Data Governance or DG is an arrangement made to ensure that the available data is usable, accurate, and secure across an organization including the functions of the back, middle, and front office. The data governance mission of a data-driven organization is to make sure that their historical data maintains its accuracy so that this can make business-critical things happen to like –
- Optimize operational efficiency
- Implement major business decisions
- Create new products & services
- Enhance ROI & revenue
To ensure that your entire organization complies with the solid DG strategy is a complex and perplexing task. There is a need to hire the ideal data governance consultantlike EW Solutions to attain total compliance and increase ROI.
Data Governance reveals your organization’s capabilities, so the professional team offers a customized approach to ensure that everyone within the organization understands the meaning and value of the properly gathers, stored, analyzed, and used data.
Who will represent the data governance team?
- DG Manager – Responsible for tactical guidance of data governance framework.
- DG Committee – Handles initiatives, data standards, and policies approval as well as offers continuous awareness training workshops.
- Data stewards – Supervises data & metadata management, ensures that the approved rules & policies are implemented and end-users comply with them.
- Data custodians – Oversee multiple functions across different departments including modeling, architecture, engineering, analyzing, and quality assurance.
Some companies appoint chief data officers, while sometimes the roles overlap. Therefore, there is no standard structure for the data governance department. Different companies use their own hierarchies.
The only thing that matters is to have an efficient DG strategy to break the data silos and ensure consistent data for BI accuracy, auditing policy, compatibility, and security. Proper management and control ensure that sensitive data is not misused as well as avoid decision-making errors.
How to create a solid DG strategy?
It is crucial to identify, define, and enforce valued data. It even ensures that managed data correctly adhere to the external and internal regulations across the data life cycle. The three steps to create a solid DG strategy are given below.
- Define a roadmap clearly – Start with an initial assessment of current status associated with data management, data-related issues, as well as roles & responsibilities. Operational assessment helps to create a better roadmap to highlight vulnerable areas that need enhancement as well as a plan to achieve a successful digital transformation.
Ensure to keep IT and business in sync as well as arrange for training seminars with the Governance Committee to discuss concerns and queries down the road.
- Create an efficient governance department – The roadmap has to clearly define each member’s roles & responsibilities to avoid disputes. Position managers, stewards, committee, and custodians at right hierarchies to avoid overlap as much as possible. An effective DG department ensures that all the moving parts are focused and run smoothly.
- Develop an efficient policy – Guidelines are clearly defined to ensure proper data governance. The framework of the policy will encompass the fundamentals of data management, establish compliance rules, address data quality audits, implement a policy with change management initiative, ensure all departments share policy vision, etc.
Choose the right hierarchy and team members to ensure consistent compliance of procedures and privacy policies that comprises the DG framework for the success of an efficient strategy.