Data governance is one of those business terms that gets thrown around a lot but doesn’t always get explained in detail. So, before you venture down the data governance rabbit hole, it’s important to ask yourself four key questions: who will be responsible for governing the data, what processes need to be put in place, how will compliance be enforced, and why does your company need data governance in the first place?
Who Will Be Responsible For Data Governance?
The answer to this question will likely vary from company to company. In some cases, it makes sense to appoint a Chief Data Officer (CDO) or create a dedicated data governance team. Other companies may decide to assign responsibility for data governance to an existing role such as the Chief Information Officer (CIO) or Chief Technology Officer (CTO).
What Processes Need To Be Put In Place?
As with any business initiative, effective data governance requires clear processes and procedures. These should be designed to ensure that data is consistently accurate and accessible while also protecting sensitive information. Some of the specific processes that may need to be put in place include
- Creating and maintaining a centralized data dictionary
- Developing guidelines for naming conventions
- Establishing roles and responsibilities for those who will have access to the data
- Creating policies for security and privacy
- Setting up procedures for auditing and managing change requests
How Will Compliance Be Enforced?
Compliance with data governance policies and procedures is essential to ensuring that your company’s data is well managed. There are a number of ways to enforce compliance, but some of the most common methods include regular audits, training programs, andthe use of software tools that restrict access to sensitive information.
Why Does Your Company Need Data Governance?
There are many reasons why companies choose to implement data governance strategies. Some do it to improve decision making by ensuring that everyone is working with accurate and up-to-date information. Others do it to comply with industry regulations or protect sensitive customer data. Still others see it as a way to streamline operations by reducing duplication and improving efficiency
Regardless of your specific motivations, effective data governance can result in real business benefits such as increased revenue, reduced costs, and improved decision making.
Data governance is a hot topic in business circles these days. But what exactly is data governance and why does your company need it? The answer lies in four key questions: who will be responsible for governing the data, what processes need to be put in place, how will compliance be enforced, and why does your company need data governance in the first place? By taking the time to answer these questions thoughtfully, you can develop a data governance strategy that meets your specific needs and leads to real business benefits.