The 3 Reasons Why You Should Own Your Data
Data ownership is becoming hot topic in recent years. New legislation and policies are emerging as a response to people and organisations who have become increasingly conscious about the accessibility of their data. What does it mean to own data and why is data ownership valuable?
Make Critical Business Decisions Efficiently
A survey of 1,000 senior executives and key decision makers conducted by Capgemini revealed that 45% of respondents viewed the current development cycle for new analytics insights as too time-consuming and that it did not match the needs of their business. There are various factors that contribute to inefficient data analytics processes including a shortage of data specialists and issues in IT systems performance.
Owning your data could streamline data processing as you no longer have to use multiple information silos and can customise reporting and insights generation to meet your business needs. Furthermore, some data analytics tools cannot give you the depth and specificity you require for making critical business decisions. When data is readily available and organised in your own database you can respond to new trends in an informed and fast manner.
Improve Security and Credibility
Considering the power and potential of data, it is only appropriate that organisations invest in ways to secure and safeguard information that is relevant to their business. Many recent initiatives, such as midata and the Open Banking Standard, have been made to help consumers access and move their data in more efficient ways. But this has also brought to light important concerns about data security.
With data becoming more accessible, movable and sometimes even malleable, it becomes increasingly important for organisations to improve data security. Owning data allows organisations to safeguard, control and limit access to sensitive information.
Create Customised and Accessible Reports
The Capgemini survey found that that 65 percent of high level executives and senior decision-makers believed their organisations would become irrelevant or uncompetitive if they do not embrace big data. Organisations who own their own data could fully capitalise on the potential of this sensitive information and create custom data processing systems.
Having your own data gives you total control over it, even the raw version. When you have access to this primary information you have a better capacity to make customised and detailed reports. Your employees become more confident because they know they have a wealth of insights they can use to make competent decisions. In turn, having detailed information can help you build deeper and more lasting relationships with your customers.
Owning your own data and fully transitioning into a data-driven business is no easy process. It will significantly affect the most if not all areas of your business from key decision-making processes to small everyday routines.