Smart data fabric and data-driven decisions: The future of corporate governance

In today’s digital era, corporate management is facing new challenges and opportunities. The future of corporate management is largely determined by the ability to use data effectively and gain valuable insights from it. Two concepts are at the heart of this: smart data fabric and data-driven decisions. These approaches promise to fundamentally change the way companies are managed.

Smart Data Fabric: The basis for modern data usage

Smart Data Fabric is an innovative concept in data management that addresses the complexity of the data landscape in companies. It enables a centralized view of all company data by seamlessly connecting different data sources[1]. This technology forms the basis for the future of corporate management by providing decision-makers with a holistic overview of their organization.

Advantages of the Smart Data Fabric

Real-time data access: Managers can access up-to-date information, which enables faster and more precise decisions [source: 3].
Data democratization: The Smart Data Fabric facilitates access to data for different departments, which promotes collaboration and innovation [source: 1].
Cost efficiency: By simplifying the data architecture, companies can reduce their IT costs and optimize data usage at the same time [source: 3].
Flexibility: The ability to react quickly to new business requirements is significantly improved by centralized data management [source: 1].

Data-driven decisions: The key to competitiveness

The future of business management lies in the ability to make data-driven decisions. This approach harnesses the power of data analysis to enable informed and objective decisions.

Transformation of decision-making

From intuition to facts: Traditional decision-making processes, which are often based on experience and gut feeling, are being supplemented or replaced by fact-based approaches [source: 2].
Predictive analyses: companies can better predict future trends and events and act proactively [source: 6].
Automation: Routine decisions can be automated by AI-supported systems, which increases efficiency and reduces human error [source: 4].

The role of AI in the future of corporate management

Artificial intelligence (AI) plays a central role in the transformation of corporate management. It not only enables the analysis of large amounts of data, but also the automation of complex processes.

AI-supported data preparation

A key aspect of the future of corporate management is increasing the efficiency of data preparation. AI technologies can drastically reduce the effort required for data preparation, from 80% to possibly only 20% of the total time [source: 4]. This means that managers and analysts have more time for actual analysis and strategic decision-making.

Prescriptive analyses

The next stage of data analysis is prescriptive analyses. These go beyond mere predictions and offer concrete recommendations for action. According to one study, 18% of companies surveyed already use prescriptive analytics and a further 69% plan to introduce it [source: 6]. This technology will significantly shape the future of corporate management by providing managers not only with insights but also with concrete options for action.

Challenges and solutions

The integration of Smart Data Fabric and data-driven decisions into corporate management also brings challenges.

Data protection and security

As data integration increases, so does the risk of data breaches. Companies must implement robust security measures to protect sensitive information [source: 1].

Cultural change

The future of corporate management requires a cultural shift towards a data-driven mindset. Managers must learn to view data as a strategic resource and adapt their decision-making processes accordingly [source: 2].

Competence development

In order to exploit the full potential of Smart Data Fabric and data-driven decisions, companies must invest in the further training of their employees. Data literacy is becoming a key competence for all levels of the organization [source: 2].

Outlook: Shaping the future of corporate governance

The integration of smart data fabric and data-driven decisions will fundamentally change corporate management in the coming years. Managers who successfully use these technologies will be able to react faster and more precisely to market changes, manage risks better and drive innovation.

The future of business leadership lies in the ability to harness the power of data to be proactive rather than reactive. Companies that invest in these technologies now and establish a data-driven culture will be able to overcome the challenges of the digital era and tap into new growth opportunities.

In conclusion, the future of business management is closely linked to the ability to use data effectively and turn it into valuable insights. Smart data fabric and data-driven decisions are not just technology trends, but fundamental approaches that will permanently change the way organizations are run. Leaders who understand and implement these concepts will successfully navigate their organizations through the challenges and opportunities of digital transformation.

Sources

https://www.informatik-aktuell.de/betrieb/kuenstliche-intelligenz/smart-data-fabric-ist-das-neue-ideal-im-datenmanagement.html
https://management-campus.handelsblatt.com/2022/06/23/data-driven-business/
https://www.zdnet.de/88398463/neues-level-fuer-das-datenmanagement-eine-smart-data-fabric-verknuepft-silos-und-bietet-einen-single-point-of-truth/
https://www.business-information-excellence.de/blog/blog-data-driven-strategy-culture/die-zukunft-der-datenaufbereitung-mit-ki-eine-revolution-in-der-datenanalyse
https://www.digital-manufacturing-magazin.de/smart-data-fabric-der-schnelle-weg-zur-smart-factory-a-b4018a2e784166eeb364797adefe60de/
https://www.bigdata-insider.de/die-zukunft-der-datenanalyse-in-der-industrie-ist-praeskriptiv-a-eefc9d27ca9fd30c2970e57defeb9977/
https://www.intersystems.com/de/anwendungsfaelle/smart-data-fabrics/
https://intersystems-newsletter.de/adios-datensilos-die-smart-data-fabric-garantiert-die-optimale-zusammenfuehrung-und-analyse-von-daten/
https://www.der-bank-blog.de/smart-data-fabric/technologie/37682851/
https://www.intersystems.com/de/resources/technischer-uberblick-uber-eine-smart-data-fabric/
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