There’s no question that today’s smart, connected business environment demands intelligent data governance. But the prospect of defining and implementing a data governance program may seem overwhelming to many companies. Here are ten keys to successfully establishing a data governance initiative that adds continuing value across the enterprise.
The typical business is overwhelmed with information — about internal operations, customers, trading partners, competitors, employees, finances, and other strategic concerns. Regulators and compliance officers require certain information to meet extremely specific standards. Security experts demand that sensitive data is adequately protected. And successfully executing the top-level strategy depends on gathering all relevant data, analyzing it, and applying the resulting insights to the company’s most pressing challenges.
But the typical business may find this list of requirements overwhelming — and may wonder where and how to get started. Following is a list of ten keys to initiating an intelligent data governance program and beginning to realize the significant benefits of strategic data management:
- Ensure data is complete and accurate. Data consistency is one of the biggest benefits of enacting a data governance initiative. Only high-quality data can form the basis for sound business decisions and drive the company in the right direction.
- Conduct proactive data quality checks.
- Align data to regulatory and compliance guidelines.
- Eliminate data confusion.
- Connect data and analytics to top-level goals. Intelligent data governance makes sure the right data is moving through the information supply chain, in the right flow and with the right structure, to achieve the company’s highest-level strategic goals.
- Encourage fact-based, real-time decision making. Change occurs constantly, and companies need to react swiftly. Having the right data available, in the right format, drives real-time decision making and generates a high level of confidence.
- Create a data-centric culture. Gathering, analyzing, and applying data isn’t the job of one department. By encouraging everyone to share insights and centralizing data access, companies can make better-informed decisions at every level.
- Foster collaboration and establish accountability.
- Store information more effectively. Virtually every company is storing data that is irrelevant, or storing relevant data for too long. Developing standardized rules and policies ensures that data storage is conducted strategically and cost-efficiently — and makes everyone a steward of the shared information.
- Harness data as a competitive advantage.
If this list seems daunting, it’s important to remember that companies don’t have to go it alone. There are powerful, automated solutions available today that can streamline and accelerate even the most complex data governance tasks. There’s no need for any business to re-invent the wheel when technology leaders have already developed customized solutions targeted directly at the challenge of intelligent data governance.
With these advanced solutions easily available, the only real question for executives is, “Why isn’t your company doing a better job of governing data more intelligently?”
Learn more about creating an intelligent data governance strategy by downloading the e-book, “Intelligent Data Governance for Dummies.”