Data Governance 101 – A Leadership Guide from Nephos Technologies
What is data governance?
Organisations know that data is arguably their biggest asset to deliver growth, innovation and market insights. It has become a critical asset within firms, driving decision-making, informing operational approaches, enabling personalised end-to-end service delivery and to gaining a competitive advantage. However, to build the confidence and trust of the analytical outputs delivered from their organisational data, an effective data governance strategy is key.
Data governance is essentially a blanket term for all the elements that ensures data is appropriately managed; from people, processes to tools. It helps to understand what data is being held, where it is stored, how to use it, and who can access it under what situations and using what methods. The establishment of these formal processes and responsibilities is the key to managing data flow, ensuring compliance and scaling up.
Why you need it?
Most organisations acknowledge the need to implement a data governance strategy to reduce business risk, prevent significant data breaches and avoid penalties stemming from regulatory non-compliance. The negative impacts of ineffective data governance strategies can be significant for both the short and long-term.
What firms need to recognise is that data governance isn’t just about avoiding problems, it’s about unlocking potential. Approached in the right way, it can boost the quality and accuracy of data, enabling leadership teams to make informed, data-led decisions that maximise profits or increase customer satisfaction.
With an effective data governance model, businesses can:
- Monitor and minimise risks
- Develop coherent policies and processes
- Set appropriate metrics and outcomes
- Implement compliance controls
- Gain customer and market insights
- Enhance data quality and value
What to expect:
This guide aims to cover the key pillars to understanding and implementing an effective data governance strategy. It explores:
- The role and importance of data governance
- Common challenges, pitfalls and points of failure
- The impact of getting it right
- Defining and driving value from data governance
- Getting started: Practical advice for moving forward
- Key steps to building an effective strategy
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