5 BIGGEST DATA GOVERNANCE MISTAKES AND HOW TO FIX THEM

29 11
2022

Gain Insight into your data with trusted reporting

You can’t improve what you won’t measure. Like W. Edwards Denig, a leading management thinker in the field of quality puts it “It is not enough to do your best; you must know what to do, and then do your best”!

When we translate this thought into the Data Discovery field, it helps to understand why organizations are now more aware than ever, of the importance of having high-quality data by their side, and becoming increasingly dependent on trustful data sets and analytics results, make better-informed strategic decisions.

Enterprises depend on reporting to make impactful decisions! That is why MURDIO can assist you in creating a predictable and trusted Data Reporting structure, tailored to your needs. That is going to make a world of difference in enabling efficiency and providing complete, accurate, consistent, and timely insights, for business users and executives across the organization.

What is Data Reporting

It’s true that you need to gather all possible information to get specific and validated answers to business questions. But still, data alone does not drive change! To get real value from it, you’ll need to collect it all together and put it into context.

So, in simple terms, Data Reporting is the process by which MURDIO helps you collect, merge and organize your organization’s raw data, into a format that makes it easier to digest and understand, to assess the ongoing performance of your organization.

Our Data Reports can be displayed in the text, or in a visual format, such as tables, graphs, and charts. And are usually bundled in static presentations or business intelligence dashboards that update information in real-time. They help the recipients better understand a situation or form the basis for important decision-making and follow-up actions.

The reason why Data Reporting often gets confused with Data Analysis! They work together, but they’re not the same thing. While the first uncovers and summarizes objective information, data analysis uses that information to form opinions and recommendations, in a more subjective way.

Hence, it is so important for our Data Reports to support that analysis and provide a recorded list of facts and figures that can give you accurate insights you can act on. Answering business questions more effectively and, on the other hand, saving you more time in finding the answers. With modern reporting tools that make it easier to evaluate past events, monitor what’s happening at the precise moment, and use machine learning to predict future events, or control its course if necessary.

Beyond that, in order to provide a timely record of the financial health of your company or of a specific segment, our Data Reporting often summarizes financial information such as revenues, accounts receivables, and net profits.

It also considers sharing options, that allows sending those reports to customized recipients or groups, to enhance communication between teams and empower everyone to work with data, even without technical skills; embedding analytics, to give you all the benefits of Business Intelligence reporting and provide better insights into relevant data; and viewing rights, to secure all the sensitive data about your company that needs to be protected.

Why is data reporting important?

Data Reporting plays a critical role in every modern organization, as it tells executives and other departments where to spend the most time and resources, or what may need more organization or attention.

It gives the answers to common important questions to each business, such as:

  • What happened and why?
  • How to leverage what is happening? Or change direction?
  • What might happen next?

Of course, not forget the most relevant benefits of implementing an effective Data Reporting System:

  • Create a unified view of your data assets
  • Monitor business performance at a glance
  • Give context to data and increase its value, by transforming it in information
  • Communicate complex information quickly
  • Share analytics across your organization and democratize access to data
  • Make results accessible to stakeholders across your business
  • Enable smarter, data-driven decision-making
  • Shorten time-to-value based on actionable insights

Data reporting is key to your company’s Business intelligence. So, be sure to pick a tool that will help you get the most insights out of your data. Also, make them accessible to all relevant people and stakeholders, to help your organization stay relevant in an increasingly competitive market!

Murdio helps you ask the right questions

Building trust in data can be achieved through proper governance and by accessing a single source of truth for business terminology and reporting.

MURDIO can help you migrate from traditional Business Intelligence solutions, replacing them with a modern robust analytics platform, that provides fully featured enterprise reporting and data visualization solutions! Transforming your company’s Data Governance into enterprise-wide Data Intelligence!

With our help, you don’t need to be a professional to build the reports you require and get the answers to your business questions. We even guide you in asking the right questions for your challenges, in accordance with your enterprise goals!
Our solutions will provide you with real-time data and offer easy-to-understand visualizations. They will also help you to break down legacy data silos, to locate and surface relevant data and enable everyone to understand and trust the context and relevance of the data!
It’s all about turning data into reliable stories, building dynamic data-driven narratives that guide insights and drive quality business results, while keeping your underlying data safe and secure!

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