Businesses around the world are striving every day to become more data-driven, and as such, how they collect and manage this data is evolving. One important topic that has arisen out of this shift is data governance. In this post, we set out to answer the following questions:
Knowledge management is the process where value is derived from knowledge by making it accessible to everyone within an organization. It is a multidisciplinary approach that aims to achieve objectives through the best possible use of knowledge. To learn more about knowledge management, see our recent blog post on the topic.
Key benefits associated with knowledge management include:
- Improved performance and innovation
- Communication of ‘lessons learned’
- Integration and continuous improvement
Humans are naturally visual creatures, so it is no surprise that we search for better ways to portray and understand what data is telling us. Data visualization is one of the most effective ways to achieve this because it enables us to take data or ideas that are abstract and difficult to understand as written, and turn them into something easily understood in a more graphical or visual format. To learn more about data visualization and how organizations use it, see our blog post.
However, for any data visualization to be effective, it requires the right tool – which in many cases can mean a multifunctional tool that includes capacity for both visualization and analysis.
As we become better at collecting and analyzing data, we also have to become better at explaining what it all means. Data visualization is the use of algorithms to create images (graphical and pictorial) from data so that humans can more effectively understand and respond to that data. It is important because it enables us to digest large amounts of complex data that would otherwise be overwhelming or difficult to understand.
To better understand data visualization, there are several questions that we will answer:
To achieve a unified view of data that is sourced from different locations and formats, it is necessary to have an established data integration solution. This can also include occasions when two companies are merging or in the consolidation of internal applications. Data integration can also be beneficial in the creation of a better and more comprehensive data warehouse; ultimately leading to a more accurate and effective analysis.
Data integration is the process of taking data from many disparate sources and making it usable. As the number of sources continues to grow, the need for effective data integration also continues to grow in importance. There are a number of benefits associated with an effective data integration solution. Some of these include:
- A single and reliable version of truth that is synced and accessible across locations
- An enhanced capacity for analysis, forecasting, and decision making based on accurate data
- A fully comprehensive view of an organization and its customers
- Data availability throughout a business and its stakeholders
Ultimately, data integration lays the foundation for effective Business Intelligence (BI) and the effective decision making it enables.