The amount of data that businesses generate every day is reaching stratospheric heights. Most industry pundits agree that, at the current rate of data creation, the total amount of data in the world will double every two years. What should you do? Forward-thinking executives recognize that this unprecedented data tsunami is a potential business gold mine. Mining for customer centricity, improving supply chain efficiencies, and reducing regulatory exposure are just a few of the benefits that data can deliver.
Extracting value from massive data volumes requires sophisticated analytics. The accuracy and reliability of analytics, in turn, depend largely on the quality of the raw data. This fundamental reality drives the increasingly common corporate mandate of implementing robust data management (mastering) and rigorous data governance (control). Both must coexist. If you believe in the fundamental management principles forged by Peter Drucker, W. Edwards Deming, Robert Kaplan, and others, you should add this mantra to your preferred practice portfolio: “You can’t control data that is yet to be mastered.”