Ottawa, September 18 - Our modern world is data-driven. Successful businesses, organizations and individuals must understand how to utilize information to their advantage. Data plays a pivotal role in guiding business decisions, such as when tracking customer behaviour or optimizing supply chains. While there are data management tools and methods that are widely employed, collecting and storing may be obsolete if the quality, security and usability of the data are not ensured. This is where data governance must be taken into account.

What is Data Governance

Data Governance refers to the process of handling and managing the usability, integrity, security and availability of data within an organization. The creation and enforcement of policies, standards, and procedures are necessary to ensure that data is consistent, trustworthy, and used adequately and appropriately.

Why Does it Matter

The foremost point of advocacy for data governance is accuracy and consistency. Inconsistencies of data can lead to operational problems, hurt integration efforts, and compromise business intelligence and analytics accuracy. If customer names were listed differently across systems, or if dates were entered under different naming conventions, the aggregation of this data would be inaccurate. Another reason would be to promote regulatory compliance. With new data privacy regulations appearing all over the world, organizations should prioritize complying with applicable and relevant ones, not only for performance purposes but to avoid legal issues and fines. Moreover, the coordination of data when it is broken down into silos. Data governance can ensure that the data is harmonized across systems, creating a better environment for collaboration and efficiency. Uniform policies and monitoring procedures can prevent the misuse of data. These procedures can create a balance between data collection and privacy rules.

The overall benefits to a business are countless. It can not only improve data quality, but also lower management costs, help more informed business decisions, foster competitive advantages and revenue growth, and improve the quality of analysis.

Data Governance Framework & Best Practices

To implement a strong data governance strategy, the framework in place should include policies, organizational structures, processes and technologies that support the initiative. Tools and software can be excellent for functions such as automation, workflow management, collaboration and data mapping. Some relevant examples could include; Alation, Ataccama One, and Erwin Data Intelligence.

To promote best practices, creating documents that lay out the guidelines and processes is useful to inform all business stakeholders and maintain consistency. The discussion of everyone�s roles and responsibilities is essential for well-aimed efforts. Providing and receiving the training on the topic, the responsibilities in question, and the strategies and tools available will help create a work culture that understands the importance of information and data governance, showcasing its significance in ensuring that the processes and procedures in place are followed, respected, and promoted. 

Students: How does Data Governance fit in?

As a business student, understanding what data governance is and what it looks like implemented is an excellent first step in preparing for the workforce. As the importance of information-driven decisions is recognized and introduced, knowing about what practices should be in place to support the collection and analysis of data is practical. Students can implement personal policies and methodologies when managing the data they encounter in their lives to practice, such as when managing coursework, conducting job searches, or other extracurricular activities. When entering the workforce, students can take the initiative to inquire about an organization�s data management approaches. If an organization does not have resources dedicated to the subject yet, taking an initiate a conversation or project to facilitate data governance. Keeping this in mind when conducting work in any department or industry may not only make you seem knowledgeable and forward-thinking but might also insight into real positive change in an organization, such as improved operations or market success.

Aaron Koblin once said, �I think you can have a ridiculously enormous and complex data set, but if you have the right tools and methodology, then it�s not a problem.� Data governance is a strategic imperative that can empower students and business professionals alike to harness the full potential of data. It is essential for accurate, secure and compliant data usage, and by increasing the conversation surrounding this topic, this journalist hopes to to promote a data-driven culture going forward.