Businesses are drowning in data and analytics departments are struggling to keep pace with the influx of data. There is a constant demand for better insights from Big Data analytics to help enhance business processes, leading to the development of new technology. A lot of this new tech is geared towards helping non-exclusive personnel better understand the data they are dealing with. This is where data democratization gets introduced as an alternative to traditional data analytics operations.
Data democratization simply means that business data will be available to not just analytics teams and top brass, but will be accessible by everybody within the organization. The concept also necessitates that the business provides employees the means to understand the data they are accessing, well enough to be able to influence business decisions and expand opportunities.
Self-service analytics is the manifestation of data democratization where generalized personnel can access the data for making better-informed business decisions. Business intelligence hence becomes indispensable to business growth and leveraging Augmented Analytics to glean the insights has taken center stage. Based on Natural Language Processing, Machine Learning, and Automated Insights, Augmented Analytics enables users to replace opinions with actionable insights with speed and accuracy.
Those in favor of making data democratization a prevalent practice believe that it is essential for a business to be transparent about its data across channels, to gain a competitive advantage. The more employees with varying expertise have access to the data, the easier it will be to identify and address business insights. Employees at each level of an organization are encouraged to take ownership, and foster a data-driven culture where they leverage the insights to influence their decision-making, having a positive impact on the business as a whole.
Some of the benefits of data democratization are as follows:
Businesses that want to introduce data democratization into their operations, need to create it from scratch. It demands a budget, software to manage all the data, and training personnel to handle the software, analyze the data and make informed business decisions. But before all this can get underway, there might be some roadblocks to your data democratization efforts.
The following are a few obstacles to data democratization:
Big Data Engineering is an efficient solution when trying to integrate data from across business channels and leverage the insights to enhance profitability, influence business growth, and optimize customer satisfaction.
The following are steps and strategies that you can follow to help establish data democratization and glean benefits and resources for other initiatives such as privacy compliance.
There is still a lot of concern regarding data democratization, as organizations are not ready to let general employees get access to sensitive business data. They do not want to run the risk of employees misinterpreting data or creating data silos as a result of human error. But the benefits of data democratization far outweigh the risks. Employees having access to relevant, contextual and actionable data can transform decision making from the lowest rung of an organization and have a positive impact on the business as a whole.
All in all, data democratization is en-route to being the future of streamlined data management; where employees can access and understand data better, leverage it to influence business growth, and deliver better customer experiences.
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