Data Governance is the control tower in a Data Strategy, and it facilitates an understanding of data and the information life cycle.
Companies should have a tailor-made data governance framework that aligns with their needs and is based on the following pillars: organization, processes, technology, and continuous monitoring and improvement. This framework is a "must-have," and it's essential in today's business. Without governance, an organization's entire data set and the decisions that come from it are built on a weak foundation.
A Data Governance model must be tailor-made.
Principles of Data Governance
Based on our experience with clients, we find that there are seven key principles of Data Governance.
1) Build a strong foundation for the deployment of analytics and the improvement of data management by standardizing definitions and use cases, and simplifying data structures.
2) Ensure the business has ownership of the data to drive change management.
3) Promote a unique data language within the company.
4) Establish processes that ensure data quality, accessibility, and traceability with a focus on preventing incorrect data entry.
5) Ensure regulatory compliance.
6) Share data between departments to add more value.
7) Provide the right tools for controlling and improving data quality and traceability.
Find out how to transform your data into strategic assets.