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How to Establish Business Data Governance Strategy At Your Firm

Published on September 25, 2019 By , 0 Categorised in:

It is a well-known fact that data drives the modern world. However, simply having a framework to manage your information is not enough. Businesses need to be proactive in ensuring that the data they generate is accurate and valuable. At this point, most people will think that it is the reason they initiated an information management program. They are not entirely incorrect but the management scheme alone will not be sufficient to provide you with consistent elements. It is essential to establish business data governance plan at your organization to maintain your assets as well as your information management scheme.

Entrepreneurs who have not yet created a monitoring mechanism for their data program must know how to go about building a data governance strategy. Here we are listing the points that they must keep in mind while planning their initiative.

1. Identify Specific Goals For Your Program

Business organizations must begin by identifying specific objectives for their governance initiative. Most companies make the mistake of starting with a broad aim of improving their data quality or complying with legal regulations. Instead of such a vague approach, you need to focus on some clear objectives. For instance, ensuring 100% compliance with a particular law within the next 3 months. Once a goal is finalized, the relevant metrics must also be determined that will be needed to track and measure the objective.

2. Assess The Present Capabilities Of Your Business

Enterprises must take a good look at themselves to understand where they stand as compared to the ideal governance state. They must evaluate the processes and the tools being used to execute monitoring functions at present. This will help them identify the steps that will be needed to be taken for plugging the gap. It will also help the business in understanding how prepared each section is for the new initiative. The exercise will help you identify the potential starting point for the new program.

3. Take The Executive Leadership In Confidence

Governance is usually a top-driven initiative and you need to take the key decision-makers into confidence. Explain to them how the plan will help resolve some key pain points being faced by the organization. Once the exact business benefits of the scheme are clear to the executives they will extend their full support to the program. This will be helpful in removing potential roadblocks from the implementation path. Issues like proper budget or getting different departments to cooperate with the monitoring group will be resolved easily by ensuring executive support for the plan.

4. Select A Model For Your Governance Program

In order to establish business data governance at your organization, you need to choose a model for the proposed program. A hierarchical framework where governance is on top is usually ideal for most enterprises. It ensures that the monitoring team has a clear view of all the assets and their flow at all times. There can be four tiers in the structure with corporate governance, IT governance, and data warehouse monitoring making up the rest of the levels. Putting governance on top will also help in securing the assets by ensuring that only authorized users are granted access.

5. Select Business And IT Users To Form Your Team

Monitoring the information management scheme seems to be a technical task. It is true to a large extent but since you are implementing the plan for achieving clear business goals, you cannot execute it without relevant business-side users. The governance team will comprise of asset owners, stewards, analysts, and data architects. Make sure you choose people who understand the context in which the organization is accessing a specific elements. Selecting technically proficient people and users who understand the business value of the assets will help in effectively running a program.

6. Define And Document All The Policies

The governance group will define how people must use certain elements. It will also assign ownership and responsibilities of various assets to the relevant stakeholders. All these policies related to the storage, usage, transformation, and archiving of data must be documented. This is an essential practice for ensuring that everyone is aware of the correct way to handle and use an item. This will help in eliminating confusion and minimizing errors during various data-related processes.

7. Create An Issue Resolution System

It is inevitable that issues will arise from time to time during data management. An important part of governance is to create a proper resolution system for settling the problems. This will help in ensuring that the issue related to specific elements is reported to the relevant stakeholders. Moreover, if the problem persists, then the enterprise will know how to escalate the matter. Having an issue resolution system in place will be helpful in solving problems quickly and keeping the entire program in an optimized state.

Conclusion

People looking to enterprise data strategy plan at their firms must be clear about the goals they want to achieve with the program. They must hire domain experts to identify how a customized scheme that suits their organization can be created and implemented.

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