For years, the problem of miscommunication has plagued companies. Lack of a proper hierarchy of decision making and scarcity of relevant actionable information has led to organizations missing out on key performance dips and the less speedy generation of insights that can benefit the organization. In most companies, the handling of data is left to the specialized data scientists and the IT department. As such, information insights are generated that much slower with less accuracy than expected.
Democratizing data in the organization would mean that every user can query, understand and apply critical data at faster rates than ever before. As such, let us look at the two biggest reasons a company needs Data Democratization.
To accommodate the emerging millennial workforce
Many psychological studies have been done regarding millennials and their constant need for reassurance much more than Generation X’ers or Baby Boomers. This means that millennials in the workplace want constant feedback on their performance and career in respect to company goals. Since the millennial generation has grown up with IT and the internet at their fingertips, they have a need for instant answers to their questions. As such, proper feedback is a huge motivator for a millennial in the workplace.
This generation needs such potent communication to visualize where they are and where they are going. This way, targets and performance can be measured so that improvements can be made to reach the goals. A study done by Rappler.com in 2016 showed that the biggest similarity they have the world over is that they trust themselves most to handle challenges happening on a local level.
So why do they constantly need to be informed? It grows out of their nature of instantly gaining knowledge on a topic in question by looking it up on the internet. As such, to gain their loyalty, a business must stay abreast of technology and evolve with it.
Data scientist and citizen data scientists have great rewards
Due to augmented analytics, Citizen Data Scientists (CDS) can get actionable insights in real time analysis meaning that these users can effortlessly find, visualize and narrate information. As such, correlations, anomalies, predictions and expectations can be found easily and utilized faster. As things stand, a study by IBM found that most executives worldwide are using 70% of their resources finding information and only 30% analyzing it. Additionally, 99% of new data is never analyzed, used and transformed. This means that the organization is losing out on actionable insights simply because the data has not been democratized and getting to it is a bit problematic. With augmented analytics, all users get information and as soon as it arrives minus all the noise. Therefore, the employee feels more empowered to improve on their performance and decisions.
This way, employees get non-monetary rewards such as job scope enlargement through extra tasks they can complete and job enrichment via skill enrichment and responsibility allocated. In turn, this highly motivates people to increase their performance. What’s more, access to real-time analysis allows for better decision making and improvements where necessary. When the employees can also monitor their performance with respect to company objectives, they can improve on their weak areas which benefits the organization as much as it does the employee. With real-time insights at play, extensive project scheduling and large-scale pre-planning are replaced by smaller, more controlled experiments which can be modified quickly and easily to a constantly changing business environment.