If your organization is using bad data to make business decisions, it’s going to cost you. Without a proper governance strategy to manage it, your company’s data becomes increasingly disorganized, inaccessible, and misunderstood as your data lake grows.
Aside from the significant cost of harboring a huge information resource garnered from the many big data sources in your business that is completely unusable, when your company does decide to make use of data as part of your business processes, retroactively processing an unkempt data lake incurs costs that are simply unnecessary.
It takes resources like staff, time, and money to implement data governance after the fact. Gathering up, classifying, and aligning a vast data lake is costly once the information gets out of hand, and the bigger your organization, the bigger the cost in aligning all that data retroactively. But what if your boss could eliminate that cost with an investment in a data governance platform?
The problem is, though you may have identified the impending challenges and necessity of an effective and efficient data management system, it may be hard to convince those who hold the purse strings to make an investment when they may not see an immediate return. How can you show that the initial costs will reap significant benefits?
The proactive approach to solving your data management problem
Think of your powerful investment in a good data governance strategy as a process like weatherproofing your house. Home owners know that in regions where inclement weather can do irreparable damage to property, proactive actions like weatherproofing a home’s exterior, insulating pipes and electrical lines, or even constructing emergency shelters can save a considerable amount of money in the long run.
It takes a sturdy up-front investment, but when the storms come, your house is secured and protected. If you do a good job weatherproofing, you know you won’t have to pay huge amounts to repair devastating property damage, because you took the proactive step to get your house in order before disaster struck.
In that case, and in the case of data governance, time is of the essence. Framed as a simple cost savings analysis, you can prove to your boss that investing in the up-front effort to approach data governance properly from the outset with effective management of the metadata that allows you to organize your data properly is a smart move in the long run. The issue becomes not whether the organization can afford the investment, but whether they can afford not to make it.
If you don’t have a data governance strategy in place in your business now, it’s going to cost you down the line. If your business isn’t implementing data governance in a year’s time, it’s going to cost you even more. Because of the exponential data growth that’s happening now, both in your business and across the entire landscape of big data in today’s world of digital information, the longer you wait to get your data governance strategy in place, the larger the cost you’ll have to face when you are ready to tackle your data.
Your data is useless without governance. You simply cannot make informed business decisions, meet regulatory compliance standards, or understand the meaning and value of your data without data governance and metadata management solutions in place in your business.
Reliable, accurate data for real ROI
A proactive investment to get your data in order also means that in the end, you’re guaranteed the right information, reliable and accurate data, all organized in a workable system that will empower your business. And the more accurate your data, the better insights you will be able to derive from that information. The better the insights, the better the business strategy and growth-driven decisIon-making that brings the real ROI.
The ability to rely on the accuracy and organization of your data enables you to make informed, substantiated business decisions that support the growth and success of your business even further, increasing the return on investment to your business’ bottom line in addition to basic cost savings.
Metadata management and data governance systems are what create a contextualized picture of your data as a complete information resource. Understanding and actionability are key when it comes to data, because if you can’t make sense of data or use it to your advantage, it doesn’t do your business any good.
Tackling this challenge is difficult, but finding an effective, efficient metadata management and data governance solution is easy, and Advanced Metadata makes implementing our solutions into your IT set-up and existing data management system even easier.