Why is data governance important?By Stuart Chambers, Data Practice Lead on
The first of several blogs exploring data governance, based on a webinar presented recently by Stuart Chambers of Oxygen and Jonathan Adams of DATUM.
As the lead for Oxygen’s Analytics and Data Practice, it has been fascinating to observe the significant shift in attitude towards data governance that has occurred in recent years. What was previously an IT activity that frustrated business users and struggled to attract executive attention – let alone proper funding and resourcing – is now firmly on the agenda at the top table.
The recognition of its growing importance is set to continue.
Indeed, I believe the next five years are going to be the busiest, most challenging and complex to date for those grappling with data, and those tasked with leveraging it for the benefit of their organisation.
Data governance to drive digital disruption
The reason is quite simple; data presents huge opportunity for disruption.
It has the potential to change the trajectory of every business (for better or worse), faster than any other market influence. But with ever-increasing volumes of data availability, and a scarcity of skills and experience required to exploit it, the complexity of the situation can often seem overwhelming.
The change in attitude towards data coincides with today’s digital transformation agenda.
Digitisation has now moved from the arena of rhetoric to real action. As organisations execute on their digitisation strategies, business pains caused by poor data are surfacing quickly, and often slowing progress.
Almost every aspect of business is impacted by digitisation. If organisations don’t control data properly they will lose customers, market share and margin. As a result, leaders have taken notice and want to lasso the problem by implementing modern data governance solutions and taking control of their asset
Just like any other major asset, such as mining or manufacturing equipment, data needs to be maintained, curated and linked effectively to the business objectives of the organisation in order to be relevant.
A modern method to data governance
Until recently data governance solutions struggled to effectively organise data based on its relevance to the business. The problem was proving what data was pertinent to an organisation’s current objectives in ways that business users could connect with.
This is where I believe DATUM’s Information Value Management® (IVM) tool approach to data governance provides answers.
It is a method for modern data governance that answers critical questions, including:
- How can we build a business case for modern data governance and articulate its impact on the business?
- How can we prioritise data governance initiatives if we don’t know the impact they have over other initiatives?
- How can we connect our people to data and make it part of our organisation’s DNA?
Answers to these questions are fundamentally important when designing a data governance framework for your organisation.
IVM® allows organisations to link what is important to their business to the data that supports it. Once an organisation has done this, the data fog will disappear and it can be laser-focused on leveraging the most important data for maximum effect.
My next blog will provide an overview of the challenges involved in data governance & how you can overcome them. Stay tuned.
For more information please don’t hesitate to email me at email@example.com
Download our Information Value Management® (IVM) overview and discover why it is the only tool you need to discover, understand, connect and measure your organisation's data.
Getting started with data governance on demand webinar
Contact us below for access to our on demand webinar session to deep-dive into how to get started with data governance.
In this session you will learn how to identify the data that matters to your organisation and how to start framing a strategy that will align your data to driving business objectives.