According to a panel discussion on the role of data governance in digital transformation, data governance is the foundation of digital transformation because it secures and preserves data while making it much more difficult for unauthorized parties to access it. This is especially important in times of cyber insecurity and hacker attacks, the panelists said.
Digitization streamlines processes and provides a solution to a wide range of contemporary difficulties, and businesses must be pushed to adopt organized tools and strategies to manage the vast amounts of data that are now available. Mario Pehar, CDO of Unicredit Bank, Nebojsa Mitri, Director of Informatics at Maistra, and Lidija Karaga, member of the Management Board of Business Intelligence, were all in attendance for the panel discussion.
As a result of the current market situation, which has been brought about by the coronavirus pandemic, digitalization and structured integration of people, processes, and technology have become essential not only in the service of communication but also in the recovery and resilience of the economy and the stimulation of the growth of sectors such as banking and hospitality, which collect vast amounts of data about their customers. As a result, more and more businesses in these industries are embracing data governance, which is a data management strategy that identifies and maximizes the value of data.
Business operations are becoming more efficient in today's environment, and organizations are receiving massive amounts of data on a daily basis. The inability to manage this data optimally, i.e., the failure to select the most appropriate strategy for storing and using this information, causes businesses to struggle to progress, resulting in longer work processes, a greater amount of data being required, and a greater amount of storage space being required to store additional data. Data governance, as a strategy for managing already available data, not only produces useful, valuable information from raw data that helps the company run more efficiently, but it also creates a context in which every stakeholder in the business process understands when and how he or she can use specific information. as a result, he explained Lydia Karaga, a member of the Business Intelligence Management Board, went on to say that this is a step through which organizations of any size, regardless of their size, may optimize their operations, decrease expenses, and make information available to them in their business and customer relations.
It is the foundation of digital transformation and a must for organizations to become fully data-driven in their decision-making. Investing in digital transformation should include upskilling employees in order to make better business decisions based on data. It should also include the use of high-quality, user-friendly technologies that will aid in the interpretation of relevant and accurate data.
Preceding the panel discussion at the BIRD Incubator in Zagreb, Jerome Couzy, an analyst with many years of experience from the international company Informatica, delivered an introductory lecture, emphasizing the importance of using the right tools to help companies discover and exploit the potential value contained in their data.
Businesses may expedite their digital transformation by utilizing clear and trustworthy data, which can be provided by the right tools and established platforms. In addition to huge corporations, data governance solutions are advised for small and medium-sized businesses that collect specific data and intend to extend their operations. Because all company decisions are made on the basis of actual facts, this data management technique has the potential to dramatically accelerate their growth. Many firms already have data, and the next crucial step is to invest in the process of digital transformation, which includes the development of the appropriate tools for extracting value from the data that is currently available, according to Couzy.
