It is Sir Francis Bacon that is often attributed to the phrase “knowledge is power” first stated in his work Meditationes Sacrae back in 1597. These words have lived on and proved to be true in many walks of life including that of the modern business environment. Organizations are quickly learning that within all the chaos of business one of their greatest assets is data and information. While it is clear that knowledge is indeed power, with a copious amount of data and information organizations are struggling to manage and leverage that “power.”It is for this reason that in order to achieve business success organizations must develop a robust data governance framework and leverage the information to achieve business goals.
Data governanceis a top-level process that seeks to organize and distribute data roles andresponsibilities throughout the entirety of the organization. Data governancealso involves creating a data culture throughout the entire organization withan emphasis on data literacy. This can also be streamlined by converting datainto business language that is easily understood and accessed.
· How Does an Organization Achieve DataGovernance?
Within an organization, the board of directors will define business objectives and visions and it is then the responsibility of data owners to organize and analyze data to best achieve those goals. At the top of data governance is the Chief Data Officer (CDO) who will lead the data governance program. They are usually a stakeholder and report directly to the CEO and the board of directors. The CDO’s responsibilities will be to master data knowledge, enforce compliance, and work towards the use and reuse of data for innovations such as A.I.
· Establishing a Data GovernanceFramework.
Establishing a data framework with the assistance of an information and technology architecture is essential to good data governance.Data governance tools can assist with identifying data life cycles as well as keeping track of where and when data was entered or altered. This can also allow for linked processes and data governance to better orient the business to be more performance-based. In addition, data security and privacy are essential to modern-day businesses. Not only can poor data privacy and security result in regulatory punishment but can also cause significant damage to the reputation of the organization. Data governance tools can greatly assist with proper security processes and thus enhance compliance effectiveness.
· Benefits of Data Governance.
Effective data governance is critical to the success of an organization and by establishing robust practices organizations will gain the ability to make decisions about specific goals with the assistance of reliable data. A greater understanding of the movement of data will also allow organizations to better comply with data security and privacy regulations allowing for fewer risk exposures and interruptions to business operations and growth. Finally, a robust data governance program can allow for greater innovation in areas such as A.I. An A.I. program cannot be done without accurate and up-to-date data regarding customer data, workforce trends, etc. establishing an effective and efficient data governance framework could make the difference between stagnation and abundant growth.