Only in 2019 global data creation reached the level of 41 zetabytes (zetabyte = 1021). The amount of data produced is currently doubling every three years. The whole world is flooded with data and the global trends are reflected by the amount of data produced by every single company and institution.
63% of all companies and institutions use data for making strategic decisions. To do it right, one has to use the data of the right quality. The better its quality, the better the analyses can be made – bringing us to our ‘high quality’ premises, essential for the organisations decision makers.
2020 studies by IDC (an international consulting group, specialising in market trends analysis, data analysis, conducting and processing clients’ pools), indicate that 50% of respondents feel a lack of trust in data is a challenge in their respective organisations, and 56% of them felt that the main issue is the lack of trust in the data analyses and reports so generated.
According to S&P Global (daughter company of Standard’s & Poor, specialising in data analysis), over 50% of companies increased their Data Management expenditures (in spite of the COVID pandemic).
According to S&P’s pools, the steps taken to improve data culture are mainly:
- investments in Data Management products and services (44% of companies),
- investments in analytics products and services (40%),
- investments in improving employee data literacy and skills (35%),
- reviewed organisations’ current use of data (28%).
According to the IDC studies, 87% of executives and 70% of managers are aware of the influence of the analysis quality upon the decisions they make. In case of top managers, decisions often stand as a “to be or not to be” for their organisations. Thus, more and more of them put emphasis on data quality, which directly corresponds to the quality of analyses and reports presented to management boards.
According to yet another S&P pool, Data Governance initiatives bring the following business values:
- higher quality of data/insight (38%),
- faster access to relevant data (30%),
- fewer IT-related bottlenecks (28%),
- reduced repetitive efforts (24%),
- increased self-service independence (21%).
As per studies made among data personnel (analysts, data scientists etc.) the 80/20 rule prevailed for many years (80% of time was spent on looking for the relevant data and only 20% for making any use of it). Sadly, since 2019, a shift towards an 85/15 ratio has been observed.
Taking into account the above, the Data Governance processes are not the domain of rare companies, but gradually become the standard for more and more organisations. They allow for optimal planning of day-to-day and strategic activities and support the efforts of the data personnel, thus allowing for more time to be used for analysis of the relevant data, not only for searching them. Customer service also jumps up a notch. We can generate a highly coherent picture of a client, complete with available access channels.
In Data Governance projects, there are two main components that are significant:
- the platform, i.e. tools enabling, facilitating and automatising the Data Management,
- the project team.
In Gartner’s Magic Quadrant, which shows the vendors with best data solutions, Precisely was one of the distinctive leaders in 2020.
When compared to the competition, Precisely products featured highly- advanced automation, state-of-the-art technologies (Machine Learning, Graph data base) and an immense amount of deployment (over 1200 worldwide); 90 worldwide brands from Fortune 100 are using Precisely tools and systems.
AZ Frame have chosen Precisely as a solution for their clients because:
- facility of service and maintenance,
- very high efficiency,
- future-oriented platform, using the newest technologies,
- fully able to service the Data Management processes,
- integrating itself with the outside environments (via services, bases and vocabularies).