Analytics may be familiar to you and are most likely embedded in your current organizational capabilities today. However, the capacity to collect, consume, and analyze tremendous volumes of data is a capability many organizations struggle with. The integration of technology into all operational aspects of a business enables the collection of data at a much more granular level than previously imagined. The management of this data becomes even more unwieldy once you begin to introduce the unbelievably large amounts of data from the world of social media. In the face of this deluge of data, two questions your organization has probably asked are: “What should we do with all of this data?” and “How can we turn this data into a competitive advantage for our organization?”
We are in a time where more and more companies recognize that data is a valuable asset which can provide evidence-based support to decision making in all aspects of their business. Companies also recognize that, as technology rapidly evolves, there are a growing number of both internal and external data collection channels.
With an ever-increasing volume and variety of data comes the challenge of ensuring data is clean, contextual, available, and timely. For many companies these challenges are daunting, and, while establishing an Enterprise Information Governance function can help, it can easily become resource intensive and overwhelmingly expensive. One key to implementing an Information Governance Organization successfully is to aggressively manage scope down to only the most valuable and manageable activities.