Ensuring the Success of Data Governance Practices

Data is one of the most valuable assets that your company has. As such today, more and more businesses are implementing governance strategies because they cannot function effectively without them. Doing this gives them the competitive edge and adds more value to their bottom line. All along, their sales thrive and they earn impressive profits because their customers become satisfied.

The only issue is that data governance is not all that simple to carry out. The practices have to be implemented again and again before the most efficient one of them can be finalized. However, if you follow the steps below, the complexity of the overall process would be reduced.

1. Select a data governor and then choose an appropriate place for implementation

The initial step in every data governance program is to identify an individual who has all the qualities that are needed in an ideal leader. That person should just drone on and on about what he can do for the company, he should be able to implement as well, and should have the potential of changing the way things work. Until, a good leader is elected, no goal can ever be achieved whether it is related to data governance or not.

Once this is done, the selected person can create a complete data governance council.

2. Observe your situation

When a council has been established, it should conduct a complete analysis of all practices in every domain of the business. Until you thoroughly know the ins and outs of your data streams, you cannot govern it effectively. This can be done only if there is a proper assessment technique, which would also help you in evaluating your progress.

3. Develop a suitable strategy

Once all the data has been properly assessed, the data governance council should think up of a vision. This should highlight where the company’s practices related to data governance should be over the next few years. Make sure that all the goals defined are realistic and that there are no gaps in any project plan. Also establish performance metrics which would help you in tracking progress and validating the achieved results.

4. Estimate the data value

Until you know the true worth of your data, you can never implement successful governance practices. You can estimate the value by building an internal data marketplace that is based on IT services and user entitlements. As such, everyone would be paying for the offered services and data directly, and this would be the value.

5. Calculate risks

If you are aware of how your company and employees have used data in the past, you would probably be able to figure out how it might be misused in the future. If you study your past reports, you would be able to analyze events that resulted in losses. Observe the trends and you can use it for calculating risks. Study how things went wrong in the past, and you would get an idea of what can go wrong on the future. As you become apt at this, you would be able to mitigate all the risks involved.

Further reading: Corporate Governance | Audit | Performance Improvement

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