Data is an asset for any organization. However, data alone is useless. It needs a purpose, and it needs to be managed effectively. It also needs to consistently and holistically be collected, stored, processed, and analyzed to inform business decisions. While business operations and business data are closely linked, it’s a constant challenge for operators to manage a profitable business, while investing in data-centric initiatives to better inform their decisions.
That’s why clients come to Concord. Our end-to-end data delivery capabilities enable organizations to increase speed to market, unlock data value and mitigate risk. Ultimately, Concord’s approach and expertise in data management allows clients to focus on what they do best, while granting piece of mind that their data is being both managed and maximized for greatest returns.
In this blog, we’ll take you under the hood – sharing best practices from the data experts at our firm. We’ll cover:
5 Things You Can Do Now to Improve Your Data Management Program:
Modernizing enterprise data ecosystems is a multi-faceted, multi-year journey. However, here are five immediate steps you can take to build incremental improvements today.
3 Keys to Increasing ROI from Your Data Strategy:
Investing in building a more robust data strategy will result in long-term gains. To build a strong foundation and maximize your returns, focus on these three areas:
1 Fatal Mistake: Perceiving Data Management as a One-Off Effort
Data management is not a single initiative, but a continuous investment to ensure data is managed effectively and efficiently.
The biggest mistake organizations can make with data governance is to view it as a one-time project rather than an ongoing process. Data governance requires continuous attention and investment to ensure that data is managed effectively and in compliance with regulations and standards. Organizations should establish a data governance framework that is scalable, adaptable, and can evolve over time to meet changing business needs.
Final Thoughts
In conclusion, data management is a critical function for any organization looking to leverage data to drive business outcomes. These five best practices for data management represent real improvements for most data management programs. The three keys to increasing ROI will ensure the program delivers continuous and incremental value to business. Finally, reinvest that generated value back into your data modernization program to establish long-term data governance processes that build excitement and adoption across the organization.
For a deeper dive into data management best practices, download Concord’s Data Management Assessment and Roadmap, or set up a conversation with the team today.