The following is an excerpt from the article in August 16, 2017 SAPinsider, Volume 18, Issue 3.
Organizations must find a way to leverage data to either reduce costs or gain new revenue. Like any other asset, there must be a strategy to support the monetization of data. To be successful in the data-driven economy, your data monetization strategy must be scalable, flexible, and timely. It must be capable of synthesizing internal and external data to derive unique insights and drive innovation. It should also span multiple areas within the business, connecting different products or services for added value. Above all, data must be properly analyzed and delivered in an easy-to-consume manner. To effectively monetize data, organizations need to develop a comprehensive strategy and a data governance platform that supports it. With SAP HANA — which can rapidly process millions of bytes of data in real time — at the center of this strategy and model, organizations can take advantage of these new monetization opportunities sooner than they might have thought.
Why You Need to Rethink Data Governance for Monetization
Bad data can be noisy, untrustworthy, and heterogeneous, making it difficult to find and reuse. This then affects your ability to create clear data models that are reliable and can be monetized. A single error in one data element could have an enormous impact downstream on the quality — and thus the success — of your analysis. When well thought out, a data governance platform should offer strategic advantage to the business. A good data governance platform should enable you to:
- Discover critical data through a combination of automated discovery, expert engagement, disciplined curation, and a common narrative for digital transformation.
- Link performance management and data management through a proven metamodel for impact on data sets with operational, compliance, and analytical outcomes for the business.
- Unify data policies across analytical and transactional systems. Companies can create a business-facing data dictionary for reference and management across both business processes and analytics.
Data monetization is about more than just the bottom line. It’s about improving internal business processes and decision making to glean better insights that enhance products and services for your customers. And with a proper data governance model in place, there is greater visibility across the organization, which saves time and money by increasing data value and consistency.
DATUM’s Information Value Management® platform allows the enterprise to drive overall strategic goals by using the right data set for the right purpose at the right time. Our automated data discovery capability and innovative algorithms can perform most data discovery functions at scale, enabling users to work on making higher-level decisions about business usage and their data monetization strategy.
Check out our blog for other great topics such as what artificial intelligence means for the future of data governance and big data and bringing data governance into your organization. Want to learn more about Information Value Management? Let us know!
Click here to see the full article in SAPinsider.