4 Reasons Why Data Maturity Assessment Is Important
With Data Maturity Assessment you will get a better picture of how effective your current approach to data is compared to your industry and best practice benchmarks. The outcome of Data Maturity Assessment is not only the knowledge of how your company is currently doing, but mainly a set of tailored tips as major takeaways on what processes to implement to drive improvements. Based on these findings your company can build or enhance a data strategy to maximize the usage of your data and their business potential.
Let us talk in more detail about the four major reasons for executing Data Maturity Assessment:
1. Identification of weaknesses and determining development priorities
The approach of Data Maturity Assessment evaluates each of your data governance processes, such as the data cataloging, data stewardship, data profiling, data quality monitoring, or data correction. Based on our experience, many customers either cannot identify major weaknesses threatening their business or focus their resources on improving only a certain set of them. Getting a bigger picture of the status of your data governance processes, compared to benchmarks within your industry or against best practice, helps you to determine development priorities better, based on informed insights. A major takeaway of this assessment is to understand which of your data governance processes are working efficiently, which can be improved and how, and which are missing completely and should be implemented to have a positive impact on your business. As a result, you will enhance the way you work with your data, enabling you to execute advanced data analytics or more accurate and faster reporting.
2. More effective targeting of resources in the development of data governance
At the same time, thanks to Data Maturity Assessment you can evaluate priorities within the context of your company. There is a high possibility you are executing processes that are in general good, however, not necessarily the top priority for your business. The reason might be that it is simply not aligned to the size of your company. DMA helps you learn what steps need to be taken first to start working as efficiently as possible and not invest into executing activities that might be slowing you down, or not bringing the expected outcome within the outlined target.
3. Alignment of the data governance level to the company strategy
Another point of view to consider is alignment of your data governance processes to your company strategy. Make sure your overall business strategy and resources are working hand in hand with your data management, or even better, your data is working for you. With DMA you will ensure that the processes you are executing within data governance, support your business objectives and the insights from your data are enabling you to achieve your goals.
4. Verification of data governance efficiency
This applies mostly to companies with advanced data maturity that have established data governance and would like to gain feedback on its efficiency. In scenarios with more complex data governance processes, the goal of DMA is to verify whether, for example, there is no overlap of roles or excessive formality of processes.
Overall, improving your Data Governance processes ultimately lead to reducing costs and preventing risks and threats to your business. Let us take a look at a quick overview of how exactly Data Maturity Assessment can benefit your company:
DMA works as a base point for effective utilization and monetization of your data assets.
DMA can identify crucial data governance processes, considering your business strategy and objectives.
DMA can help you drive new business opportunities by using data-driven management and progressive customer analytics methods.
With DMA you will be able to identify inefficiency in your data governance processes and help prevent unwanted overlaps of roles.
DMA can bring you deeper insight into your data governance priorities directly related to your company size, position on the market, and its lifecycle.
No matter what size, every company has an opportunity to use the maximum potential of their data governance processes and leverage their data efficiently. With our knowledge and expertise, we can provide you with a review of your current data governance processes setup compared to the benchmarks of your competitors and other companies within your industry. Learn more about the best practices, gain tailored tips, and use them to enhance your data strategy. Get in touch with us, and we’ll be happy to help you improve the way you work with your data.