In an increasingly data-driven business world, big data takes operational analytics and a 360-degree view of customers to a new level.
Big data from websites, call center applications, smartphone apps, and social media can reveal how your customers behave in diverse situations, thereby enabling modern multichannel marketing. Big data can provide larger data samples, thereby expanding existing analytics for risk, fraud, and customer base segmentation.
The great promise and relevance of new big data is that it can be leveraged in new ways to develop new insights. These new insights contribute to organizational growth, competitiveness, and operational excellence.
Enterprises face a challenge to capture and use big data within the guidelines of external regulations and internal policies for data usage, privacy, and security. When these guidelines are not honored and followed, a business runs the risk of compliance violations, which can lead to legal issues, fines, customer dissatisfaction, and poor brand loyalty.
Successful organizations manage the technology and business risks of new big data by depending on data governance best practices and on modern data management tools that support these practices. A mature and comprehensive data governance program serves and balances two general goals: business compliance and technical standards. Both are highly relevant to the governance of new big data.
This goal is about the control and use of data; it focuses on reducing liability and risk related to data management. Organizations with an existing data governance program should be able to map existing governance policies to new data; in some cases, new policies or revisions of legacy guidelines may be in order.
For example, when a new customer channel opens and starts generating data, older policies about customer privacy may or may not apply.
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