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What Is Data Democratization & How Does It Help In Unlocking True Potential Of Business?

Data Democratization

IT Chronicles reached out to executives, thought leaders, experts, practitioners, and writers about a unique initiative. ITC would donate to Second Harvest for every article submitted in December by our past contributors. Thank you to all who contribute to this food drive. We appreciate your knowledge and leadership.

Introduction 

In this dynamically changing environment, enterprises are doing their best to keep up with the challenges they face and to stay one step ahead of their competitors. Today, every business is deluged with data from every angle. For businesses to improve their overall performance, they are pressured to use the insights from various data. Therefore, as a result, to process this incredible amount of data and help non-technical people understand the data, data democratization comes into play. Now, let’s take a look at what data democratization actually is, its benefits, and how it helps businesses unlock their true potential.

What Is Data Democratization?

Data democratization is the method of making digital information convenient to users without needing IT. In a nutshell, data democratization signifies that everybody has access to the data, and there are no gatekeepers blocking you from obtaining information from the data. The requirement is to present an easy way for people to understand data efficiently. Because of this, they can leverage more opportunities and facilitate decision-making for their companies. The main objective of data democratization is to have anybody utilize data at any time to create decisions with absolutely no limitations to access or understanding. 

Until recently, it was considered that data was “controlled” by IT departments only. Even though business units such as executives, marketers, business analysts used data to make business decisions, it was a known fact that they had to go through the IT department first to get hold of relevant data. That’s how it has been for almost five decades and some people still believe that it should stay the same that way. 

Benefits Of Data Democratization

When we take a look at the benefits that data democratization has to offer, there are quite a few. 

  • Seamless Work From Home Experience-

 Nine out of ten employees have been saying that data democratization is more important than ever nowadays since many employees are working remotely. Especially when working remotely, it is very important to have business information right at your fingertips. It doesn’t matter if you are in marketing, IT, or sales. Hence, data democratization plays a huge factor in work from home scenario.

  • More Empowered Employees-

When you compare most of the research, it reveals that many business leaders believe that almost all employees should be utilizing data insight to improve their overall performance. Data democratization helps in empowering employees.

  • Much Better Customer Experience- 

Data democratization helps in providing a seamless customer experience. It also delivers a unique way of interacting with customers in-store and online. When customer-facing departments such as sales and marketing have accurate customer contact data, they can make preferable changes and reach customers according to their trends and behavioral stats. 

  • Faster Decision Making- 

Another great benefit of data democratization is that it renders a faster decision-making process. Data democratization seems to have delivered an exceptional customer experience from previous data historical insights and has excelled in its operations. It has access to highly secure and relevant data.

How does Data Democratization Help In Unlocking True Potential of Businesses?

Data democratization plays a vital role in redefining business potential. 

  • Improved Operational Efficiency- 

When the whole team is empowered, you will notice a fine line of operation. This can also be true when the employees are working remotely. When a wider range of roles has sufficient information, they can access enhanced customer insights. That is they have the data to personalize their marketing campaigns. With that customer data, they can also have productive conversations with the sales department to enhance customer experience ideas, hence enhancing operational efficiency. 

  • Widespread, Easier Data Access- 

With the help of data democratization helps deliver data access to almost anybody more quickly and efficiently.  More authorized people getting access to it helps in the easy running of performances. 

  • Trust in Data and Decisions- 

Another huge benefit of data democratization is that it provides accurate data to employees, and hence, it makes their work easier and enables them to take effective decisions. Data can be trusted due to its moderate and visible level of quality. 

  • Increase in Productivity- 

Enhancing productivity is another advantage that data democratization renders businesses. Its highly accurate data helps employees achieve good potency skills and changes into a productive workplace.

Conclusion

Today, technology is moving at a much faster pace than ever before and businesses and enterprises are doing their best to get their hands on the newest pieces of technology to keep up with the latest trends, including many services like AI services and data analytics. At present, over half of the businesses are utilizing data democratization and drawing its benefits. Now is the time for you to democratize your data across your business far and beyond; and leverage its multiple advantages. 

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