Adherence in real life to the principle of democratized data provides numerous advantages. Some of these have already been mentioned in previous chapters, but will be summarized again here.
Data democratization gives employees comprehensive and uncomplicated access to the data and analyses of relevance to their daily work. It also increases the speed and quality of processes heavily reliant on data.
In addition, the number of employees possessing data competence generally rises. From complex data analyses to preparation in visualization tools, each employee possesses the individually necessary data know-how and can thus support development of new data-driven products and services, for example, to uphold the pursuit of the objectives of digitization mentioned earlier.
A high level of data competence also causes business decisions to be based on data instead of isolated expertise or multiple truths. This also heightens awareness of data quality. Problems are identified and resolved more quickly, thus also increasing the quality of data-based decisions.
The value of existent day-to-day business can be raised not only through data utilization, but also further through new data-driven use cases. Data make it possible to optimize the business model, expand it and even open up further markets through new data-driven services and products.