Data Governance in 2018: A Comprehensive Guide

Businesses around the world are striving every day to become more data-driven, and as such, how they collect and manage this data is evolving. One important topic that has arisen out of this shift is data governance. In this post, we set out to answer the following questions:

What is data governance?

Why is it important?

What are the benefits of effective data governance?

What are some key tasks associated with a data governance strategy?

What are some best practices for data governance?

What are the related challenges and pitfalls?

What are some common data governance tools?

What does it all have to do with the recent GDPR?

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ETL: Preparing Data for Analysis

ETL is one key processes needed to extract value out of data. Data can then be used for a wide range of analysis, intelligence, and reporting functions. For industries that manage large amounts of data, often from disparate sources, ETL can be impactful.

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Dynamic pricing is the strongest profitability lever for a large company

It is difficult to improve financials of a large business.

Decreasing costs are a sure way to improve financials however it is difficult to find and implement cost cutting opportunities. Cost saving opportunities fall in these buckets

  • Long term investments: Finding areas to reduce operational costs with investment is easy. Investment in new systems and tools can reduce labor-intensive processes, improve operations and customer experience. Investment in new facilities can provide scale synergies and help save costs. However, it is difficult to convince top management to invest in the future given short term focus of Wall Street and most businesses. Wall Street’s focus has some merit, long term investments, especially technology investments have been documented to fail to deliver the planned benefits.
  • Short term fixes: Headcount reductions, procurement transformation programs all fall under this bucket. They definitely impact costs but their impact on other parts of the business can be difficult to predict.

Increasing revenue growth is difficult for a large business because growth is the primary motivation for most businesses. All large businesses experienced strong growth to become large. In the quest to sustain growth, every imaginable lever gets implemented by businesses. Therefore, a large business founded several years ago had enough time to create a very effective growth machine given its competition, regulatory landscape and other constraints. Read more

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