fbpx

Get CDMP certified, FAST. Click here for guaranteed results

Back to Course

6 Easy Steps to Win at Data Governance

0% Complete
0/0 Steps
  1. About this course
    6 Easy Steps to Win at Data Governance e-Book
  2. Who this course is designed to help
  3. The basics of data in your organisation
    What is data and why care for it?
    7 Topics
  4. Why data matters
    What "data-driven" means and how to use it to excite stakeholders
    6 Topics
    |
    1 Quiz
  5. Why your organisation struggles to become data-driven
  6. What does bad data look like, and how do you find it?
    How to identify bad data and identify its risks and costs
    3 Topics
    |
    2 Quizzes
  7. How to fix bad data with good governance
    Defining what good data means
  8. The importance of business process data touch points
  9. What is governance anyway?
  10. Where governance and data collide
  11. Kicking off your data governance initiative
    Data Governance explained - 6 easy steps to win at data governance
    6 Topics
    |
    1 Quiz
  12. What are the basic features of a Data Governance Framework?
    8 Topics
    |
    1 Quiz
  13. Five critical data governance deliverables
  14. How to Implement Data Governance in your firm
    Let's start Governing Data - the Cognopia Methodology
    14 Topics
  15. Data Governance case studies - winning with data governance
    9 ways data leaders are winning with Data Governance
    1 Quiz
Lesson Progress
0% Complete

Transactional data, why is it important?

Transactional data describes the events that occur in our day-to-day interactions. If our master data is describing the relationships that we have and the key business entities that we’re doing business with, it then helps us to understand and interpret the transactions that those relationships conduct with us.

For example, let’s start to look at a sales transaction. We need to capture the information about that and append it to each customer that’s purchased something from us. Obviously, it’s imperative that we get the transactional data correct in our organisation, otherwise,

  • We can’t actually facilitate the various different orders that are happening
  • We can’t keep accurate books and records which hinders us from reporting financial returns and things of that nature
  • Other departments have business processes that relies on the transactional data so it has to be accurate
Taken from Mcdonald’s annual report 2020 – I think we can all agree that if we don’t keep our transaction data in check, the numbers in red might start to look very different (and inaccurate)..

So making sure that all of our transactional data is top-notch is one of the easiest ways to ensure we have high operational efficiency, we have low costs and we have a lower risk of things like customer dissatisfaction from failed transactions and failed deliveries, etc. All these can be prevented.

What everyone’s talking about

Now, one other reason why you want high-quality transactional data is because you can start to mine that data for insights into customer behaviour. And this is where some of the later concepts around big data might come in. But you think of organizations like Amazon that see such huge amounts of transactional data, different purchases, purchase patterns and behaviours, and then they’re able to use that to drive up revenues by saying customers who bought that also purchased X or Y. So you can use this to drive up cross-selling in your organization.

Thanks to Mcdonald’s keeping track of my purchases, I don’t have to tattoo on my arm a receipt that describes which outlet I always frequent and what I tend to order..

Stop struggling, start succeeding

learn the 6 easy steps to Data Governance Success

Quickly learn how to succeed with 3-5 minute long video lessons packed with practical advice you can use in your job today

Checkout now!