Companies finally understand the importance of well-managed data due to the rise of big data. They also know how much data they can potentially collect from their customers and users. Collection of this data is not easy. However, the real game is utilizing this data. If you can use this huge amount of data for your business, then your business will grow exponentially. Data governance will help you in solving this exact problem. In this article, we are going to share the best data governance practices for your business.
What is data governance?
Data governance will help you in managing data that is present in your organization. It is a system of processes, decision rights, and accountabilities. The main aim of this system is to improve the quality, security, usability, and availability of your organization’s data. This will generally include a governing body and a set of procedures. It will also have a plan which you can follow for implementing these procedures. The plan will differ from organization to organization.
Data governance will help you in improving the quality of data that you are storing. If you want your business to succeed, then you need to focus on storing good data for your business. Organizations are using data that they are collecting for making business decisions and improving profitability. It will also help you in optimizing your business operations.
If your organization is handling the data, then data governance policies are very important for your business. The need for data governance policies has increased as companies are storing huge volumes of data. The complexity of this data is also increasing with time.
Organizations were using manual documentation in the early days of data collection and governance. However, you can’t use spreadsheets for managing huge amounts of data. New technologies are available in the market that can help you in solving this problem. Businesses are moving towards more advanced data governance tools for improving the quality of their data.
How to create a Data Governance framework?
The data governance framework can vary from organization to organization. However, the main three steps that you need to follow for creating a data governance framework are:
If you want to create a data governance framework, then you should start by creating a list of people that will be responsible for the data that you are storing. Your organization must decide which team will have access to which data. These people or teams will be known as data stewards.
Organizations need to define procedures and standards for managing this data. This will include data storing, backup, archiving, and data security. You will define a set of rules that your users need to follow for using your data. It will include audit and control procedures for ensuring compliance. You also need various government regulations in the modern world.
Implement data governance policies
You need to first define the data stewards for your business. After that, you need to create an overall strategy for your data. The last step is to implement these procedures and policies effectively. You need to find the technologies that you will use for managing your data. Organizations need to regularly review, improve, and update their data governance policies.
Data Governance Best Practices
Data governance procedures and policies will vary from organization to organization. However, you should still consider following the best practices. Here are five things that you should mainly focus on:
Identify opportunities and benefits
You should first focus on identifying the benefits of data governance. This will help you in creating a data governance strategy for your business. It will also help you in motivating your employees and stakeholders. Your employees will feel a sense of responsibility towards the data that they are handling. You should start by checking your current procedures and policies. Look for opportunities to improve your current procedures. You can create a strategy according to these points.
Organizations generally find it difficult to implement a big change in their business. You should ensure that your entire organization is on the same page. If you have identified the benefits of data governance, then it will help you in promoting a culture of good data governance practices. Once your employees understand the reason for implementing a big change, then they will cooperate with you. They will also work with you in making the new change successful.
Some of the main benefits of data governance will include better data quality, increased review, and regulatory compliance. It will also help you in improving your organization’s efficiency.
You need participation from your entire organization. There are complex systems that are running in every organization. Due to this, most companies feel intimated when they start with data governance. Starting slow and small will help you in easily implementing your data governance policies. It will help you in achieving the results you want.
You should start with just one data issue or business area. Slowly expand your data governance policies for your entire business. Try to break your larger program into smaller steps and units. This will help you in increasing your chance of success. It will ensure that your operational change will be manageable. This will help you in testing out processes and ideas. Your process will be refined when you move to the next phase of the rollout. Thus, this will help you in making your data governance more cost-effective and efficient.
Data governance is not about data only. It is also about people. You should have strong internal communication if you want your data governance policies to work. Communication will help you in every stage of your plan. You should ensure that communication is a part of your data governance. Make sure that you are focused on creating a strong internal communication strategy.
You should start by conveying the benefits of data governance procedures and policies. Make sure that you are communicating the success of your strategy with your employees and users. This will help you in motivating your employees.
