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What is a Data Catalog and why does your leasing business need one today

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A data catalog is a collection of metadata, Combined with a lease administration software, data management and search tools. That helps users to find the data that they need, serves as an inventory of available data, and provides information to evaluate what is relevant data for an intended use case. Simply put, a data catalog is an organized inventory of data assets in the organization. 

Think about it like you are in the library to research a topic. A library catalog sorts out the millions of books in the library by metadata. These tags/metadata provide information like- topic, edition, a summary of contents of context, author and most importantly how you can locate/find the book. 

Now apply that to all the data that currently resides within any asset management company’s system. Most companies have existing and are constantly generating tons of GB of data related to their business and customers. This data usually comes from multiple sources and formats and resides in disparate data lakes, data warehouses, or databases. 

Without a good data catalog system, companies often find themselves struggling to search through and retrieve organizational data when needed. According to a survey published in 2020, 60% of respondents selected ‘too many data sources and inconsistent data,’ followed by ‘disorganized data stores and lack of metadata,’. As the top challenges when it comes to leveraging data for analytics and big data initiatives. 

Why should leasing companies be worried about data catalogs?

A good data catalog system helps end-users to browse metadata. It is based on a technical hierarchy of data assets, enabling users to enter technical information, user-defined tags. Business terms also improves the search capabilities. It provides a single, overarching view and deeper visibility into all the organizational data, not just each data stored at a time.

Organizations that nail the data catalog system make it faster and easier for users to access quality data. It improves data efficiency and context, reduces the risk of error, and provides end-users with relevant and trusted data for analysis. 

  • It empowers companies to leverage their data: Data is the new oil that is fueling the digital transformation journey for every organization today. Whether it is analytics, reporting, or delivering customer-centric experiences, faster and easier access to accurate, timely data is the foundation for all business operations. It enables end-users and data consumers to make smarter, data-driven decisions with self-service access to trusted, business-ready data.
  • Make data business ready: Data scientists spend 60% of their time cleaning and organizing data and around 80% of their overall time goes into preparing and managing data for analysis. The problem only keeps growing in proportion as the data volume keeps increasing every day. 

Data catalog helps organizations move structured and unstructured data into data lakes, ultimately saving time and resources on data preparation and transformation. 

  • Implement data security and compliance: Data catalogues help label and tag data that can be extremely helpful for IT teams to assign and provide role-based access to business-critical data. As data governance and privacy rules become more rigid globally, creating metadata and tags helps to meet increasingly stringent regulations and compliance requirements.

Essentially, a data catalog is one of the fundamental pillars of building a good data governance structure for any organization. As more companies look to data governance to create a solid framework (processes, roles, policies, standards, and metrics). That ensures the effective and efficient use of information. A data catalog can help data users access the relevant data optimally. 

Bridging the gap between business and technology  

At Odessa, we have strong development and testing capability focused on quickly generating high-quality platform-based applications. Odessa’s Data Catalog bridges the system data representations with the business definitions to provide a cohesive governance platform for an enterprise’s data ecosystem. By associating source and target mappings to model the flow of data from origination to the destination. The data catalog employs data lineage to provide a comprehensive understanding of use and movement. And since the nature of delivery involves constant change, including over complex multi-geographic rollouts. There is also a comprehensive project management configuration to support tracking and governance.  

Opportunities  

The data catalog can minimally be used in the traditional sense of documenting data migration mappings. But the true power is unleashed when all aspects of a customer’s data ecosystem are patterned in the catalog. And the business adopts the platform as their own. This platform has opportunities to further extend into governance aspects of compliance, data quality, and data integrity. But also into knowledge and content management with hooks to the user’s application and multi-language support.  

The future vision for the data catalog is that it will provide a conduit for both technical and business. It is resources to collaborate and align the definition and governance of their data ecosystem. As with any of our solutions, It will benefit from increased development support. To deliver a growing backlog of features and support from the delivery community to continue its development. 

About Odessa

The Odessa Platform is an end-to-end lease management software, that delivers comprehensive functionality that enables self-service, automation, and business agility. Odessa’s platform philosophy means reduced cost and complexity associated with traditional upgrades and legacy providers. By delivering 4x annual platform releases, customers can easily adapt, go to market faster with new products, and remain nimble.

Headquartered in Philadelphia, USA, Odessa is the largest leasing-focused technology company in the world. With a highly specialized team of professionals across North America, Europe and Asia Pacific, Odessa has a 2-decade track record of excellence in providing industry-leading  Lease Management technology. 

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