A cartoon making its way around social media asks the provocative question “Who wants clean data?” (Everyone raises their hands) and then asks, “Who wants to CLEAN the data?” (Nobody raises their hands). I took the cartoon one step further (apology for my artistic skills) and asked, “Who wants to PAY for clean data?” and shows everyone running for the exits (Figure 1).
Figure 1: Today’s Data Management Reality
Why does everyone run for the exits when asked to pay for data quality, data governance, and data management? Because we do a poor job of connecting high-quality, complete, enriched, granular, low-latency data to the sources of business and operational value creation.
Data is considered the world’s most valuable resource and providing compelling financial results to organizations focused on exploiting the economics of data and analytics (Figure 2).
Yet, most business executives are still reluctant to embrace the fundamental necessity of Data Management and fund it accordingly. If data is the catalyst for the economic growth of the 20th century, then it’s time we reframe how we view data management. It’s time to talk about Data Management 2.0.
The Data Management Association (DAMA) has long been the data management champion. DAMA defines data management as “the planning, oversight, and control over the management and use of data and data-related sources”. DAMA is instrumental in driving data management development of procedures, practices, policies, and architecture (Figure 3).
The DAMA Data Management Framework is great for organizations seeking to understand how to manage their data. However, if data is “the world’s most valuable resource”, then we must re-invent data management into a business strategy. We must help organizations understand how best to monetize or derive value from the application of data to their business (Figure 4).
Figure 4: Transforming Data Management
Before exploring the Laws of Data Management 2.0, let me define “Data Monetization”:
Data Monetization is the application of data to the business to drive quantifiable financial value.
While some organizations can sell their data, for the majority of organizations data monetization (or insights monetization) is about the application of the data to the organization’s top use cases to drive…
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