Are you focused on your data governance framework? What is data governance? It’s an important concept that’s used by data managers to ensure that you have high-quality data flowing in and out of your organization. Poorly managed data can put your company at risk.
Many businesses have taken a systematic approach to governance. This involves ensuring that processes and policies are being followed. Here are five secrets to better governance.
1. Ensure Your Data is Available
Your Business Intelligence (BI) won’t be useful if you can’t locate the data you need to power it. In hindsight, your data must be readily available and easy to use. Maintain your data governance framework across all aspects of your organization. There will be times when you have to limit access to data, especially when it comes to sensitive company data or customer information, but you should not ignore the use of data, which can help you with most of your work.
Availability is important for making sure that data is easy to use. It’s the most important step to setting up your data capture, so you can provide what your organization and its various departments need, rather than keeping everything available. Governance ensures that you’re using the right tools for processing data and that data schemas are being applied to data that’s organized or stored.
2. Ensure Team Members Are Using Consistent Data
All of your team members must have access to consistent data that’s also reliable. Governance should be maintained across the entire organization, including the data stewards, executives, and managers. You want to make sure that everyone is following the rules. Your data team must handle important situations such as allocating department resources. An increase in consistent data can decrease miscommunication problems, especially when there’s doubts that whether the data is valid.
3. Determine Which Data is of Value or Useful
It’s possible to hoard too much data. Irrelevant or useless data can greatly impact business decisions. It can also make your company prone to data breaches and other security problems. Thirty three percent of data that’s stored by enterprises is useless or trivial, according to a 2017 survey conducted by Veritas Data Genomics. That’s not always the case since most data should be stored for several decades, just in case you need that information.
It’s important for you to determine which data is useful and which is irrelevant. Your governance plan should include procedures for your employees to follow to reduce duplication of data. You should also enforce strict policies for data destruction or retirement.
4. Immediately Respond to Analysis & Reporting Issues
It’s important to maintain consistency among your organization when it comes to analyzing metrics. There are a wide variety of business analytic tools that can help you out. Most of these business intelligence or self-service analytic tools can hurt your enterprise unless you track and report metrics in a consistent manner. It’s easy to place the blame on technology when you can focused on improved governance.
5. Keep Up With Security & Compliance Laws
Being at the center of a data breach or tampering with sensitive data can become costly for your business. The European General Data Protection Regulation (GDPR) has estimated that enterprises are hit with a fine of four percent or $22 million, depending which is higher. You should avoid this problem by following these strict security and compliance laws. In addition, you should teach your employees about data security and its available solutions.
If you think about data strategically, then data governance will become easier. It’s important to spot trends and issues as quickly as possible. Governance is an ongoing process that gets everyone involved. It can provide you greater insight into your business and make better business decisions.