Data Governance, A New Business Function?
Businesses are increasingly become aware of the power their data can wield over key areas important to them and the need to manage it more effectively and responsibly. Because of the potential impact an organization's data can have on its business today, it is now being given a whole lot more attention by creating dedicated teams within enterprises separate from IT that are embarking on missions to define new digital codes of conduct that further enhance business value while IT continues to take care of the systems that handle this data.
Data governance programs are being championed by leading organizations across various industries as we move from the period of information technology towards data science. New roles such as data stewards and chief data officers are coming into existence that are ensuring compliance with governance protocols and single points of accountability for data management, respectively. It is important to note that data governance is less about the data and more about the processes, decisions and engagement that stems from organizing and collating them.
Formulating a data governance framework, however, is not just another project on the table. It is a highly complex and detailed exercise where some of the top concerns center around ownership of data, gaps between data stored in the different enterprise systems and accounting for the ever-increasing reserves of big data.
So, what is driving the adoption of data governance as a new function in today's enterprise? For starters, there are regulations in every industry, some of which mandate the implementation of a data governance framework as per law. Visionary leaders are beginning to understand the increasing importance of how this framework is positioned to better align all business functions towards achieving corporate goals in a more seamless and cost effective manner. Better customer experience and profitability have become possible due to unification and quality improvement of underlying business processes.
Incorporating data governance into a company's culture, however, requires taking a good look into some key areas that will go a long way in shaping its inclusion in the organization. Sustainable resource allocation, clearly defined roles and a solid understanding of the existing technologies deployed within the organization are essential ingredients. Further, data stewardship is a new capability that will require a renewed set of responsibilities delegated to existing staff which could be met with an inability to cope with the new paradigm. The key to success here is a robust communication model that lets the teams involved know exactly what is trying to be accomplished, who are the stakeholders and at what levels are they involved. Also, it would be important to stress on the benefits to the business, market, as well as the internal knowledge workers who would gain from an increased sense of ownership as well as upgradation of their skill sets.
Deploying a successful data governance function requires an exhaustive analysis program, proper planning, a precisely tailored tool kit and above all, a team of committed people to drive a set of curated projects through to successful completion.
So, are you ready to champion the data governance framework for your organization? Send us a note to get started.
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