In today’s fast-paced data-driven business environment, there is so much data out there that you are likely to be susceptible to analysis paralysis. Without a comprehensive and practical data management strategy, your data is basically useless. While data governance strategies used to be an extravagant option for larger businesses, it is now a necessity for businesses of any shape and size. To get the most out of your data, you will need to consider the following.
Year after year, data regulations are becoming tighter and tighter. The pinnacle of this process is the GDPR which affected everyone online in 2018. These rules are strict, and non-compliance can result in some eye-watering penalties, so make sure you are fully compliant. Your data management strategy should not only let you effectively use data to optimize business processes, but also protects you from liability.
The Amount of Data Keeps growing
The growth in data volume is exponential and is projected to continue rising indefinitely. More and more consumer data is being captured and stored, and the IoT revolution is only adding fuel to the fire. Data collection is no longer limited to PCs and phones, it is also being gathered from everyday household items like fridges, security cams, thermostats and just about any other appliance that has an internet connection.
No More Data Elitism
To be data-driven meant you had to be an expert or a math prodigy, but data analysis has become quite democratized of late. Data-literacy is now a given for the majority of business roles. With so many employees having access to and being able to manipulate and work with data, the need for accountable data governance becomes more urgent.
Bad Data Governance Will Cost You
As with any other business decision, you should do a cost-benefit analysis of implementing data governance procedure. More precisely, you should consider the cost of not doing it. Improper data governance results in endemic inefficiency across procedures and departments. The time spent remedying sub-par, duplicated or inaccurate data is a significant drain on time, and subsequently, profits.
Great Governance = Satisfied Customers and Great ROI
On the other hand, a successful data governance strategy will be extremely beneficial to any business. Useable and accurate data let’s data scientists focus on big-picture thinking and gaining valuable insights on how to evolve and grow the business. Great data means that cross-functional teams can all communicate well and are on the same page.
Proper data governance, not benefits not only employees but also provides a great user experience for the end user. When the data is on point, this gives a lot of room to improve the user’s digital experience. Accurate, accessible and centralized data builds a personalized, immersive experience, and increases customer satisfaction and retention.
Teamwork and Discovery
Data governance affects everyone in the business and needs to start with collaboration and teamwork. Data management is a business-wide concept and is useless unless it is equally distributed across the board. If your company does not have a data governance program or has an inadequate one, it is well worth considering a joint discovery phase. Key members from a variety of teams need to meet regularly and openly discuss company data management ideas.
Out of this discovery process should come a set of company-wide data rules and standards. In addition, there should be a plan regarding the implementation and enforcing of these rules. This should be an agile process, to be able to react the fast-paced and frequent changes in global data protection standards.
All things considered, data governance is an all-encompassing and holistic process, and this requires all team members to be engaged and knowledgeable regarding their company’s governance policy. Consistency and frequent communication are key to improving the education and engagement of staff regarding data policy issues. Although it might seem difficult, developing and implementing a great data management strategy will do wonders for most any business.