Data strategy and governance processes are designed to help organizations test and visualize data to create productive uses and data-driven conclusions. However, finding a custom business intelligence (BI) platform can be difficult.
Depending on your data strategy and analytics needs, Domo could be a viable option.
Domo is a modern BI platform that can simplify an organization’s data strategy and approach to data governance. The platform’s solutions can be implemented in unique ways to target data management strategy, automated data analysis, and other BI analytics.
What Is Data Strategy?
A data strategy is a dynamic process that supports acquisition, analysis, and delivery of diverse data across different departments in an organization. Data strategy frameworks are often used to define processes and rules that streamline how an organization approaches data management as a whole.
Collecting the right data and interpreting it relative to your industry and goals can give you a significant competitive advantage. While many organizations collect data, they often don’t see a high return on their investments because they lack the culture or the technical infrastructure needed for data-driven decision making.
Leveraging your data effectively often requires a new approach to how your organization digests and understands your data. Transitioning to a data-driven organization starts with sound data and data analysis to support goals and business decisions.
What Is Data Governance?
Data governance is defined as the process of managing availability, integrity, security, and usability of the data associated with an organization. This is often associated with the data in enterprise systems and is based on an organization’s internal data standards that control their data usage.
Without data governance, data can become unreliable or inaccurate, providing inaccurate insights into your organization.
Without a governance structure, data might not be made available to users, affecting their ability to gain insights. A lack of governance hurts user confidence in the data, creating uncertainty. Secure data by limiting who can access, modify, or share it.
What Is Domo?
Domo is a cloud-based data warehouse and visualization platform with more than 1,000 pre-built data connectors and automated preparation tools.
With Domo, organizations can automate the use of data from across the company, provide real-time insights into operations, and deliver analytics that strategically drive business.
Domo’s Main Solutions
- Data integration to house and visualize data
- BI to automate data analysis
- BI platform insights to help draw conclusions from data and create action plans
- Ability to share your data with external reporting and data analytics
Domo’s business cloud helps organizations harness data and quickly deploy and access visualizations. Domo’s pre-built data connectors help companies ingest live data from cloud-based and on-premises systems.
In addition to the data ingestion functionality, Domo includes a proprietary extract, transform, load (ETL) functionality called Magic ETL to modify and cleanse data feeds prior to use. To visualize data, Domo provides no-code functionality to develop customized visualizations which provide real-time updates and are easily shared inside and outside the organization.
Domo lets subscribers build low- and no-code custom applications on the platform. These applications can be shared within the platform or embedded on other systems.
Customize Your Data Management Strategy with Domo
Domo provides a selection of data strategy framework solutions that can be implemented to target specific data governance and management needs.
How to House Data
Data is stored in the Domo Business Cloud, a cloud-based solution supported by Amazon Web Services.
Domo’s pre-built connectors let customers connect to systems, databases, application programming interfaces (APIs), and spreadsheets.
Domo gives customers the ability to write their own custom connectors to data sources. To keep data secure, Domo offers bring your own key (BYOK) encryption and personalized permissions to limit access to data in addition to single sign-on (SSO) and Active Directory integration.
The platform remains in compliance with General Data Protection Regulation (GDPR), HIPAA, System and Organization Controls (SOC) 1® and 2®, and International Organization for Standardization (ISO) standards.
How to Visualize Data
Domo Cards are used to visualize data, key performance indicators (KPIs), and analytics within the platform in real time. They’re easily created through drag and drop, no-code functionality.
Customers can use multiple cards through a Data Story to show insights that all departments can understand. Customers can use the Domo platform’s artificial intelligence and machine learning tools to gain deeper insight into their operations.
BI Platform Solutions
With Domo Everywhere, companies can embed visualizations and share with external parties through portals or websites.
Customers can set alerts on movements on key metrics that trigger emails to users.
Domo Buzz allows users to collaborate and share visualizations within the platform.
BI Platform Insights
With the Domo Intelligent App framework, customers can build no- and low-code custom apps to better customize business needs.
Share Your Data Analytics
The Domo platform breaks down the siloed approach to analytics. Within the platform, users can share cards and data stories with their colleagues and external users.
Benefits of a Data Strategy Framework
There are several advantages to honing an organization’s approach to data strategy management.
Benefits of a Data Strategy Framework
- Streamline data interpretation
- Refine data structures and storage methods
- Combine data findings for reuse and sharing
- Unify the data view and consolidate disparate data
- Establish and communicate data usage and security standards
To leverage data effectively, companies often need to adopt a new approach which involves five foundational components:
- Data infrastructure. The collection of systems, tools, and processes helps your organization access data.
- Curated information. Data is standardized and uniform so it can be understood across your organization, using information that is complete, accurate, and reliable.
- Intelligent insights. Data is presented with thoughtful interpretation that gives clear guidance on a likely outcome if certain decisions are made.
- Data culture. At all levels, the organization is committed to using data to drive all strategic actions.
- Evidence-based decisions and actions. Whenever possible, decisions are corroborated by analysis and tests of relevant data points.
The Domo platform addresses these components. It provides the infrastructure—the data warehouse and visualization tool—to gain insights. It keeps the data standardized through security and governance. It breaks down organizational silos by making cards easy to share and collaborate on. And it provides alerts when certain metrics are exceeded.
Benefits of a Data Strategy and Data Governance Assessment
The most powerful competitive advantage in business is information. In most cases, the problem of defining a strategy is as much cultural as technical.
Siloed information, reluctance to share, lack of analytical skills, and finding and ingesting data can hold an organization back.
A well-run company creates a strategy at the executive level and transfers it to managers who turn it into processes and initiatives supported by data. It’s through a data strategy and data governance assessment that organizations can become data driven.
Data Analytics Platforms: Build It or Buy It?
With Domo, customers get more from the software and hardware they already invested in. The Domo solution includes a data warehouse and pre-built data connectors.
Most legacy BI systems require extracted databases, summarized cubes, or custom connections to data warehouses.
We’re Here to Help
As a Domo solution provider, Moss Adams can supply insights tailored to an organization’s specific needs and the industry standards. To learn more about Domo and if it’s the right data strategy management solution for your organization, contact your Moss Adams professional.