Data is the new and exciting force in the world of management. Corporate leaders have had to learn more about data in the past decade that they had to in the previous forty years. They have had become familiar with a wide variety of new topics such as management, security, and storage.
One concept that is as important as the ones listed above is data governance. The field of data governance combines all of these concepts into one coherent approach to the data coming in and out of a business. Finding a competent data governance partner and the right data catalog tools help ensure that a company can succeed into the 21st century.
What is Data Governance?
Data governance is the general approach to using and optimizing the use of data within a corporate framework. It involves putting people in charge and devising structures which ensure that a company is utilizing its data effectively. The first step of any data governance structure is to determine who is in charge of what concepts.
The best way to do this is to organize concepts down by greater relevance and then connect them with people who have the skills to make them work. Larger areas are often security, access, and organization. There should also be a person or software package who is dedicated to setting up accountability.
Accountability in a governance framework would put one person or team in charge of security and ensure that that group makes all of the data in a company as secure as possible. They will have access to a budget and a software suite which helps make passwords and ensures only cleared personnel access sensitive date.
The team in charge of security will vary depending on the importance of security and secure data in a particular field. Some fields, such as healthcare and government contracts, require a large amount of money and a large number of people to be hired for the job. There will certainly be more security officials involved in the data governance framework for healthcare companies than for cheap clothing.
Why is data governance necessary?
Data governance is necessary because the problems that are associated with poor use and understanding of data are immense. They can mean the difference between success or failure in the long term for a company. Lost or stolen data can lead to significant government fines and a loss of trust that takes years to rebuild. The government can regulate a company with data compliance issues out of business.
A company where the right people cannot access data is a company that is not run efficiently and is doomed to fail. Having a basic data governance structure ensures that all parts of the company run smoothly over a period of months and years.
Tools to Help
There are a wide variety of data catalog tools and governance software packages that can aid with data governance. Many of these tools are effective at sorting and explaining data. Some particular programs can help organize the data that must be stored and shared in order to meet regulatory requirements.
They can identify this essential information based on a variety of markers within the data itself. Then, it is often possible for the company to answer a few questions, fill out a few forms, and meet all of their statutory obligations.
Another group of data governance tools is the group that deals with security. Software can be incredibly helpful with regards to security. While there are a number of security pitfalls that can be avoided with training, no human being is perfect and there is always the chance of some problem escaping their grasp.
As a result, many companies need to have software which ensures that a security regimen is followed. There are also tools that help with an overall governance framework and those that help establish and maintain a proper password regimen.
What to Do
Any company looking to set up a new data governance framework needs to determine their costs and needs. They should see what data they use on a regular basis and survey the market to see what is available.
A company with ten employees does not need the exact same data governance approaches as a company with five hundred. Next, a company needs to break down all of the individual areas in which they are using data. Finally, companies need to set up the right partners and the right software suites.
They need to train their employees on their new government structure and have accountability in place to make sure that all employees are following the new procedures. With those in place, a data governance structure should be informally reviewed on a monthly basis and receive a formal review either once or twice a year.
This review will help to point out different issues that have arisen and changes in the company’s basic business model that may necessitate a shift in data governance.
Data governance is not an easy concept for any company. It is not something that a company can handle completely after spending a few hours or days. Instead, companies need to devote dozens of hours and a wide variety of meetings and input sessions in order to craft the right data governance structure. They should also spend a considerable amount of money in order to make their data governance plan work. If they do these things, there is a certainty that the company will be able to succeed in every data-related field.