Are you trying to capitalize on the value of your data? Data driven organizations have an edge, now it’s a concept known to all. And to do that, solid governance is the key.
When you manage to combine and analyze data in the right way, they can provide new information and unlock opportunities. Especially when they are institutionalized and placed in the business context, and thus become the right basis for making informed decisions, while also guaranteeing speed to the process.
Of course, it’s not easy.
Much of the company’s information assets are deposited in sources without any structure, such as social media.
The conversion of isolated data to data belonging to the business ecosystem therefore requires strong governance, able to adapt to the business strategy. As the company grows, it will need to collect a constantly growing volume of data.
The importance of data governance
Providing a proper nomenclature for smoother communication between the various functions is not enough.
Even a well-organized system, with the right fields, limited and predefined, can have burrs and inaccuracies. As you know, users are very good at bypassing obstacles: they know how to leave fields empty (for example with a hyphen), type names in different ways, and much more.
Finding the right framework with constraints also generates quite a few headaches: if they are too stringent, stakeholders complain, but if they are too accommodating, inconsistency becomes inevitable.
Of course these smudges can be cleaned, so that the data can be used to the fullest. Many data scientists will confirm that most of their job is to collect data, clean it up, and fix inconsistencies and gaps.
Why is good data governance essential? Imagine what would happen without it: hard-to-use, inaccurate, poor-quality, incomplete information, vulnerable to security threats, and not always available to business users who need access.
We conclude with the major benefits of good data governance. Here they are:
- Better, consistent and uniform decision-making throughout the organisation
- Increased operational efficiency
- Increased user confidence in information
- Improved safety and compliance
- Reduced operating costs thanks to centralized controls
And where is your organization in data management? Always remember that data is the fuel of organizations, but that data governance is the cartel that keeps you from getting the fuel wrong.