Organisations should pay closer attention to data governance if they want to achieve breakthrough performance from data insights, according to the findings in a new report on executive opinion by Forbes Insights in association with Qlik.
The report, Breakthrough Business Intelligence: How Stronger Governance Becomes a Force for Enablement, reveals that while 81 per cent of organisations surveyed are obtaining very significant or significant business benefits from their BI programs, just 48 per cent feel they are gaining full benefit from those investments.
The research, which surveyed more than 400 senior executives around the world, revealed leaders share key concerns about inconsistent data, formulas and definitions, “multiple versions of the truth” and limited adoption across the enterprise.
The report stresses that the key to overcoming all the concerns is stronger governance, which helps organisations to ensure consistent, reliable and optimised results.
“Governance requires a really fine balance – governing to the point where consistency is assured, but flexibility remains,” said Mike Saliter, VP, global industry solutions, Qlik. “There is no perfect formula, but finding the right governance level within your organisation’s culture is a critical component to making the most of BI opportunities.”
“Processes should ensure reliable data while allowing for flexibility and access among knowledge workers,” said Bruce Rogers, Chief Insights Officer and head of the CMO Practice, Forbes Media.
Regardless of the concerns, 78 per cent of executives say that data governance is either vital or important to their BI operations, while 65 per cent say governance is useful to empower end-users to uncover new insights.
Survey respondents cited substantial tangible and intangible benefits from their existing programs, including improved customer metrics, accelerated time to market, stronger product and service mixes, enhanced brand valuation and recognition, and higher profitability.