In an era being shaped by global economic, political and technological challenges, senior management must confront many uncertainties as they map the future of their business. One trend is clear however – the growing importance of data in shaping critical business decisions. How managers handle, manage and utilize that data will, to a great degree, define their own success as they navigate their digital journeys.
The ability of an organization to derive value from its enterprise data is driven by the following key considerations:
- Data strategy
Data Strategy is the vision that supports an organization’s ability to manage and exploit data. It creates a direct link between strategic goals and data assets. It also provides an umbrella for all domain-specific strategies, such as analytics, big data and data governance.
- Driving data value
Unlocking the value within ever-growing volumes of data is key to a competitive advantage. The value of data is derived from the insight it can provide, enabling organizations to make better decisions.
- Data asset management
To get value from your data, it should be of high quality and readily accessible in the right format. KPMG can help establish processes around the way you manage your data throughout its lifecycle to ensure your data assets are accessible and analytics ready.
Biggest barriers to improving D&A maturity
Several challenges, however, stand in the way of improving the quality of insights generated by organizations. Foremost among them are issues with data quality owing to data sources that conflict with one another or are inconsistent in format. A lack of clear data standards combined with manual data cleansing processes leads to analysis and reporting that is not fully reliable. In order to be able to trust data, it is critical to establish the foundation by having clear ownership and expertise on where data should be housed and how it should be analyzed.
Advanced Data Management Framework
The Advanced Data Management (ADM) Framework helps organizations create trust in and get value out of data. The Framework combines international data management standards and in-depth KPMG experience. KPMG has developed an easy-to-use online survey tool based on this framework to evaluate an organization’s current maturity in areas such as data strategy and governance, data quality, master & reference data, metadata and many more.