Traditionally, data was generated and used to operate systems, so organizations could better record their ‘business as usual’. But over time, the amount of data expanded, and other applications gradually emerged. First, system input was reused. Then, reports were created to analyze past activities. And now, many large organizations encounter a bottleneck: they've collected a wealth of data they would like to use, yet they don't know how and in which context it's created. Therefore, a new question arises: Can you trust the insights gained through your data?
Data went from being a waste product to being a by-product to being a main product. Now that it can be used for entirely new purposes, it has turned into a source of value creation. The problem is, it's never been regarded as such. Unlike organizational processes, data often still doesn't have an owner or a maintenance process. Yet despite this lack of governance, organizations should find a way to manage it.
Incidentally, most companies have implemented data management in the past ten years. This usually involved sealing all processes to control them – an effort that no longer suffices in today's day and age. Currently, two burning questions demand an answer: What do this data entail, and what's the quality of it?
The key is to bring people and data together so as to gain reliable insights. To achieve this, KPMG has created an advanced data management framework which addresses eleven topics that are relevant to control your data in today's world. Examples include trusting analytics, monitoring data quality, and monetizing your data. Not only does the framework help organizations control data in the most efficient way, it also serves as a foundation for getting value from data.
Moreover, the framework helps with interoperability and semantics. The latter covers an important prerequisite set by the new age: in an ever-diverse landscape, it's paramount that you agree on the definition of terms such as 'customer', 'product', and 'revenue'. It sounds simple, but the lack of a common language is an often-encountered and serious problem in many organizations!
Want to know how advanced data management works in practice? Have a look at this video!
Would you like to determine where your organization stands with respect to the eleven topics using a pragmatic app? Don't hesitate to inquire about our Advanced Data Management Maturity Assessment by contacting Chris Hoffman, by phone (020) 656 8065 or by e-mail, or Remi Verhoeven, by phone (010) 453 4147, or by e-mail.