In this fast-paced world we live in; there are many details a business needs to be aware of. While many people understand the need to keep data fresh and relative in the vast space of the world-wide-web, few people realize that it is also necessary to manage their data lineage in order to keep up the pace.
Data lineage is how a business tracks and stores all the data sources it has at its disposal; an accurate record of where it comes from, and how it passes through different channels over time. When you can follow the path of data, your business will be better equipped to make crucial decisions that can improve the efficiency and cost-effectiveness of its business strategies. There are many good reasons why this can help your business to flourish.
1. It’s Impact On Your Business
Each department in your business has its own unique function that is crucial to your company’s survivability. The marketing department, for example, evaluates demographics and certain customer behaviors in order to determine sales forecasts. They will rely heavily on data lineage to make these determinations. Without it, all their efforts would be merely an effort at guessing what the company actually needs.
2. It Keeps Your Business Consistent
One of the biggest challenges in running a business is to keep every department on the same playing field. Without data lineage, each department works in isolation and functions on its own terms. With proper management of data, your entire company will be using the same business terms and data so they can quickly identify inconsistencies and determine the correct terminology in reference to their work and the best way to use them.
3. It Allows Easy Access To Pertinent Information
When you have managed your data lineage, it is easy to find the information your company needs. For example, if one department is implementing new software or equipment, they need to know where to find the information necessary to execute the new system properly. Managing data lineage means that you know exactly where to find the information needed at the right time.
4. Getting To The Cause Of Problems Quickly
When there is an error in data, it will be easier to backtrack through the line to find out where the mistake occurred. Data lineage gives you a roadmap that passes through every stage of the development process. Data can be quickly analyzed to identify the exact origin of where and when the problem started.
5. It Helps You To Keep Up With Changes
In most businesses, changes happen frequently. These changes could be product based or procedure based. By being aware of your data lineage, your team will be more readily prepared to access new updates, upgrades, or processes without having to reinvent the wheel with every change.
6. It Simplifies Measuring Performance
When data is applied systematically, it becomes easier to identify performance issues. You can earmark specific stages where challenges may arise and strategize various means of meeting them. With the right data applied at the right time, alerts can be set up when issues of noncompliance can be more readily identified and addressed.
7. Keeps Your Business In Compliance
When new policies relating to data are introduced, compliance is readily implemented through data lineage. Business guidelines and rules can actually be embedded in the data pipelines so that alerts can be generated throughout the process to ensure that necessary conditions are met.
8. Information Can Be Easily Audited
When your flow of data is appropriately managed, information regarding regulatory compliance is readily accessible. Issues regarding enforcing specific guidelines can be quickly analyzed and addressed. Data lineage makes everything more visible so that information flows freely and openly, making auditing a breeze.
As we enter even further into the Information Age, it is becoming increasingly more vital that we find ways to manage the constant flow of data that we are all receiving. With 90% of the world’s data generated in the last two years alone, managing your data lineage has become more critical than ever.
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