Data democratization: Socializing data as an asset

Leveraging data for your organization’s health and growth is not just a luxury, but a necessity of any business in the 21st century. Starting with data democratization and evolving into more advanced phases, data management is a skill that you can learn and lead within your organization. 

But what is data democratization and how can you get started? 

Summary 

Data democratization is the strategic initiative of making organizational data accessible to all employees, not just data professionals, through a shared services model and collaborative tools. The goal is to improve overall company performance, empower real-time decision-making, reduce data silos, and ultimately advance the organization toward promoting data stewardship and data intelligence. 

What is data democratization? 

Data democratization refers to making data accessible to company employees, even those who are not specifically data professionals. While organizational data is traditionally managed by certain gatekeepers in an enterprise, data democratization aims to combat this trend. 

In a democratized organization, data is accessible by everyone through a shared services model and collaborative tools. 

What are the benefits of data democratization? 

The goal of data democratization is to make data readily available within an organization to improve the overall health and performance of a company. Equal access to data enables a company to holistically understand data challenges, achieve synergy across the enterprise and capitalize on opportunities to generate additional revenue. 

Socializing data also enables a common data model schema for analysis, and creating a common data model will ensure consistency across applications. This approach also allows a company to build a collective view of data, which enables a holistic view of a consumer’s needs. 

All this comes with specific organizational benefits that include: 

• Reducing data silos
• Empowering employees to take ownership and make real-time decisions
• Creating a culture of inclusion and trust about data
• Driving impactful business decisions
• Enabling a shared vision, accountability, and responsibility
• Establishing transparency about data
• Maintaining and advancing technology development efforts
• Improving customer satisfaction and loyalty 
   

The strategic value of data 

As we start to recognize our appreciation for the value that data provides an organization, we realize that transforming data from its purest form into actionable insights requires engagement from all levels of an organization. 

Data alone is of little value to the business, but action and data combined deliver business value. Starting by capturing and analyzing data in its purest form, you gains deeper insights as you maneuver the data through our business activities, ultimately delivering business value.

How do I create data democratization? 

Data professionals within your organization can become advocates who work to socialize and publicize the benefits of capturing quality data. They ensure that all levels of the company are trained in data literacy and help build partnerships that advocate for data integrity in all business decisions. 

As your company seeks to democratize data, you should: 

#1 Plan for data democratization 

• Set goals and drivers for democratizing data: What is your company’s game plan for using data? 

• Learn the strategic value of data: How will you position the data value chain as a strategic asset within the company? 

• Plan data literacy initiatives: How will you build and maintain data literacy across the organization? 

• Look beyond data democratization: What’s next for your organization? 
   

#2 Implement data democratization 

• Create a data-focused vision and mission statement aligned with corporate business strategy. 

• Share data knowledge with the internal business community. 

• Socialize data findings along with business problems and challenges. 

• Invest in the right business intelligence tools for proper analysis and reporting. 

• Create forums that allow for socialization and learnings at all levels of the company. 
   

#3 Create a culture of data literacy 

• Offer training on analytical tools 

• Create data curriculum plans 

• Proactively share data-driven insights  

• Identify leaders as data coaches within the organization 
   

What are the challenges of democratizing data? 

While democratizing data is well worth the benefits, there can be challenges in making the transition for your organization. 

Achieving data democratization means first overcoming any lack of support from senior leadership support, a lack of training or culture, and inconsistent messaging on data use. Likewise, some companies may not be able to fund the initiative or gain access to the technology and analytical tools that make data democratization successful. 

Overcoming these barriers will require a focus on building an organization that has strong leadership support, transparency about the use of data, a collaborative and trusting culture, deployment of self-serving tools, and collective efforts to build data literacy skills at all levels. 

Growing your business beyond data democratization

As your organization sees the value and purpose of data in your operations, you will start to move beyond socialization to promoting data stewardship: ensuring personal accountability and ownership of data through effective controls like governance models, data standards, quality controls, and operations. 

From a state of data stewardship, your company will drive towards data intelligence, the interaction and analysis of diverse views of data in a way that leads to transformational business results. 

Learn and lead in your organization in data management 

Leading your organization in data democratization starts with honing your expertise in data and analytics. Becker’s Data & Analytics for Business Professionals Certificate covers democratizing data and all things data management and organization. Plus, you’ll earn 9.5 credits of NASBA-approved CPE upon completing the 8-course certificate. 

Stay up to date and lead your team with Becker CPE on data transformation and more! 

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