Effective data governance will provide many benefits to your organization. It will ensure accurate procedures with relation to regulation and compliance activities and will increase the transparency required in these areas. The value of your data will increase, and resolution of past and current data issues will be supported. The costs that can be associated with other areas of data management will decrease and the overall revenue of your enterprise will increase. Your business will need a strong policy for your data governance so that as training and education practices around the management of your data assets is implemented, direction and compliance within the organization is clear and consistent. A good data governance policy will help maintain effective processes when it comes to managing all the information of your business.
As you analyze all the internal and external factors that can affect your business objectives, a data strong and effective governance policy can be formulated which will determine the implementation of your strategy when it comes to handling your data and will help your enterprise gain better control over all your data assets, including methods, behaviors and technologies that surround the proper management of data.
A strong data governance policy considers your goals. Establish goals and performance metrics for each area listed here:
People. Define key roles throughout your business that are related to data. For every system, choose stewards to manage that data and focus on quality; the owners who will make decisions and define quality standards, and the IT team who will provide technical support and monitor all compliances.
Inventory. Document and inventory all your sources for data and review the inventory regularly to ensure it is up to date.
Management. The purposes for which you collect data should be identified and communicated to your team and clients, and reviewed regularly.
Records. Policies should be in place that define how your records will be created, maintained, and disposed of.
Quality and access. Appropriate staff members should be assigned the responsibility for data quality and to conduct regular audits while all permissions and access should be clearly defined.
Security. Data security policies need to be defined with respect to access and sharing of data. Include a risk management section that outlines risk and probabilities.
You want to know that the formal management of all the data assets within your organization is efficient and cost-effective and is bringing the most return on your investment possible. A well-thought out policy will do just that by ensuring that all your team members know who can take which actions, what methods are to be used, and under what circumstances, reducing wasted time due to unclear direction or incomplete sets of information available.
How your policies define your business will influence your ability to manage it, keeping everyone focused and in sync, striving towards the same goals. If you are looking for assistance in data analytics, give us here at Think Data Insights a call and set up an appointment today!