Because data by itself is nothing unless it delivers business value and results in improved business performance.
Data is the back-bone of any business but due to its proliferation, it is getting harder to keep track of the major data assets in an organization. Raw information is stored in the form of silos and processed according to requirement, but due to the humongous size of the data sets, it is not surprising some of it gets lost in translation. To prevent loss of critical business data, it is imperative to put in place some sort of governing process.
A recent Rand Worldwide Data Governance Survey found that 96 percent of respondents assigned great importance to data governance in their companies.
What is Data Governance?
A core discipline of enterprise information management (EIM), Data Governance is the framework for gathering, managing and storing data with emphasis on quality, security and compliance. It is supported by a holistic process driven by an active collaboration between business and IT.
Since each individual data silo has its own resource, process and technology, aligning all of them to a single framework to ensure a relevant and secure delivery requires skillful management of data availability, usability, integrity, and security.
As with any enablement engine, the key is to know when to make data-driven decisions and the process to execute those decisions.
Features of Data Governance
The Data Governance framework includes the technologies and tools for managing data, the strategy and process of management, an entity to own the data assets, defined policies and processes for storing, archiving and securing the data and the final execution to ensure that the data is industry standard, regulations-compliant and within budget. The broad features of Data Governance are:
Why do enterprises need Data Governance?
It was in the 2000’s when corporate disasters hit companies like Enron and Adelphia prompting the US federal government to set up the Sarbanes-Oxley Act, and other rules to drive corporate information accuracy and reliability. The result was that companies began to take a good, hard look at data security and management in their organizations.
Without a proper framework to manage it, data is simply raw information that cannot be effectively and securely utilized to provide relevant insights into business. However, by turning raw data into a strategic asset, businesses can add value to their offerings and gain a competitive edge.
- Organizing and aligning data across the organization allows an enterprise to:
- Optimize customer experiences
- Improve up- and cross-sellings
- Increase ROI
- Reduce operational costs
- Meet growth objectives
- Achieve overall success
- Improve business efficiency
Getting Started with Data Governance
While some components of data governance usually exist in any organization as a part of business, compliance or MDM projects, enterprises may choose either of the two existing approaches for implementing a data governance framework:
A top-down approach which starts with an executive order and ties all the individual processes together or a bottom-up approach where all the disparate efforts are consolidated into a cohesive data governance framework.
Reach out to us to know more about how you can tap into your enterprise data governance efforts.