Establishing trust, creating and promoting a diversified data culture, and data literacy, are three of the most common challenges that business leaders face when it comes to effective data management and analytics.
However, an effective data governance framework can change all that…
First, let’s start with the difference between data management and data governance. In a nutshell, data management is the umbrella term used for all the different approaches, policies, and procedures that you can leverage to manage and improve your data. In turn, data governance is one of the disciplines that fall under that data management umbrella.
Data governance is the processes that a business puts in place to support the management, accessibility, integrity, and security of the data stored within business systems, both on-premise and on external cloud-based servers.
It’s a critical component that can underpin success for any organization, however, it can also be challenging to implement. Why? Many businesses fail to develop a consistent and well-defined approach, which is needed to support effective data governance – a solid framework is required to manage all company data. It’s also critical that everybody all the way from IT and finance down to sales, marketing, and HR are on board with the framework, to ensure that data policies and procedures are adhered to and ultimately, help drive business success.
The role of data governance is to specify the rules of what is and isn’t allowed in terms of a business’ data policies. While this may sound like a daunting task, effective data governance can be broken down into more manageable steps, such as: