Unlock Your Business Potential with Data Democratization

Is your business data hard to get to, like it's locked away and only a few people have the key? That can really hold your business back. Imagine if everyone on your team could easily use all the data you create and collect to make better decisions, faster. That's what data democratization is all about, and it’s a powerful tool. In today’s blog we briefly discuss how it works. 

Think about it. Historically, information is power that is unfortunately often hoarded by a select few. Did you know that the ancient Library of Alexandria—one of the largest and most significant libraries of the ancient world—aimed to collect all the world's knowledge? While an admirable goal, access was still limited. Today, technology allows us to provide more knowledge to more people, faster than ever. 

What Exactly Is Data Democratization?

Simply put, data democratization means making data accessible to the average non-technical user within an organization, without requiring them to go through a would-be gatekeeper (like the IT department or a data analyst). It's about empowering your team with the right tools and understanding to use data effectively in their daily roles. 

This doesn't mean a free-for-all with sensitive information, as that would be horribly short sighted. Instead it uses strong governance and security while also providing relevant data in an understandable format.

Imagine your sales team being able to instantly see which products are trending locally, or your marketing folks understanding customer behavior in real-time to build successful campaigns. Picture your operations manager identifying bottlenecks before they become major issues, all because the data they need is at their fingertips. That’s the power we're talking about.

How Data Democratization Works

For small and medium-sized businesses, the agility that comes with data democratization is invaluable, but how do you set it up? Unlike large corporations with dedicated analyst teams, SMBs need every employee to contribute to their full potential. This is how it works:

• Organizing data - A lot of times data is scattered throughout spreadsheets and databases all through your organization. Sometimes, it’s just known by individual workers. The first step of data democratization is to centralize this information and store it in places where it can be easily accessed. 
• Finding the right tools - Forget complex coding or arcane database languages. Modern business intelligence (BI) tools and dashboards offer intuitive interfaces, drag-and-drop report building, and clear visualizations that even your less-tech-savvy employees can use to make better operational decisions. 
• Cultivating a business culture using data - Of all the initiatives that go into building solid data democratization, this may be the most crucial. It’s not just about providing tools; it’s about encouraging curiosity and empowering employees to ask questions and seek data-backed answers. This might involve training strategies.
• Using clean data - You’ve probably heard the old adage, often used in physical health, ‘garbage in, garbage out.” The same goes for your data. Building your business on BI platforms that use accurate, consistent, and secure data is vital. You need to have some sort of access control in place so that people have access to the data they need and aren’t in the position to put data they don’t need in harm’s way.

Preferred Can Be Your Partner in Data Empowerment

Navigating the path to data democratization can seem overwhelming, given all the parts that need to align for it to work properly. Fortunately, that’s where Preferred comes in. We provide proactive business technology support and can work to set up a comprehensive BI platform that can really help your business. From setting up the right infrastructure and selecting user-friendly tools to ensuring your data is secure and your team is trained, we're here to help you unlock the immense potential you can gain when you use your data correctly.

Are you looking to put your data to work for you? Give Preferred a call at 708-781-7110 to have a conversation about ways we can help your business thrive.