Data governance. To many business leaders, the concept is a bit fuzzy. Is data governance the same as data management? What exactly does it entail? And is data governance truly critical or is it just something that’s nice to have? The intricacies of governing data can be complex and confusing. Read on to learn more about data governance, its benefits, the key to building an effective governance strategy, and common challenges companies face.
IBM defines data governance as “the overall management of data availability, relevancy, usability, integrity, and security in an enterprise.” Put another way, data governance is the act of determining what data is important, making sure it’s high quality, keeping it secure, and working to enhance its value. While data management is a practice, data governance is more of a business strategy. And without it, companies diminish the value of their data and undermine their own success. But what does an effective data governance strategy entail?
Tenets of a strong data governance strategy
According to data experts, a strong data governance strategy should address the following:
To properly govern their data, companies must have a well-outlined strategy that clearly defines the who, what, where, when and how data is managed. However, doing so is no simple task. Common challenges may include:
To effectively compete in this era of digital disruption, companies must have an effective data governance strategy. It’s not a wish-list item. It’s a must! Companies that govern their data correctly enjoy a wealth of benefits, including:
Though creating a strong data governance strategy can seem overwhelming, it’s far from impossible. With proper planning and ownership, organizations can overcome even the biggest data governance challenges. And of course, help is never far. A trusted data governance consulting firm can help with everything from research and strategy to implementation and operation.
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