6 ways to improve your top and bottom lines with modern data governance from Microsoft and CluedIn

In this guest blog post, Tim Ward, CEO and Co-Founder of CluedIn, discusses data governance and shares how modern tools can be used to improve efficiency and drive revenue growth.

Businesses are constantly looking for ways to optimize their operations and drive growth. One of the most powerful yet underutilized tools is data governance. Modern data governance does more than ensure compliance and security. It also plays a critical role in improving both the top and bottom lines of an organization. In this blog post, we’ll explore how leveraging an advanced data governance strategy can yield significant financial benefits.

Data governance at its core involves the management and oversight of data assets within an organization. This includes data quality, data security, data privacy, and compliance with regulatory standards. In the past, data governance was viewed as a purely defensive measure, focusing on minimizing risk. However, modern data governance goes beyond risk mitigation to provide opportunities for value creation and competitive advantage.

3 Ways to Increase Revenue with Data Governance

• Enhanced customer insights and personalization: Modern data governance tools such as Microsoft Purview CluedIn on Azure MarketplaceIt enables businesses to discover, map, and organize customer data from a variety of sources. By creating unified customer profiles, businesses gain deeper insights into customer behavior, preferences, and needs. This information can be used to drive highly personalized marketing campaigns, tailored product recommendations, and improved customer service, all of which can lead to increased sales and customer loyalty.
• Reduce time to market: Effective data governance enables streamlined data management processes, reducing the time required to prepare data for analysis. It also allows domain experts to manage data themselves and disseminate it to all the teams that need it. With democratized access to high-quality data, companies can accelerate product development cycles and respond more quickly to market trends. This agility allows companies to capitalize on new opportunities more quickly and gain a competitive advantage in the marketplace.
• Innovation and new revenue streams: Data governance helps discover new insights and patterns within data. By leveraging AI-based data exploration, profiling, and validation, enterprises can identify new business opportunities, innovate existing products, and create entirely new revenue streams.

Three Ways to Save Money with Data Governance

• Operational Efficiency: Modern data governance solutions often use AI and machine learning to streamline data management, minimize errors, and reduce the need for manual processes. These efficiencies lower operational costs because less time and resources are needed to manage data. Automated data quality checks and compliance management also reduce the risk of costly regulatory fines and penalties.
• Reduce IT and infrastructure costs: By implementing cloud-based data governance solutions like Microsoft Purview and CluedIn, enterprises can optimize their IT infrastructure costs. Cloud-native tools provide scalability, allowing enterprises to manage growing data volumes without making significant capital investments in on-premises hardware. Cloud solutions also provide built-in security and compliance capabilities, reducing the need for separate tools and resources.
• Improved decision making: High-quality, well-managed data is essential for accurate, informed decision making. By ensuring data accuracy and consistency, modern data governance enables business leaders to make better strategic decisions. This leads to more effective resource allocation, optimized supply chains, and improved overall business performance, all of which contribute to cost savings.

Bringing your business into the data supply chain

Each of the above benefits represents an opportunity for organizations to maximize revenue, improve profitability, and reduce costs. However, their effectiveness depends on one key factor: the ability to bring domain experts who may not be technically fluent into the data supply chain. The context and knowledge they bring is often the difference between a defensively competent data governance program and one that provides a proactive and continuous opportunity to create value.

This business-driven, technology-enabled approach (supported by a federated data governance model) should be the desired state of any data governance effort. That means the tools used to facilitate it should also be intuitive enough for business users to adopt. Microsoft Purview and CluedIn are designed in exactly this way, introducing low-code/no-code capabilities, business concepts like data products, and pilots. The future of data governance is federated, and those who recognize it now will be best positioned to capitalize on it commercially.

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