Data. Data. Data. They seem to be on everyone’s lips. A critical business asset. The new oil. Just a pile of sand. The new currency of digital transformation. Data.
Some elements aren’t very debatable. The higher the quality of the company’s data, the better the decision-making can be. Good use of data enriches business processes. Centralized data management helps maintain consistency and control in retaining information, among other benefits.
¿What’s the downside of not having good data? Poor data quality is responsible for millions of dollars in business losses. Data governance is the fundamental pillar of the enterprise data strategy.
In a scenario of significantly more volumes of information, the challenges for organizations are increasingly complex. And it affects companies of different sizes. But there is no “one size fits all” for data governance or a standardized process. It will depend on each company how to implement its strategy.
Data usefulness includes, among other uses, classification and categorization, anomaly detection, pattern recognition, and predictive modelling.
Different uses in different areas: the goal isn’t to invest in data analytics per se. A more lucid and relevant data organization will impact other company areas, no matter its sector.
- They help us in predictive maintenance, operational efficiency, and production optimization in manufacturing.
- For product development, customer experience, shopping experience, and price optimization in retail.
- For research, patient experience, and billing analysis in healthcare.
- For predictive maintenance, exploration and production optimization in oil and gas.
- To promote innovation, regulatory investigation and compliance in the financial sector.
And these are just some examples in some areas.
The enthusiasm to harness data has never been as extraordinary as it is nowadays. Although there is no shortage of those who argue that “there is no such thing as data”, technology analyst Benedict Evans recently wrote in the Financial Times.
“Most obviously, data is not one thing, but innumerable different collections of information, each of them specific to a particular application, that can’t be used for anything else.”, he added. “The value is not in the data at all, but in the flow of activity that surrounds it.” “The real question is what do you build with it.”, concluded Evans.
What can we build from the data? It’s not a bad starting point in the face of such a tangle of information. Microsoft Purview can be the next step. A tool that centralizes data: its governance, security and administration.
Purview is a data solution that helps enterprises control their on-premises, multi-cloud, and SaaS data. It enables you to create a map that opens the door to automated data discovery, sensitive data classification, and end-to-end data lineage.
Purview cuts cost in several ways. A robust data governance strategy is crucial for any organization. Purview improves decision making, streamlines operations and creates new revenue streams. Heathrow, the primary British airport, one of the busiest in Europe by passenger traffic and one of the largest globally, began using Purview.
“Our platform on Azure gives us the freedom to experiment with new what-if scenarios, which is key to pushing the boundaries of innovation and sustainability,” said Nick Beresford, Heathrow’s head of data and analytics.
The airport uses data-driven insights to optimize its operations, support growth and improve travel experiences. Heathrow wanted to automate and streamline data processing to help identify opportunities and thus improve efficiency.
“Our top priority is ensuring leadership has access to the most accurate data, presented in the right way,” says Dave Draffin, Azure Cloud and Data Architect at Heathrow, “we use Power BI to help us trace the lineage of data and understand exactly what we are seeing and better recognize the patterns that make up our predictions.”