While business intelligence (BI) is yielding important benefits for many companies, most information technology (IT) leaders feel that there is more to come. Data governance is key to ensuring consistent, reliable and optimised results.
This is according to the global study "Breakthrough Business Intelligence: How Stronger Governance Becomes a Force for Enablement" released by Forbes on 1 November 2016. It is sponsored by visual analytics company Qlik, and conducted on more than 400 senior IT and business professionals.
The survey showed that 45 percent of respondents rate their BI programme as yielding "very significant" benefits, while a further 36 percent rated the benefits as "significant."
But even so, there are other hindrances such as less-than-optimal adoption rates, lingering silos, multiple "versions of the truth" and data security. This means that only 48 percent felt they had achieved the full potential benefits of their BI programme.
The solution identified by the survey is better data governance, which includes key points such as standardising definitions and formulas, improving data security and enabling secure access.
This will empower individuals within the firm to utilise data independently to achieve their goals.
"Governance requires a really fine balance - governing to the point where consistency is assured, but flexibility remains," said Mike Saliter, Vice President, Global Industry Solutions, Qlik. "There is no perfect formula, but finding the right governance level within your organisation's culture is a critical component to making the most of BI opportunities."
Sign up for CIO Asia eNewsletters.