Your organization likely has a long list of data goals this year. Where does Data Governance fall on that list?
Forbes recently called data the most “valuable and ignored asset” for today’s organizations.* We have to agree. Businesses often fail to invest in their data properly, and even fewer have implemented a formal Data Governance strategy. This is partly due to a lack of understanding of the benefits derived from the combination of Data Governance, Data Quality, and Data Stewardship.
Data Governance Today
As organizations implement strategies for the new year, various business goals are taking shape. Among these goals, many companies are emphasizing a more focused and intentional data management strategy in order to compete in an increasingly data-driven marketplace. Companies with data management initiatives also need to consider Data Governance – an area that is increasingly important in light of new regulations like GDPR compliance.
Laurence Goasduff at Gartner writes, “The European Union’s General Data Protection Regulation (GDPR), which comes with potentially high fines for noncompliance, is forcing chief information security officers (CISOs) at organizations of all sizes to rethink how they manage data privacy. Yet many still don’t have a data security governance strategy.”
Data Governance and MDM
Data management and Data Governance may seem interchangeable; however, they play two different roles which complement each other in a company’s overall data strategy.
Data management is the practice of utilizing a standard set of tools to maintain your data, while Data Governance involves implementing a systematic process for maximizing the value and integrity of your data.
As companies evaluate data management tools, it is important to look at how Master Data Management (MDM) plays a crucial role. MDM compliments and supports Data Governance by moving data out of silos and into a central repository for increased data quality, accuracy, transparency, and compliance.
The competitive benefits of MDM and Data Governance include:
- Increasing the value of data to your business
- Reducing operational friction
- Achieving regulatory compliance with trusted data
- Standardizing processes for addressing data issues
- Transparency of data ownership and responsibilities
- Supporting data stewards with policy and procedure enablement
How is Your Organization Tackling Data Governance?
Although implementing a comprehensive governance program can seem daunting, companies with effective Data Governance strategies and MDM solutions are continually finding new methods to extract value from their data.
Are you ready to tackle your data goals?
Download the e-book from EnterWorks and Amplifi, Six Components of Successful Data Governance, for an in-depth report on the steps necessary to achieve Data Governance, Data Quality, and Data Stewardship for your organization.