Data Governance is not technology, data management, data stewardship, or reporting and analytics exclusively. Instead, it's a framework that encompasses all elements of data management and establishes procedures and standards, while promoting proper management and use of enterprise data. The objective is to enable quality data and drive business value through improved data-driven decision making. Put simply, data governance is the management of your data assets as an organization.
If you're going to build a robust and effective data governance program, you first must understand all of the components that are included in data governance. Let's take a look at the key pieces in an effective data governance program.
Reporting and Analytics
Reporting and Analytics sits on top of all data governance efforts to tie the data into the goal business outcomes. This is what many think of when they hear the term “data governance”, and it’s for good reason. Reporting and Analytics sit on top of all data governance efforts to drive goal business outcomes. While that's the end goal, that can't be achieved until the rest of data governance efforts to eliminate data inaccuracies and inconsistencies have been completed.
Data Integrations
Data Integrations encapsulate the way that your data is moved from system to system within your organization. How effectively data systems integrate has a major impact on how a business operates. The needs of the business will drive the methods and success metrics used when building data integrations. For example, some businesses need real-time data to flow between systems, and others can effectively operate with overnight data transfers.
Data Stewardship
A concept that is focused on data ownership, Functional Data Stewards are representatives of the business who understand business line functional data. For example, if you look at a mortgaging services department of a financial institution, the data stewards would be leaders in Servicing, Escrow, or Default Operations. These individuals understand the business processes and daily operations on a granular scale. Building a governance structure around these key pieces will help your team extract the most value possible from your data governance structure and ensure efficiency.
Metadata Management and Catalog
Metadata is simply data that describes your data. For example, if you have files in File Explorer, metadata will describe those files, where they originated from, what changes have been made, and so on. Metadata Management is crucial to protecting against accidental changes, monitoring statuses, and mitigating downstream impacts when those changes do occur. One of the most important concepts in metadata management is data lineage, understanding where each of the core data points in your organization originates, and how does it flow downstream through different systems and processes?
Data Quality
Data quality is simply the quality of all data that your company has. While the concept is simple enough, the process of keeping and ensuring that quality might be more complex than you realize. Proper systems to monitor the data, provide change control, ensure quality, and test accuracy are critical to the foundation of any proper data governance solution.
Security and Compliance
Keeping your data secure and safe from any unauthorized users is rapidly becoming a top priority for companies around the world. Every single day, cyber criminals are trying to hack, steal, and exploit using your data. As Forbes wrote in the Summer of 2022, “To make cybersecurity a priority across an entire company, leaders must understand their infrastructure and build a culture around it.” In that same article, they stress vigilance, communication, and a hands-on approach that ensures security is always at the forefront of your mind. Along with this is the compliance function. Regulatory requirements regarding data protection must be followed and maintained in a healthy data governance ecosystem. For example, proper storage, management, and protection of all patient data is a requirement for HIPAA compliance.
Warehousing and Architecture
In order to succeed on a daily basis, your teams and data need to be set up in the most efficient manner possible. Warehousing & Architecture is about architecting a technical environment that is going to help your business achieve its data objectives. There is no one-size fits all solution here. Each organization is unique, and needs an intelligent way to evaluate the tech stack that is going to best support their objectives.
So What Now?
As your team continues to grow, your needs will likely grow from focusing on reporting and analytics to needing each piece of this system. Proper data governance ensures accuracy, creates transparency, and provides the tools to make the best decisions possible. It allows your team to communicate in real time with the most reliable information available to them. But it can be tricky to know where to start.
If your organization is ready to architect the proper framework that fosters healthy data governance, Brewster Consulting Group is ready to help. Our team of experts is equipped to analyze your specific needs and help support the directions you want to grow.
Set up a consultation and let us evaluate your organization’s data governance. Together, we can foster positive business decisions that lead to more security, more growth, and more revenue.
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