Democratizing Data and Content – ColoradoBiz Magazine
In the modern data-driven economy, democratization is more than a buzzword. In fact, the democratization of data and content is hugely important for businesses, enabling scale, agility, and innovation at unprecedented scale.
In the digital world, 2.5 quintillion bytes of data are created every day. These vast stores of information amount to a goldmine of business information. However, harnessing them requires context, know-how, and the big tech essential to data-driven success.
Improve your business with an understanding of open information and knowledge tools. Democratizing data and content are your first steps into a larger world of operational improvements.
Data democratization is, in simple terms, the process of opening up access to data for use across an organization.
Here’s what you need to know:
What is data democratization?
Data democratization is, in simple terms, the process of opening up access to data for use across an organization. Why? Data is information, and information can help all aspects of business operations.
With the democratization of data, it is possible to adapt analyzes to meet all the needs of an organization. From marketing to human resources, data represents a variety of actionable insights and strategies. Democratization helps ensure that this potential is embedded into a company’s culture, which results in maximizing the usefulness of data.
Colorado companies like Ibotta are discovering the benefits of democratizing data as they build such an integrated culture. For them and others like them, the process begins with employee education. Training in user-centric data platforms enables entire teams to operate from the same page through open data silos and business intelligence platforms.
You too can apply data democratization to your internal business processes. With the right employee training and tools, the benefits of a data-driven culture are within your reach.
How to apply
Data is made accessible through the use of certain processes, platforms and business practices. Through their use, you can build an information infrastructure that can support your organization.
The first of these is the breaking down of data silos into a larger data pool. This requires comprehensive data governance policies and the means to analyze them. This is where data and metrics catalogs come in.
To start democratizing your data, open your silos wide. Not too open, of course. You must protect access to any sensitive information and encrypt any identifying data that could harm your customers, employees, or business if compromised. However, you need your data in a single collected pool ready for analysis.
Such a large pool of data is sometimes referred to as a “data lake”. Here, you can house all of your collected information in structured and unstructured forms, ready to be viewed at any time, depending on your team’s needs.
There are a wide variety of tools you can use to assemble data lakes. You can use cloud data management and hosting services or create a secure lake in-house. Either way, safety and accessibility should be at the center of your approach.
Data and metrics catalogs
Once you have your data lake, you will need tools to search and analyze the data.
Your data catalog will be a go-to source for this as a collection of metadata. Search and management functions will allow you to craft the information you seek as you structure the information for downstream analysis.
A metrics catalog is therefore a more carefully designed store of specific key performance indicators (KPIs) that you want to track. This can be layered with your other data tools to provide unprecedented transparency into business performance. With a catalog of metrics, KPIs have become accessible and analyzable for every department in an organization, creating the ultimate democratization of data.
With platforms like TikTok and YouTube becoming highly competitive digital mediums, advertisers are turning to these tools.
What is content democratization?
With data and software opening up to anyone who wants to use it, we’ve seen incredible progress in content creation. In fact, the value of the creator economy is estimated to be around $100 billion, boosted by COVID-19 pandemic-era digital activity.
Today, the democratization of content is completely transforming business. With platforms like TikTok and YouTube becoming highly competitive digital mediums, advertisers are turning to these tools. Open to everyone, these platforms offer the opportunity to contact and network directly with influencers and customers.
Another Colorado company, Brandzooka, has made content democratization its business model. By helping marketers target audiences with video marketing in an accessible way, they are giving small businesses a head start in the digital economy. Your business can create accessible marketing by leveraging the same tools and platforms.
How to apply democratization?
So how do you harness the democratization of content? It all starts with the tools that are available to you right now. The digital economy is full of options for developing videos, images, and other graphics to share on the web and in traditional media.
Content creation tools
Let’s start with content creation. Smartphones are a powerful solution in this regard, not least because most adults own one. These connected and smart devices are usually equipped with cameras and microphones capable of recording increasingly high quality videos and photos.
From there, there are endless apps to choose from and third-party ad platforms (like Brandzooka) to help you out. Choose your content creation tools, then optimize them for success on social media.
Social Media Optimization
Social media is the ultimate way to democratize content. On this, you are only limited by the size of the audience you can attract. However, this requires taking the appropriate measures, such as managing releases with consistent and repeatable designs.
Next, make sure that the information you present is accurate. We live in an age of information and misinformation, and spreading lies will ultimately hurt your business. Spot misinformation in your own content by double-checking sources, verifying factual information, and exploring the validity of your data.
Transform your business with democratization
With the democratization of data and content, your business is better positioned to grow and thrive. Grow your business with an approach to information and awareness that is both accessible and highly adaptive. Other Colorado companies are doing this with great success. Start now, to discover the benefits of democratization for your business.
Noah Rue is a journalist and content writer fascinated by the intersection between global health, personal well-being, and modern technology. When he’s not looking for his next big writing opportunity, Noah likes to turn off his devices and head to the mountains to disconnect.