You should also have a group of people who will help you in implementing these policies. They should communicate the responsibilities and roles of every participant. Every participant should understand their roles and responsibilities. They should know about the rules and guidelines that they need to follow. You also need to communicate the changes that you are making when you are assessing your strategy. Users that are affected by these changes should know why they are making these changes.
If you are not properly communicating, then there will be a misunderstanding. Your users won’t help you in implementing your data strategy. Strong communication will help you in increasing the efficiency of your data governance policy.
You should check or measure the progress of your framework by using metrics. This will ensure that you are actually meeting your data goals. It will help you in staying on the right path with your plan and framework. Metrics will also help you in showing the benefits of your data governance framework. The metrics that you are using will depend on your data and business goals. Try to select the metric which will help you in checking if you are meeting your goals. Some metrics that you can use are:
- Data quality: You should start by measuring the quality of data you have. This can be done by checking the timeliness, accuracy, and completeness of your data. Measuring data quality will help you in ensuring that you are collecting the correct data.
- Data rectification: Data governance will help you in fixing bad data as soon as possible. Fixing this data will also come with its own costs. This is known as data rectification cost. Data governance should help you in reducing this cost.
- Adoption rate: If you want any framework to succeed, then you need to ensure that your people are actually implementing it. The adoption rate of your data governance framework should be high. This will ensure that people are actually following the rules.
Improve your data governance framework
The data governance framework is going to be a practice for your business. It is not a one-time project that you can complete. Your data governance framework won’t come with an end date like other projects. It will change the way your business operates. People that are working in your organization should incorporate the procedures and standards into their jobs. This will help you in making your data governance framework successfully.
Your data needs will also change with time. Thus, you need to make decisions on how you will handle this data. Data volume will increase with time or you might be gathering new types of data from your customers. Your policies and standards will help you in making these decisions. However, you still need to make these decisions in real-time.
Organizations should periodically review their data management strategies and policies. Make sure that you are regularly evaluating the effectiveness of your plan. You should make changes for improving your plan. Organizations should keep a track of the metrics that we have mentioned in this article. These metrics will help you in determining the things that are working for your business.
Future of Data Governance
Data governance is changing rapidly with time. Both the value and volume of data are increasing with time. Managed practices are becoming more tool-based and automated. No one is using excel sheets for managing their data. Data is becoming an integral part of every modern business. It is also going to evolve in the future. Some of the things that you can in expect in the future are:
Increased data volume
The volume of data is increasing rapidly in recent years. It is going to grow for some time. According to a report from IDC or International Data Corporation, the global data will reach 175 ZB 2025. This figure was only 33 ZB in 2018.
Organizations will have access to more data. Thus, it is important to ensure that they are properly stored and using this data.
Regulations like GDPR have changed how organizations handle data. This regulation was created by the EU in 2018. It is applicable to all the organizations that are dealing with CU citizens. The main aim of this regulation is to give control of personal information to EU citizens. Data governance policies are helping companies in complying with GDPR. If you want to comply with regulations in the future, then a data governance framework is very important for you.
Data governance technologies are becoming more advanced with time. Most parts of the data governance processes are automated now. There are various data management tools available in the market that you can use for collecting and analyzing your data. The role of AI will grow in the future. These technologies will help companies in creating better data governance frameworks and policies. There might be new data governance technologies in the data. Big data have been already one of the biggest markets in the world. Thus, most tech companies are working on creating better data governance tools.
You should also plan for data governance in your strategy. This will help you in adjusting your plan according to future needs. Data will become more valuable with time. Thus, the need for data governance is going to increase in the future. Data governance will help you in improving the quality of your data. Proper communication, technology, and planning will help you in improving the way you manage your data. It will help you in managing your data and taking full advantage of the data you are storing.
Experienced MSPs like Bleuwire can help you in implementing a strong data governance framework. They will help you in properly using your data. You will get access to the best data networking and data governance tools. This will ensure that your business can succeed by using the real power of data. If you need more information regarding data governance, then you can contact Bleuwire.