First of all, what does data democratization actually mean? It refers to a specific process in which anyone within the entire organization virtually has the power to use data in order to make or give some better decisions. Regardless of the role of that person within the company, they can also access the data and the tools which they need to use in an effective way.
Concerns regarding data democratization
There are many kinds of scenarios in which your organization will try to protect its confidential information for various types of internal business reasons. Hence, an effective kind of data democratization initiative has to look out for the need regarding the security of the company’s important and confidential information.
Another concern can be regarding the privacy regulations such as CCPA, GDPR, and DPP. Although all these laws emerged some years ago, they are continuing to evolve as technology changes.
Lastly, there is another question of the misuse of data. An uninformed user, having a body of data that they cannot understand properly, could reach some incorrect conclusions, thus having poor business results. A data scientist will be aware of those potential pitfalls resulting from the poor quality of the data and will take some necessary steps to stop that risk.
However, a novice having the same information might not have a full understanding of the potential risks. Therefore, an effective program of data quality is an essential point to successfully use data democratization.
Some benefits of Data democratization
Democratizing the data means all employees can access the data they need without asking for someone’s help. Here we are going to discuss some of the benefits of data democratization.
Fostering the innovation
Innovation sometimes starts at the part known as the ground level. Someone while working on the front lines can have the idea or can explore a possibility and also can share it with the entire team. Proper Discussion and experiments often follow, taking to the path of further exploration, and thus eventually having a breakthrough.
When the information is controlled by the gatekeeper, it can create barriers to innovative thinking. In some organizations, the stakeholders remain unaware of the fact that data can be available to them. On the other hand, a company that can embrace the process of data democratization can start with the idea that proper innovation will happen, also offering that the specific tools are in place.
Having a 360° view of the important customer
In this new world of effective digital technologies, the customers have come to wish for a consistent and special experience when they interact with any organization. For many years, the marketing departments have tried enough to reach the right customers at the accurate time, and also with the most suitable message.
In this data-driven world, organizations are getting a far better position than meeting this challenge. When a company can successfully harmonize, integrate, and enhance its already existing customer data, it can start to develop a 360° view of each and every customer.
Streamlining the internal processes
Data democratization can also help in fostering a better understanding of all kinds of information of the company. When the assets of a company’s data are cataloged as part of a bigger data governance initiative, one might identify that the organization has access to that information already that could help them in resolving its shipping-related issues.
Hence, a powerful data integrity program can address this kind of problem and thus improve the internal processes of the company to achieve lower costs and a greater customer experience.
