Recently, I read an insightful report from McKinsey and Company titled, “Catch them if you can: How leaders in data and analytics have pulled ahead.” From the title alone, I was hooked. Throughout the world at various data quality and governance centric events, I engage with data governance professionals that struggle with this very idea: “How do I ensure that my company’s data can be trusted so that we can fuel innovation?” Often, we’re all seeking the answer to this question from networking events, peer presented sessions, webinars, virtual summits, and in content – content just like this survey report.
Inside the report, the team at McKinsey and Company shared the following:
Companies that empower employees to consistently use data as a basis for their decision making, are nearly twice as likely as others to report reaching their data and analytics objectives and nearly 1.5 times more likely to report revenue growth of at least 10 percent in the past three years."McKinsey and Company, September 2019
Think about that for a moment. If we can get the right data in the hands of the right people, we’re twice as likely to reach our goals and one-and-a-half times more likely to grow revenue by at least 10%, nearly every organization’s ultimate goal, right? As I read through the report, I thought, “So if we can democratize trusted, governed data, and make it easier to find, then companies will be more successful with data and analytics.” For those that have been in data governance for a while, the cynical response is, of course, “That’s easier said than done…”
Achieving goals with a data marketplace
But should we be that pessimistic about this opportunity? What if you could encourage collaboration by providing a consistent experience and portal into the quality of data? What if you could make data and metadata easier to find so your team had context at their fingertips? What if you could enable your team to trust that information by telling them more background about the data? And finally, what if you could ensure privacy? Because, let’s face it, data privacy regulations aren’t exactly on the decline. If you could do all of this, and keep up with even the largest scale deployments such as a data lake, would you be able to “empower your employees to consistently use data as a basis for their decision making” and hit those lofty benchmarks that McKinsey and Company provided?
It’s with this lens that we’ve explored what a data marketplace for a data lake looks like and will discuss it extensively as part of our Data Lake Governance Virtual Summit, where we also outline how a data marketplace will benefit your team and showcase how organizations can make data easier to find and understand, reduce management costs, and ensure that data is fit for use while also being properly protected. During the event, FIS, a global financial services organization, will share their viewpoint on democratizing data and, finally, we’ll provide a technical demonstration.
If you’re interested in helping your organization meet your data and analytics goals, while also increasing revenue, why not sign up to attend the Data Lake Governance Virtual Summit today? In addition to the aforementioned story from FIS, the summit includes speakers from Microsoft, Invesco, Hyundai Capital, plus a keynote perspective from analyst and visionary, Stewart Bond from IDC. This is a can’t-miss event for anyone with a desire to get the most insights out of their ever-growing volume of data. I look forward to “seeing” you there.