Why Data Management is Critical to Business Success Data is the lifeblood of our interconnected world, and a crucial lever for driving exceptional customer experiences, says Rajiv Shesh, Chief Revenue Officer, HCLSoftware
By Rajiv Shesh
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In an era defined by digital transformation, data has emerged as the most critical asset for organizations seeking to thrive in a hyper-competitive landscape. The ability to effectively capture, manage, and leverage data is no longer a competitive advantage; it is a major business imperative.
Navigating The Data Deluge
Data is the lifeblood of our interconnected world, and a crucial lever for driving exceptional customer experiences. As data volumes explode, stakeholders face mounting risks and complexity in classifying, managing, and identifying what truly matters. The solution lies in a unified environment that seamlessly integrates, processes, and manages data across diverse systems, enabling effective data lineage.
Consider Real World Use Cases
A leading insurer needed to transform its underwriting platform for rapid online quotes while upholding risk standards. By implementing a sophisticated data management platform, they integrated multiple validation services and third-party sources, delivering personalized insurance pricing within 400 milliseconds. This also allowed them to triple their data team size without performance degradation and implement real-time analytics dashboards. Similarly, a mid-sized software firm, competing with giants, revamped its customer engagement by solving critical data integration challenges. A cohesive data management platform unifies customer data from myriad sources, empowering sales and marketing with instant insights for personalized experiences from day one, deployable across multiple clouds.
Factors To Look For Evaluating Data
Evaluating data management tools requires focusing on critical capabilities such as scalability and reliability. To handle large volumes of data for real-time decisions, organizations need to pivot away from data silos and adopt a unified approach. Enterprises looking to adopt a data management platform must look for flexible, reliable solutions that can integrate disparate data sources with no limit to type or volume, quickly. Equally crucial is support for global data sovereignty regulations and robust metadata creation for easy data identification and understanding. Real-time analytics are essential to enable timely actions and scale business success.
Build A Compelling Business Case
Gain an up-to-date understanding of your data estate, usage, and compliance environments. This reveals inefficiencies, such as data duplication impacting IT spend, and establishes a baseline for improvement by pinpointing fragmentation. Collaborate with cross-functional leaders to directly link the data strategy to tangible business outcomes. Assess total cost of ownership (TCO), beyond initial technology costs, factors in ongoing expenses like process redesign, governance tools, and cloud infrastructure to build a compelling case for long-term ROI and prevent any surprises.
Data Management Is The Path Forward
Metadata management is emerging as a powerful solution, automating data governance and making data more accessible. This approach accelerates time-to-value by providing unified data intelligence. Organizations that embrace a holistic approach to data management will be best positioned to unlock unprecedented value. By fostering a data-driven culture, investing in robust data management and governance frameworks, enterprises will be better positioned to deliver exceptional customer experiences.
