Effective Data Governance Strategies for Small and Large Companies
Look at essential data governance policies. Find out how to create a proactive plan for data governance. Use data to drive business success. Outsource data governance.
Businesses throughout the MidAtlantic region face a lot of competition. To safeguard your profits and your reputation, you need a tight hold on your data. Still, just as importantly, you also need to ensure you’re collecting the right data and utilizing it as effectively as possible. Meeting these goals relies on successful data governance.
Is your enterprise using data governance strategically? Do you have policies in place that optimize your efforts? To point you in the right direction, here is a look at seven proven strategies to improve data governance.
1. Identify Roles and Responsibilities
Data governance needs to be a team effort. On some level, everyone in your enterprise should be involved, but their roles and responsibilities need to vary. A typical data governance team may include the following:
- A data governance manager who leads the data control and governance across the organization.
- An architect who oversees the design or implementation of data governance policies and procedures.
- Analysts who look at the data to find useful patterns or information to guide decision making.
- Strategists to develop plans based on the information extracted and identified by the analysts.
- Compliance experts to ensure your enterprise is meeting legal, ethical, and organizational standards with data collection and storage.
Depending on your business, these roles may be assigned to existing team members, reserved for new employees, or outsourced.
2. Create a Data Governance Framework
Workflows and policies that outline how your enterprise governs data are essential. A practical framework defines who is involved with the data, your goals for the data, and how you process the data.
You need to integrate your data governance framework with both the human and the technology side of your business. Does your strategy complement your existing workflows? Add strain or provide relief to workers? Fit with IT architecture? Ideally, your data governance framework should integrate with how you do business, and at the same time, it should work with your IT architecture.
3. Standardize Your Data
In a lot of cases, enterprises are collecting data from multiple sources, and although the data is semantically similar, it is represented in different ways. Standardization allows you to aggregate and compare data from various systems. By transforming datasets from source systems before they reach the target systems, you improve the value and usability of the data.
4. Define Critical Data Elements
Collecting copious amounts of data without a purpose wastes time and resources. Instead, you need to focus on essential data for your organization. Take time to identify the most critical data elements for your business. Then carefully consider how you can use those data points to drive success.
5. Improve Data Governance Maturity Slowly
Effective data governance doesn’t happen overnight. Be prepared to start with small steps, while constantly working to improve your data governance maturity. Generally, the first step to data governance is simply awareness.
Once you understand the importance of data, you can start to develop a data governance plan. At this point, you should focus on the data that provides your enterprise with the most significant impact for the lowest amount of effort. Eventually, however, as you assess and streamline your data governance policies and create new ways to use data, your organization can move from a reactive to a proactive relationship with data.
6. Build a Business Case
As you increase the data governance maturity of your organization, you need to build a business case for devoting resources to this project. Make sure key performance indicators (KPIs) for your data complement and support your general KPIs. Compare your data governance efforts to business growth and cost savings and look at its impact on risk and compliance.
7. Guard Against Complacency
To be successful, your business needs to be nimble. You need the ability to respond to industry shifts, changing customer desires, and new business objectives quickly and efficiently, and your data governance policy plays a significant role in this process.
To stay competitive, develop procedures that help you guard against complacency. Always assess your governance activities and resources to ensure that you are targeting the most useful data and optimizing its role in your enterprise.
To get help creating a data governance policy or to outsource elements of this process, contact us today. At Kyocera Intelligence, we provide IT services and support to enterprises throughout Washington, DC, Baltimore. MD, Philadelphia, PA, and everywhere in between.