Putting in place strong data governance is a must to leverage "data" capital. Knowing how to leverage "data" capital requires putting in place strong data governance.
Indeed, in the era of digital transformation, data is a gold mine for all organizations that know how to exploit it. With data, decision making within companies is more accurate and more impactful.
The processes for using and developing the value of data must therefore be part of an appropriate and controlled organizational system.
How can we achieve this?
It is necessary to define the principles of enterprise data governance (instances, rules, confidentiality, etc.), to specify the type of data governance that will be adopted and to define an implementation plan. Discover our best practices to build an effective enterprise data governance strategy.
Summary:
What is data governance? 🤔
Data governance is the set of procedures, rules, standards, responsibilities, and metrics that ensure that data is used efficiently, securely, and effectively within the enterprise.
It should enable organizations to achieve their goals. The company can also determine which information is sensitive, can be accessed by anyone, or requires close monitoring in the data management strategy, etc.
Why implement an enterprise data governance policy?
Often, companies are faced with an ever-increasing volume of data. At the same time, the sources from which this information comes are becoming increasingly vast (social networks, IoT, sensors, etc.).
Data exploitation has therefore become a necessity in a highly competitive and continuously changing environment.
Today, companies have the ability to collect large amounts of data internally and externally. Data has become the driving force behind customer relationships, marketing projects and sales strategies. This is why the implementation of a data governance is a must for any company that wants to remain competitive in its field.
Beyond the control and protection of sensitive data(data compliance), data governance must allow to optimize the value of information, manage risks and reduce costs.
Enterprise data governance strategy is therefore essential for any company that wants to manipulate data to grow and improve its analytics and business processes.
What are the benefits of enterprise data governance?
Successfully implementing data governance means: making data reliable. It is then organized and accessible to all those who need it. The essence of data governance is to bring all the data together in one system and to provide employees with the tools to make the data reliable, organized and usable.
Good data governance will allow you to work with better data quality.
Data governance has many benefits for organizations, including:
better data quality,
more accurate decision making,
regulatory compliance,
cost reduction and resource optimization,
better collaboration.
Better data quality
By implementing data policies, procedures or standards, your organization can ensure that your data is reliable, accurate and complete.
More accurate decision making
Data governance provides decision makers with accurate and timely data to make more impactful decisions. This can help improve operational efficiency and drive business growth.
Regulatory Compliance
Data governance helps you comply with data protection regulations and avoid financial penalties and negative reputational consequences.
Cost reduction and optimization of your resources
By effectively managing data, organizations can reduce the costs associated with data maintenance, storage and management.
Best collaboration
Data governance helps facilitate collaboration between different stakeholders in your organization by providing easy access to relevant data.
Why implement a data governance strategy? 🤷♂️
An effective data governance strategy offers many benefits to organizations:
Through governance, the enterprise gains a consistent view and common understanding of the data,
raw data is transformed into quality, complete and consistent data,
Data governance allows you to map all the data and to have a better presentation of it. In addition, data governance allows to link operational results with the relevant data,
The company can define a single repository for the sales department by allowing a complete view of each customer,
Data management for the RGPD allows to meet the regulatory requirements and to comply with other laws or directives such as those on health data or banking data,
Governance improves data management by bringing a human dimension to a highly automated domain. This translates into the establishment of codes of conduct and management best practices,
Thanks to data governance, the company optimizes its cash flow and increases its performance. Indeed, it will be able to use its data wisely to maximize its results.
Finally, by implementing readable and effective data governance, your data will be reliable, easily accessible and well documented.
The system will be secure, compliant with laws and guidelines, and will respect the confidentiality of sensitive data.
How to implement effective data governance?
Methodology of good practices
Awareness of data assets is not new. However, certain circumstances now require the strengthening of data governance:
The adoption of the RGPD obliges companies to make the necessary adaptations internally and towards their customers,
Heterogeneous data volume acquisition requires more robust and organized data governance,
Many companies are showing their willingness to be data-driven. To do so, they need to develop a more appropriate data governance strategy and thus become data-quality-driven first.
It is therefore around these 3 main axes that companies will build their data governance.
Step 1: Convince the management team and get their buy-in
About the adage of data governance ....
To begin with, remember that the fundamental adage of data governance is to ask: what problems can be solved with data? From there, your argument will build itself.
However, implementing data governance is not an obvious process for everyone.
Some understand the importance of data and for others, it will be necessary to argue, demonstrate and sell them the "product".
The 'maneuver' is to convince that data governance is essential from a strategic and business point of view.
This means talking to employees and explaining that certain data can help develop and support key projects.