Figure 2. Benefits of efficient data management
Data Governance: Ensuring availability of right data and keeping it safe
While ensuring data is leveraged in the right manner to guide decisions is very important, it still does not encompass the complete spectrum of data management. For data to be of any use, its quality, relevance and availability has to be ensured. Data governance comes into play to cover that. While attributing a direct monetary value to this function is not easy, indirect contribution is quite evident. For e.g. – many firms have eliminated huge costs associated with their data ecosystems and also realized numerous analytics and digital use cases worth millions of dollars due to governance. Further, governance takes care of regulatory risks too, which can cost dear in the long run.
Data governance implementation is driven by the top management: they understand and communicate the needs along with associated challenges and limitations. Next, a data governance council is needed to run the governance strategy toward business needs. Here, leaders manage different data domains and with time, the processes get refined, reaching quality standards. It should then ideally be linked with the primary objective that the business is striving to achieve which may include – digitization, enterprise resource planning transformation etc. This helps achieve enterprise-wide alignment.
Prioritizing the data domains to target initially is a crucial aspect to speed up things, as focusing on the whole data might make the progress sluggish. So, critical data must be first dealt with high degree of care and quality monitoring. The approach should also be iterative and focused to make sure the results from small changes can be verified in time.
Trends in data management
- Augmented data management – It makes use of AI and ML techniques for optimization and improvement of operations. It has the capability to examine huge chunks of operational data, such as queries and performance data. Then, based on the data in use, the solution can automatically tune operations and modify security, performance and configurations to gain optimal results.
- Adoption of cloud –It is expected that by 2022, public cloud services will be essential for 90% of data and analytics innovations. Data and analytics leaders are still getting their footing right in identifying the use cases that can best exploit the cloud capabilities in market. The focus has shifted from deliberating on the cost incurred for a given service to how much it can give in terms of performance requirements. So, the aim is going to be to prioritize workloads for cloud and then work upon cost optimization, change and innovation acceleration etc.
- Boundaries blur data and analytics – Traditionally considered separately, data and analytics operations will merge as more inclusive solutions enter the market. Technologies and capabilities as well as people and processes supporting the two will be impacted, creating a spectrum of roles. So, communication and collaboration becomes an indispensable tool to manage the change, which will be guided by incorporating solutions catering to both.
- Data marketplace – Organizations have now been buying data to get insights for running their businesses optimally and this trend is only going to rise and accelerate in the coming future. Data marketplaces will act as single platforms where consolidated third party data would be available for use.
Simplifying IT automation and data management
Over the years, Wipro Enterprise Operations Transformation (EOT) has engaged itself in data management projects across industries like banking, retail, manufacturing, healthcare, IT etc. with the intent of providing structured data consistently for analysis and reporting. We have leveraged Robotic Process Automation (RPA) capabilities to drive our data management service for capturing and cleaning data, correct data defects and address issues pertaining to dummy data.
With this rich experience across varied industries, we have the execution and implementation capabilities that is highly complementary to technology companies in the data management and governance field. We partner with data management and governance solution companies like Winshuttle, which provides platforms that combine process automation and data stewardship capabilities.
We are -
- Among Top 10 in HFS Triple A Trifecta (Automation, AI, & Analytics)
- Recognized as leader in Advanced Analytics & Insights Services PEAK Matrix Assessment by Everest
- A leader with over 900 successful data management implementations