The quantity of data existing in the world today is truly remarkable. According to the estimation of the World Economic Forum, 463 exabytes of data will be generated worldwide daily by the year 2025. Data is no longer considered as just a result of running an organization—now it has become the lifeblood of every operation of any business. Today, businesses depend on high-quality data to function and be successful. The right Data Governance Consulting team will help you achieve high-quality data from multiple sources in various structures to be analyzed to cultivate success.
A powerful CRM (Custom Relationship Management) comprising of clean, correct data enables companies to create stronger customer relationships, provide smooth customer experiences, and formulate more efficient sales and marketing campaigns. It can assist you in discovering important insights and encourage the growth of new products and services. But the most important factor that leads to success is to make certain the data is available to the people who need it, at the right time, in a format that is accessible. That is exactly where the need for data governance arises.
What is Data Governance?
Data Governance includes all the people, processes, and technology that have been deployed by an organization to manage its own data. You need to establish the standards for data that fulfill the custom needs of the organization and its processes. Although security and governance are two different scenarios, still a comprehensive data governance policy should conduct a security check. This type of security checks ensures that the correct people have suitable access to the right data that is compliant with rules and storage.
A Data Governance policy needs to fulfill numerous grounds to become efficient and successful. For each data set, define the following:
- Where is the data residing?
- To whom is the data available?
- What is the structure of the data?
- How accurately the important terms and articles within the data are defined?
- What are the expectations of data quality in the organization?
- What is the usage of that data in the organization?
- What process should be followed by the data to meet these objectives?
Actually, finding answers to these questions is not a simple task. So, what’s the option for the organizations to set up and deploy an efficient governance policy? Here are a few vital points you should consider while implementing a data governance strategy.
Engage the Right People
At first look, people often think that Data Governance is a job only for IT. But actually, Data Governance reaches far beyond the capacities of an IT team. The IT team is important for fulfilling all the technical concerns of data management, however, the whole company must work together to identify the day-to-day processes to build a broad and effective strategy for delivering data to the people who need it.
A data governance strategy should be agreed throughout the organizational structure, including sales, marketing, tech support, product development, legal, management, compliance, finance, and also the IT people. This way, you can ensure that multiple perspectives and priorities within a large enterprise are reasonably characterized and make Data Governance policies and procedures to fulfill the needs of all departments across the company.
Don’t Just Focus on Processes
Particularly, the ultimate objective of Data Management and Governance should be to make data access and use easier as much as possible by generating rational, meaningful standards and processes that the data users can follow easily. Processes need control, and control is entirely significant when it is a matter of data.
The practice of generating those standards, processes, and policies can be pretty complicated. You need to all members of the organization to understand that Data Governance is a tool to make more effective business decisions, not to create hurdles in the workflow. Stay away from going deeper into a lengthy process-building and follow the below tips to ensure your Data Governance efforts give the desired outcome:
- Firstly focus on the key objectives for the business and then move further to create more defined goals.
- Choose the right people for the task, then generate the right processes and define the most appropriate technology needs.
- Create clear objectives and evaluate your progress. Ensure they are measurable.
- Characterize roles and responsibilities, so everybody is aware of why they are included in the process and what is expected from them.
- Make the processes simpler and automate wherever possible.
- Keep in mind that effective Data Governance is a continuous process.
Customize the Technology to Suit Your Needs
The exploration for suitable technology solutions gets less intimidating when you have a clear vision of goals that you need to extract from your data and how the established team is going to interact with this data. Once the set up is done, your Data Governance policy will serve as a roadmap to find the right technology.
When you start analyzing some prospective solutions, you might notice that some components of your data policies and processes need to be modified. Modifying the technologies to meet your need is normal today. Start tailoring your processes and technologies to interrelate with each other to meet your stated goals.
It is doubtful that you’ll find a tool that matches all of your needs therefore, your policy should include the strategic implementation of a centralized solution that can be integrated with third-party tools. There are a few key functionalities you should consider in governance plan:
- Data Import
- Data Verification
- Data Reporting and Analytics
- Data Operations
- Data Maintenance
- Data Security
Similar to the emerging technologies like automatic vehicles that rely on exact data for optimal performance, the success of operations in the businesses also depends on the quality data and effective Data Governance. Once organizations identify this inbuilt value of the existing data, they can start taking the steps necessary for making the most out of their data investments. With data Governance Consulting, you can get help in employing the right people, processes, and technologies in place to ensure that the right data assets are available at the right time. ExistBI offers experienced Data Governance consulting in the United States, United Kingdom, and Europe.