The Covid-19 pandemic has turned the data world on its head, and organizations must course-correct to meet new market and business demands. Challenges such as using or exchanging data with partners and suppliers due to remote working, sensor technology generating additional data, analyzing the humungous amounts of data generated in real-time, lack of planning and control, and inefficient data exchange across the value chain are the major pain points for data organizations in the new normal.
Data Challenges in the New Normal
It has become tedious for organizations to protect and govern their data across multiple sources and locations. Then, there are issues of data access and privacy. Businesses fail to ascertain how to keep critical functions running due to varied ecosystems across the enterprise. Besides, data handling and compliance requirements continue to change with every passing day. Having recognized these big data challenges we are facing in the new normal, we should understand how to sustain business growth and meet regulatory challenges with enterprise data governance.
What is Data Governance?
In the words of Gartner, data governance may be defined as the specification of decision rights and an accountability framework to assure the correct behavior in the valuation, creation, consumption, and control of data and analytics, say big data analytics. Often, data governance comprises of data stewardship, data quality, and others for an enterprise to gain better and more effective control over its data assets, inclusive of methods, behaviors, and technologies around the proper data management. Data governance also deals with security and privacy, usability, integrity, compliance, integration, roles and responsibilities, availability, and overall management of the internal, as well as external data, flows within the organization.
How to Leverage Data Governance in the New Normal
Prioritize the Role of Your CIO or IT
In an organization, data governance has several stakeholders. Due to a lack of clear direction or ownership, data governance easily falls into disrepair, growing inconsistent across the business enterprise and conflicting with changes in compliance laws or technology updates. As you prioritize the role of CIO or IT, data governance has a clear leader and owner within the organization. It becomes their responsibility to ensure that IT solutions are well aligned with business goals.
Better Comprehend Basic Compliance Regulations
Laws and regulations around the proper and effective use of data gathered from customers, potential customers, and employees change constantly. As these vary from one country to the other, it becomes challenging for organizations to comply with them. It is thus crucial to comprehend the basic compliance requirements, irrespective of the work location. A data governance program enables organizations to build controls aiming to protect data and adhering to compliance regulations.
Set up Clear Cloud Policies
Cloud networks are an important component of the execution strategy of any modern business. On the one hand, they scale quickly, offer much cost flexibility, and make it easy for employees to effectively work from anywhere, while on the other hand, they present significant digital security risks. Clear cloud policies are thus a primary step in improving the data governance of any organization. A cloud governance solution ensures S3 buckets have proper controls to keep them private, resource use is compliant with HIPAA and FedRAMP regulations, and spend is enforced with no budget limits exceeded.
An ideal way to leverage data governance is to begin with a small, yet relevant project to show business success. Show a few measurable achievements to management and link them to your business metrics. A data governance framework may be a useful model to start establishing targets for business-focused metrics and new capabilities that see value.Keeping the result in mind, design your data governance program. You should scale the program by replicating your successes and refining your processes or the organization itself, while you expand the scope in terms of data and business domains. Data Governance and privacy should, indeed, be one of your top business priorities.
Benefits of Data Governance
A well-designed data governance program –
- accelerates your data value and flexibility by removing inaccuracies and offering direction for your data management capabilities.
- ensures that you prioritize the execution of technical investments by aligning your business objectives and the enabling technologies.
- clarifies user roles, responsibilities, and handoff points, thus improving communication across data management teams as well as business users.
- effectively minimizes the time and effort for troubleshooting data quality issues and finds data suitable for business purposes.
All set to lead the new normal
There will be effective communications across business departments and data silos when you empower your IT data and business stewards with the forum and the authority for collaboration through a data governance council. It is time to promote your data governance resources and invest in technology, training, organizational structure, and communications, with the ultimate aim to keep your organization strong and healthy in the future.