Developing a Data Governance Framework for Your Business
The reasons for investing in a data governance framework are as varied as data itself. Businesses today need to leverage every competitive advantage, and organizations can’t afford to ignore the potential value their data assets and insights could provide.
The risks of disregarding a data governance framework
Yet in spite of the growing understanding that data governance can provide the most logical foundation for building an arsenal of high-value data assets; it is surprising how often executive leadership hesitates to designate the necessary budget and resources for governance initiatives. The reasons for this are many—leaders are constantly juggling budgetary priorities, and may have a narrow view of data governance as an isolated effort to address specific compliance issues or risk mitigation. Often, past data governance projects have failed of fizzled due to poor strategy or scattershot execution, leaving both leaders and stakeholders gun-shy and battle weary when presented with the suggestion to try again.
Dawning recognition of the increasing importance of data governance has at least moved it to the wish list for many companies, but everyone still doesn’t view it as an imperative, because quantifiable Return on Investment (ROI) is hard to prove when making a business case. For this reason, strategies to implement data governance may be driven by misguided notions of what data governance means today and what it should accomplish.
But the historically valid reasons for hesitating on data governance are fast becoming weak excuses in today’s fast-paced, complicated and competitive business and regulatory landscape. Those who continue to kick the data governance can down the proverbial road may soon find it to be the Achilles heel that proves fatal to industry laggards.
In order for an organization’s data to deliver the insights that generate innovation, drive better business decisions and yield competitive advantage, it needs to be analyzed for a data governance framework.