We all are aware of the fact that data governance is the need of the hour.
Defined by many as "the formal orchestration of people, processes, and technology to enable an organization to leverage data as an enterprise asset", data governance initiatives allow businesses to maximise the value of their data, while also protecting it from risks and unexpected errors.
Organisations know the advantages presented by data governance and the ways in which it can influence overall decision making.
However, ongoing corporate bureaucracy and the lack of knowledge and experience in data initiatives, have prevented most businesses from introducing governance policies along with effective master data management solutions as much as they would've desired.
They say too many cooks spoil the soup, and the same can also be associated with data initiatives.
Some of the major hurdles that appear on the path to data governance success, include the constant need for communication between different business groups, cost effective and business value driven implementation, accountability and holding people responsible for the data assets assigned to them, and the need for smoother communication between master data management applications and master data.
At such times, the presence of a powerful data governance framework will make the required difference.
Here are five essential tips that can help you achieve consistent data governance on demand: 1.
Customize information assets to allow maximum accessibility For successful data governance, the concerned data assets have to be easily accessible and available for use, at all times.
This is mainly because the presence of inaccessible data will surely reduce the true value and usage capability of that data.
Moreover, the master data management software and solutions that are present in the organisation must be customised in a way which enables data access.
The appointed technology must support and encourage smoother business functions.
2.
Introduce appropriate infrastructure for better accountability Success can only be achieved when people and processes work hand in hand.
Introduce an appropriate accountability infrastructure to ensure that the concerned people are held responsible for their information assets, and equip them with the required technology.
3.
Create feedback mechanisms that enhance overall process efficiency Data governance works best in an environment where people are well versed with their duties and responsibilities, and are equipped with the appropriate master data management solutions and technology, that allow them to perform to the best of their ability under any given circumstances.
The presence of a well-defined feedback mechanism enables maximum process improvement through information asset monitoring and evaluation of statistics and numbers.
4.
Switch business culture from transactional to master data-based Majority of businesses today are driven by sales, profits and number of transactions, which is (for obvious reasons) a one-sided approach.
In order to ensure that the employed people, MDM technology and data processes work to their maximum capacities, it is essential to switch business cultures from a transaction based approach to a master data-driven culture.
In such an environment, discussions usually shift focus from numbers and graphs, to customer satisfaction levels and feedback.
And last, but not the least...
5.
Define all roles, responsibilities, and rules perfectly, such that they stay business compatible till the very end Because, without doing so, all the appointed MDM technology or spent money will always result in data governance failure, and how!