What is Data Democratization?
Data is essential for organizations that are looking to maintain a competitive edge enabling them to pinpoint potentially profitable areas that they may have been missing for a long time: to drive down costs and to make decisions based on fact and not the fallibility of gut instinct. Data democratization describes barrier-free access to data.Data democratization allows the average end users to be in a position to assess the data in a digital format without requiring help from the outside.
Pros of Data Democratization
In an organisation it is not mandatory that everybody would be knowing about data extraction and analysis .However, data democratization allows non-specialists to access and analyze data themselves, without assistance from the experts.This process puts the data in more people’s hands, empowering them to make their own informed data-driven business decisions and encouraging collaboration. At the same time, it gives data scientists and digital analysts more time to focus on the high-value activities that make them such a commodity in the first place. In order to make sure that data democratization doesn’t come with data misinterpretation, the people of a company train each other with the creation of self-study training material by ensuring efficient dissemination of expertise through mailing lists, channels and even ensuring that learners and experts are sitting next to each other in the office.
Cons of Data Democratization
Now that we have learned how data democratization is implemented in an organization, let us learn about the challenges that it is facing. The main challenge is that data teams are struggling to keep up with the rising hunger for data from all areas of the organization, mainly when throughout the organization, the understanding of data demands more complex analysis. For many organizations, this has created a conundrum – they want to provide each and every employee with a chance to be data-driven, but they are short of resources to deliver. Well-intentional, but non-technical, “outsiders” may not necessarily know how to interpret data correctly, inadvertently resulting in inaccurate conclusions and unwise decisions. A bigger issue is that opening data up to more people creates a security risk, increasing the likelihood that sensitive data is leaked either internally or externally.
Data democratization allows those experts to share their knowledge, and makes it possible for employees across the company to generate their own data insights. This gives data experts more time to dedicate to the meatiest analytical tasks.Today, more and more organizations are trying to give access to data to all of their employees through data democratization, and this is helping them enhance job performance and the overall health of the organization.Data democratization can increase collaboration and enhance decision-making across the business, but only if it’s utilized correctly. When implemented strategically and with the right technology, democratizing data benefits everyone—right down to the customer.
By: Yashi Sahu