In chapter seven (7), we have learned from "The Path to I ✓ Solved

In chapter seven, it has been identified that 70% of managers and executives state that data are “extremely important” for creating competitive advantage. The authors imply that knowing which data matter, who in a company needs them, and how to provide that data to users is crucial. Based on the identified company for your Final Paper, discuss the following: 1) the data that matters to the executives in that industry, 2) who within that industry needs that data, and 3) methods for ensuring that the critical data gets into the users' hands.

Instructions: APA format, 250 words. A substantive post will do at least two of the following: Provide extensive additional information on the topic, explain, define, or analyze the topic in detail, share an applicable personal experience, or provide an outside source that applies to the topic, along with additional information about the topic or the source (please cite properly in APA).

Textbook:

Title: Information Governance

ISBN:

Authors: Robert F. Smallwood

Publisher: John Wiley & Sons

Publication Date:

Textbook:

Chapter 4 – Information Risk Planning and Management

Textbook:

Chapter 5 - Strategic Planning and Best Practices for Information Governance

Tallon, Paul, (2016). Corporate Governance of Big Data: Perspectives on Value, Risk, and Cost.

Retrieved from

Shevde, Nishad, (2018). Measuring Information Governance Success.

Retrieved from

Paper For Above Instructions

In today's data-driven business landscape, executives need to identify key data that can provide a competitive advantage. For instance, in the retail industry, executives might consider sales data, customer behavior data, inventory levels, and market trends as crucial metrics. This data enables informed decision-making and strategic planning. According to Tallon (2016), the governance of big data plays a fundamental role in helping execution teams confidently navigate the complexities of data management and usage.

Within the retail sector, various stakeholders and departments require access to these critical data sets. Marketing teams need insights on customer behavior to effectively target their advertising efforts. Supply chain teams rely on inventory and sales data to optimize stock levels and reduce costs. Furthermore, upper management needs aggregate performance data to evaluate the organization’s overall strategy, ensuring that targets are met and resources are appropriately allocated.

In terms of ensuring that this critical data gets into the hands of users, several methods can be employed. The implementation of a robust data governance framework can establish protocols for data access, maintenance, and usage. Additionally, utilizing Business Intelligence (BI) tools can provide real-time data analytics and visualization, making it simpler for stakeholders to interpret data trends and adapt accordingly. For example, through the integration of Cloud-based platforms, organizations can enhance data accessibility, allowing teams to make nimble decisions based on the latest figures available.

Moreover, regular training sessions can equip employees with the necessary skills to interpret and utilize data effectively, facilitating a culture of data-driven decision-making across the organization. By fostering this environment, companies can mitigate risks associated with data misinterpretation and ensure they maximize the value derived from available data assets.

Ultimately, recognizing the importance of critical data and effectively disseminating it across various levels of the organization can create sustainable competitive advantages. As noted by Shevde (2018), measuring information governance success involves understanding the critical roles played by data in a company’s evolving strategic environment.

References

  • Smallwood, R. F. (Year). Information Governance. John Wiley & Sons.

  • Tallon, P. (2016). Corporate Governance of Big Data: Perspectives on Value, Risk, and Cost. Retrieved from [URL]

  • Shevde, N. (2018). Measuring Information Governance Success. Retrieved from [URL]