Major players in industries including Healthcare, Banking, Insurance, Telecommunications and government are picking Collibra to reinvigorate or kick start struggling data governance programs – often in spite of existing investments in more IT-centric data management tools.
This is because Collibra makes it easier for business users to deliver on their data governance responsibilities and business buy in is the single biggest factor for successful data governance.
The true measure of a business’ commercial success must be whether investors see value.
Last week’s announcement of an additional US$23million in venture capital funding is a sure sign that investors, Dawn Capital and Index Ventures, see value in Collibra’s unique approach and, by extension in the value of business lead data governance.
In post last week, Dawn Capital’s Teddie Wardi, discusses his reasons for his Series B Investment in Collibra
“What is data governance?
Data has become the lifeblood of businesses of all sizes, and the technologies for storing, processing and analyzing Big Data have developed significantly. However, with the rapidly increasing amount of data, complex regulation, and the increased privacy and security concerns, managing data has proven challenging especially in larger corporations. Data governance is the process and management layer for utilizing data effectively. It enables organizations to understand what their data means, where it is stored, how does it flow inside of the organization, assign clear responsibilities, automate review and approval processes, specify policy and quality rules, and ensure regulatory compliance.
Data governance can be thought to be analogous to the IT Service Management practice which deals with the governance of IT assets and processes in an organization, but data governance deals with data assets and the associated processes such as locating, ingesting, utilizing and maintaining data.
Collibra is an easy to use business application that automates any data-related business process for enterprise users and knowledge workers, not just the data stewards and Chief Data Officers who are implementing the data governance efforts. Unlike competing offerings, it is an end-to-end solution providing all the functionality for implementing data governance with an easy to use, modern user experience. Collibra has been recognized as a leader in its space by multiple analysts such as Forrester alongside significantly larger enterprise software vendors IBM and Informatica.
We are at the brink of a perfect storm for data governance due to a convergence of multiple factors. Big data initiatives and technology such as Hadoop have become mainstream in large enterprises increasing the amount and complexity of data significantly. The need for regulatory compliance with the likes of BCBS 239, IFRS 9, HIPAA is making data governance a necessity in industries such as financial services and healthcare. Finally, the public and customers have become very conscious about how companies handle their personal and privacy data internally as well as across organizations.
In addition to financial services and healthcare industries responding to very targeted and constantly evolving regulation around privacy data, many organizations are implementing data governance primarily for competitive advantage. Companies use Collibra to increase their trust in data-driven decision ensuring they have clear definitions of data inside the company with certified KPI’s and reports. Improving processes such as data ingestion has significant business value, for example, when the use case is to shorten the time products enter the product database of a retail company.”