The phenomenon of data accessibility and education for all employees and stakeholders, and regardless of their technical background is referred to as Data Democratization.
Before data democratization, enterprises would waste considerable time searching for data, accessing the data, and waiting for approval to use it. Traditionally, only IT teams retained most or all of the data. This was a major hindrance for the enterprise to be data-driven. Data democratization has various benefits such as greater efficiency, better profitability, and scalable growth. It is highly productive for Sales and Marketing giving them unhindered insight into the products and services thereby enabling them to streamline opportunities and designing appropriate campaigns.
Data democratization is great to facilitate better customer experience by making the process of support almost instantaneous. Whether it be over a call, chat or chatbot, access to data pre-hand makes the process smooth and swift. Amongst peers and organizations, data democratization brings in a level of transparency and awareness. Additionally, it helps especially in remote and hybrid working environments where the remote employee may need access to information on a regular basis.
Knowledge is power. Enterprises that fail to provide their employee’s adequate knowledge or data face many roadblocks –
Four steps to Data Democratization
Data Democratization: Best Practices
Enterprises generate a considerable amount of data every single day. These establishments look to use this data to innovate and grow. With data spread out across the business and trapped in silos, it can be challenging to make data-driven decisions. As a result, many large organizations look to democratize data across their business.It is best to opt for agnostic solutions as they are interoperable among different systems and platforms. They deliver more flexibility as your organization grows and evolves.
Don’t cut corners. While there may be short-term cost savings with some potential solutions, study the features and functionalities of your potential data solutions in detail to ensure they are future ready and sustainable.
It’s imperative that you choose tools and processes that your employees will actually use. There’s no better way to introduce your team members to the solutions tools than to involve them in the process from the very start. Dry runs, trials and testing should be performed with the staff to ensure usability and feedback.
Pros & Cons of Data Democratization
Data democratization is definitely beneficial but there are some concerns regarding data ethics, misuse of data and compliance. These can be smoothed out by a robust check and feedback mechanism, designed to avoid capture or transfer of data.
One of the most promising benefits of data democratization is its influence on the global economy. Open access to information allows people from different backgrounds the ability to bring new value to communities and the world.
Today Data democratization is behind the success of enterprises across the globe. Organizations that implement data democratization correctly see rewards across all verticals of the business, from improved customer experiences to greater revenue and a robust bottom line.