Data Equals Truth, and Truth Matters
In these times of great uncertainty and massive disruption, is your enterprise data helping you drive better business outcomes?
The COVID-19 pandemic has forced organizations to tactically adjust their business models, work practices and revenue projections for the short term. But the real challenges will be accelerating recovery and crisis-proofing your business to mitigate the impact of “the next big thing.”
Assure an Unshakable Data Supply Chain to Drive Better Business Outcomes in Turbulent Times
Consider these high-priority scenarios in which the demand for a sound data infrastructure to drive trusted insights is clear and compelling:
- Organizations contributing to managing the pandemic: (healthcare, government, pharma, etc.)
- Organizations dealing with major business disruptions in the near and mid-term: (hospitality, retail, transportation)
- Organizations looking to the post-pandemic future for risk-adverse business models, new opportunities, and/or new approaches to changing markets: (virtually every organization that needs to survive and then thrive)
A data-driven approach has never been more valuable to addressing the complex yet foundational questions enterprises must answer.
However, as we have seen with data surrounding the COVID situation itself, incorrect, incomplete or misunderstood data turn these “what-if” exercises into “WTF” solutions. Organizations that have their data management, data governance and data intelligence houses in order are much better positioned to respond to these challenges and thrive in whatever their new normal turns out to be.
Optimizing data management across the enterprise delivers both tactical and strategic benefits that can mitigate short-term impacts and enable the future-proofing required to ensure stability and success. Strong data management practices can have:
- Financial impact (revenue, cash flow, cost structures, etc.)
- Business capability impact (remote working, lost productivity, restricted access to business-critical infrastructure, supply chain)
- Market impact (changing customers, market shifts, emerging opportunities)
Turning Data Into a Source of Truth & Regeneration
How can every CEO address the enterprise data dilemma by transforming data into a source of truth and regeneration for post-COVID operations?
- Accelerate time to value across the data lifecycle (cut time and costs)
- Decrease data discovery and preparation times
- Lower the overhead on data related processes and maintenance
- Reduce latency in the data supply chain
- Ensure continuity in data capabilities (reduce losses)
- Automate data management, data intelligence and data governance practices
- Create always-available and always-transparent data pipelines
- Reduce necessity for in-person collaboration
- Ensure company-wide data compliance (reduce risks)
- Deliver detailed and reliable impact analysis on demand
- Establish agile and transparent business data governance (policy, classification, rules, usage)
- Build visibility and traceability into data assets and supporting processes
- Demand trusted insights based on data truths (Drive innovation and assure veracity)
- Ensure accurate business context and classification of data
- Deliver detailed and accurate data lineage on demand
- Provide visibility into data quality and proven “golden sources”
- Foster data-driven collaboration (assure agility, visibility and integration of initiatives)
- Enable navigable data intelligence visualizations and governed feedback loops
- Govern self-service discovery with rigorous workflows and properly curated data assets
- Provide visibility across the entire data life cycle (from creation through consumption)
Listen to erwin’s CEO, Adam Famularo, discuss how organizations can use data as a source of truth to navigate current circumstances and determine what’s next on Nasdaq’s Trade Talks.
Data equals truth. #TruthMatters