Why It’s Time to Invest in a Data Catalog

[jrineakter]

Gone are the days when executives made decisions based on “business savvy” or “gut instinct.” The most successful modern enterprise businesses — including Netflix, Amazon, Spotify, and Uber — have created highly successful business models powered by data-driven cultures, where data informs virtually every important decision leading businesses make, from aligning product, sales, and marketing strategies to choosing the most engaging color for their website’s homepage.

In the words of famed engineer, statistician, professor, and management consultant W. Edwards Deming, “Without data you’re just another person with an opinion.”

The volume of available real-time data business leaders can collect, and the value of insights that can be gleaned from it are fast-tracking organizations’ need for data governance, a set of tools that define roles, standards, policies, metrics, and processes to ensure that data is used responsibly, efficiently, and effectively within their organization. And this realization is driving incredible demand for data governance solutions across virtually all categories.

According to market research leader Research and Markets, The “global market for Data Governance — estimated at US$1.8 Billion in the year 2020 — is projected to reach a revised cambodia whatsapp number data size of US$6 Billion by 2026, growing at a CAGR of 22% over the analysis period.”

And of the data governance tools in which organizations are investing, none is more foundational to data-driven business success and establishing a data-driven culture than an enterprise data catalog. A data catalog is the launchpad that helps every member of your team discover and use the best data and analytics resources for their projects, achieve faster results, and make better decisions.

Allied Market Research recently predicted “expeditious growth” for the data catalog market in 2022, saying:

An increase in the growth of self-analytics data, proliferation of data in the modern world, and growing demand for business intelligence tools are the major drivers of the market. In addition, real-time availability of data, which helps to reduce the cost of infrastructure and gain business insights, fuels the data catalog market growth.

The growth of the market clearly shows that the business world is rapidly moving into the world of data-driven decision making. Any business too slow to implement a data-driven culture or too slow to build out their data stack will surely be left behind.