Is your organization innovating business processes to adapt to changes caused by global disruption?
Do you want to have a good handle on your organization’s data ownership rights and responsibilities?
Would you like to improve your organization’s ability to consistently capture and use high–quality data at lower cost?
Do you want data-sharing arrangements that respect data privacy regulation and help you serve the information needs of your stakeholders?
Data governance is increasingly on the minds of business leaders although the discipline has existed for several decades. Data governance is like the conductor of your organization’s data and information orchestra. Your organization’s data assets are undoubtedly growing in size and importance as a result of:
- Significant growth in data availability and data collection technology, as well and cost reduction of data collection
- Business disruption limiting in-person activity and spurring digital transformation (leading to growing remote and digital-first business practices)
- Growing awareness about data privacy driven by consumer concerns
- Changing stakeholder expectations about transparency and customization of services and products to meet their needs
Data governance enables you to keep the pulse on how your most important data is managed and used so that it provides decision-making value for your organization, clients, and stakeholders.
More than ever, careful management and monitoring of data assets are essential to informed decision-making and risk management.
What is data governance?
Below are two definitions of data governance. The second definition is the modern approach to data governance where collaboration and data literacy are the focus.
“Data governance is the exercise of authority and control (planning, monitoring, and enforcement) over the management of data assets.” This definition focuses on authority and control over data assets. Dataversity.net
“Data governance is the formalization of behavior around the definition, production, and usage of data to manage risk and improve quality and usability
of selected data.” Robert Seiner
The second definition focuses on formalizing behavior and holding people accountable while encouraging transparency, support, and collaboration. This approach captures current best practice and is the focus of the data governance framework below which InsightsFuture uses as a tool to explore data management and practice.
How can we help?
The support and tools we offer help you introduce and develop data governance policy as a living program within your organization or business unit. The tools, templates, and processes embedded in the framework provide a blueprint for you to consistently manage key data. By exploring use cases where data can create value or solve problems, you can establish a system that can be iteratively tested and improved over time. This system will provide the structure to ensure your data investments provide continuous value.
Identifying how your activities fit within the below framework for data governance can upgrade your ability to use data to deliver the most value in a way that is efficient, cost-effective, and in line with data privacy regulation. Learn more about the framework here.
If the opportunities above sound familiar, contact me to discuss your data-related opportunities or pain points and explore how the framework can be useful to get you on a path to more value and ease in using data. I offer:
- Data governance review services to identify the top actions to make data governance a tool for effectiveness and efficiency in your organization.
- Follow-up advising support to ensure the steps towards better data governance are managed in a sequence and pace that supports sustained value from your data management practices.
- Initiative and goal-specific support to analyze and systematize data capture and use from source to value creation.
Download the data governance framework graphic in higher resolution. Share it with your organization’s leadership and data champions.