Report and Analytics Governance – Why Do I Need It?
Global analyst firm Gartner has unveiled its “Top 10 Strategic Technology Trends in Data and Analytics for 2021.” It expects data and analytics worlds to “collide,” creating convergences in technologies, the roles of data and analytics workers, and processes. By 2023, decision intelligence will be a focus for many with more than 33% of large organizations expected to have analysts practicing decision intelligence, including decision modeling.
During the most recent Gartner Symposium, research VP Rita Sallam, presented that by 2023, 95% of Fortune 500 companies will have converged analytics governance into broader data and analytics strategic initiatives as part of an enterprise information strategy.
Analytics Governance Is Not About Information
“Analytics” is how people use insights from data to inform decision-making and achieve business objectives. “Governance” establishes guidelines and guardrails to ensure your data and analytic processes are being deployed as efficiently as possible. “Analytics governance” is a modern, redefined governance for enabled users that ensures information is both trusted and utilized properly throughout the analytics lifecycle. Similarly, “report governance” focuses on accurate, appropriate use of information for decision-making.
According to McKinsey, executives in every industry must shift from a data-governance model of loosely followed guidelines to report and analytics governance that makes the most of how people use data and analytics to create value.
Although the current users of big data and big analytics are primarily big corporations, reports and analytics governance could be equally advantageous in assisting decision-makers of small-to-medium-sized businesses across industries.
Benefits of Putting Policies and Procedures Around the Analytic Process
Structured use of data. With analytics governance, you can establish procedures and guidelines that ensure your analytics activities align with an enterprise information strategy. By establishing processes and organization structures, you can be certain that people recognize the importance of governance roles and their work is respected.
Simplified compliance. Whether regulated by industry watchdogs, by government, or self-regulated, analytics governance is a critical aspect of ensuring adherence to regulatory requirements.
Better decision-making. As with any organization, well-governed reports and analytics are better understood, more reliable, and more discoverable – making it easier for users to pull trusted, relevant, and useful data. This allows you to drive more business value from your data, as well as ensure clear accountability and ownership for more productive and confident decision-making.
Reduced risks. All the aforementioned benefits of analytics governance lead to improved operational efficiencies and reduced risks.
Getting started with report and analytics governance initiatives can seem daunting, and similar efforts often go amiss. Whether you are a traditional incumbent company or an emerging start-up, you don’t have to reinvent the wheel. ZenOptics can help you establish and grow your governance program
ZenOptics’ Enterprise Decision Platform provides:
Powerful Metadata. Report usage metadata can show that a particular author develops reports that are frequently used. ZenOptics’ enterprise decision platform enables access to reusable, active metadata that can improve trust in information and reduce time to data delivery.
Certified Reports. Business users will benefit from a governed environment that offers automation with workflows and report certification for driving decisions.
Continuous Compliance. ZenOptics can help you navigate operational decision complexities, including adherence to regulations by practicing compliance-centric reporting.
While the benefits of analytics governance will differ for each organization, there is predictable business value it can deliver: improve decision-making processes that will drive sound business outcomes.
Are you ready to explore ZenOptics’ decision confidence platform and learn how it can influence business outcomes and behavior in your organization? Request a demo today.