Why a data governance strategy is an essential requirement for the modern business
These days, organisations have the opportunity to capture a staggering amount of internal and external data on a daily basis. This data then becomes one of the most important assets they possess.
This is why, in today’s fast-moving and highly competitive global business environment, data governance is an absolutely essential requirement. It helps to ensure that data is usable, accessible and protected, and that organisations benefit from a high standard of data management.
It’s all about enabling companies to use their information effectively, maximise its value, minimise the risk of data breaches and reduce costs.In short, data governance clearly defines who can access and use the data, for what purposes and in which situations.
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A data governance strategy is a set of roles, processes, standards and metrics that enable an organisation to use the data it holds to achieve its goals. It establishes the internal processes and company responsibilities that will make sure that the data used is secure, of high quality and well maintained.
The seven key benefits of data governance
Effective data governance provides many benefits to an organisation. It:
1. Leads to better data quality management, lower data management costs and greater access to data for all stakeholders. The result is more accurate business intelligence, better-informed decision making and improved business outcomes.
2. Helps to avoid data inconsistencies or errors which can cause trust issues, poor decision making and a range of organisational problems.
3. Sets out a plan that ensures data accuracy, completeness and consistency.
4. Leads to better data analytics, which in turn leads to better decision making and improved operations support.
5. Makes it easier to locate all company or organisational data. This makes data assets more accessible and easier to align with business objectives.
6. Plays an essential role in ensuring companies are consistently compliant with all levels of regulatory requirements, such as the EU General Data Protection Regulation (GDPR). This is key for minimising risks and reducing operational costs.
7. Brings the human element into a highly automated, technological, data-driven world. It embodies codes of conduct and best practices in data management, so that human issues outside of traditional data and technology areas like legal, security and compliance are always addressed consistently.
What should be included in your data governance strategy?
Data governance is a wide-ranging topic. So there are a number of elements that are essential in a robust data governance framework. These are structures, rules, policies and procedures.
To make sure that all stakeholders are following the same processes and working towards the same goal, it’s important to create a range of documents to signpost the process.
These should include:
- Agreed and quantifiable data governance objectives
- A mission statement
- Metrics to assess whether the objectives are being achieved
The next step is to establish who is responsible for various aspects of data governance.
Who should manage data governance?
To support the data governance strategy, it’s vital that a strong data governance team is created to ensure the process is effectively implemented. While all organisations and personnel are clearly different, some key roles within a data governance team are:
- A data strategist who creates the overall data governance strategy
- A data manager responsible for driving the roll-out of data governance policies and systems, and for building the data governance team
- A compliance specialist to ensure ongoing compliance with all existing and any new regulatory standards
For many smaller companies and organisations, data governance can be a daunting area to move into. Many of these bodies take the decision to use the services of a data governance consultancy. These data governance consultants oversee the whole process, from engaging with stakeholders and creating the overall data governance strategy, to ensuring ongoing compliance with all regulatory standards.
Dufrain’s data governance consultants can help your organisation to:
- Benefit from better data quality
- Reduce data management costs
- Gain greater access to data
- Minimise the risk of data breaches
Find out more about our data governance solutions today.
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