Several companies are investing huge sums of money in customer analytics in order to drive their respective businesses and find fresh ways to provide value to the customers. However, the potential value of this investment is at a massive risk. The reason for this is that the data governance practices have not been in pace with the ways that are followed to use the data. They are still in the evolution stage.
As there is an increase in the investment made in customer big data programs, the potential value addition for the companies that go in the right path is vital. However, the success in this way demands a strong control environment. The companies either under-invest or delay in making their investment in customer big data in the control environments. Due to this, the investment faces a threat.
Apart from the fact that a robust control environment enjoys significant benefits, there are some attributes that make the business imperative in quick time. They are increase in the expectations of confidentiality as well as security in law, regulation and contracts and the potential due to brand damage when the data is misused or leaked.
Ultimately, the companies that will succeed with their investments in customer big data are the ones who have a proactive and strategic framework. Such a framework will help the companies to get reliable and consistent insights. It will also protect the data carefully.
You can get to know a more comprehensive outlook on data governance to make a customer analytics investment from here.