2021 Trend Almanac: Technologies and trends that will dominate the business and consumer landscape. Get instant access
Data governance identifies the methods, technologies, roles, and responsibilities around managing and protecting data assets. The Data Governance Institute was founded in 2003 with the goal of providing in-depth knowledge around best practices without the need to employee a third party vendor. This institute is a valuable repository, and is often utilized by companies to ensure that they are complying with all regulations. Data governance is concerned both with data management and data storage. Through data governance, organizations can properly navigate privacy laws and compliance regulations.
As businesses implements data management/data governance programs, a data governance framework should be created. This framework is a centralized document that shapes the policies and procedures for data usage, storage, and access. It should be made available to all members of an organization to ensure knowledge of the the mission and mandates around data security to which the organization has promised adherence. A successful framework should also include data stewards. Data stewardship is an integral part of data governance as stewards monitor and measure the success of data governance. Data stewards are the team members that lead these efforts and coordinate with cross-functional teams. Stewards are responsible for keeping the organization aligned with the data governance framework.
Implementing a data governance initiative requires discipline in order to efficiently manage data and maintain data quality, which thereby reduces risks. Management of data governance centralizes this process to achieve the organization’s goals while ensuring that data is consistent and secure. An important aspect of data management is confirming that data is only accessed and used for its intended purposes. Data governance requires that businesses and organizations take responsibility for data safety and security. This includes compliance with the different laws and regulations as part of government requirements related to data storage and access. This is important for avoiding errors and mismanagement or abuse of customer data.
As more organizations start working with big data and data integrations, it will become more important than ever to ensure proper data governance. It is imperative that all data follows data governance guidelines. This includes metadata management, or management of data about data, such as descriptive data. Proper management of metadata ensures that all relevant data is available when necessary. Similarly, proper master data management, data about different business entities and transactions, is important to store and access properly, as it can affect the relationship that the business has with outside parties.
Data governance programs help support business outcomes by: