What is Data Governance and Why should you implement it?
What is Data Governance?
Your company's data provides you with opportunities to understand your business, your external environment, and your customers. Data from other sources, agencies, partners, and suppliers can augment the value derived from data management and analysis. What is clear is that there are risks involved in the process of keeping this information protected, of high quality, and in compliance with regulations.
Some of the definitions of data governance include:
“The specification of decision rights and accountability framework to ensure the appropriate behaviour in the valuation, creation, consumption, and control of data and analytics.” (Gartner Glossary)
“A system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.” (Data Governance Institute)
It is important to include data governance when understanding the role data plays in various processes. Tools and metrics can be used to formalise the management of data assets within organisations and achieve greater control. Organisations need to balance security with accessibility and ensure compliance with all legal and regulatory requirements while making sure data assets are directed to the places where they are most needed. To deliver this correctly, businesses must understand both their operational and cultural challenges, and the way their data flows throughout their organisation.
Here at Finworks, we offer a Data Fabric Platform to help you overcome your data governance challenges, providing you with a 360-degree outlook of the most important metrics you will need to benefit from your data.
Why implementing Data Governance will facilitate your business processes?
The data governance concept is integral to most other disciplines in data management. To facilitate the process of using business-ready data, a governance framework is required that ensures adherence to defined rules and processes to enhance analytics and business growth initiatives. Data governance plays a critical role in an organisation’s overall business strategy for managing data and as an integral part of a comprehensive approach to data operations. As a result, it will give you a better understanding of your own data, as well as where this data resides and how to use this data. If organisations can understand their data better this should lead to better business insights and enhancement of processes leading to cost reduction and an increase in revenue.
Additional benefits include:
- Ensuring that the appropriate regulation and compliance procedures are in place
- Standardising data systems, policies, and procedures
- Helping to solve issues with data
- Promoting transparency
- Establishing training and education around data
- Increasing the value of your company's data
Data Governance Policies
The goal of data governance policies is to provide guidelines for ensuring your data and assets are used and managed appropriately and consistently. Privacy, security, access, and quality guidelines are typically included in these policies. and cover the roles and responsibilities of those who are implementing them. Your governance policies define how organisation can maintain and secure high-quality data and serve as the foundation for your larger governance strategy.
Data governance policies describe:
- Data availability, which assures that the data needed by business functions are readily available and easy to access.
- Data quality, ensures that the data generated is consistent, accurate, and free of any "noise" that may obstruct the accuracy and reliability of the data.
- Data usability, which encompasses the management of structured, documented, and labelled data, ensuring that all information is searchable, retrievable, and accessible by end-users using the appropriate tools. Data security, including the - classification of information according to its sensitivity, ensuring its integrity, and protecting it from loss or leaking.
- Data integrity refers to the preservation of data's essential features regardless of how it is stored, converted, transferred, viewed, and analysed.
As a result of data governance, you are assured that the data you need is readily available and can be used to provide value in the way your business requires. This is the main concept behind the concept of Data Fabric.
Finworks Data Governance Vision and Process
Finworks is a software company that transforms and empowers businesses using their data. As part of our data governance services, we assist clients with data discovery, designing operating models that include data management, and helping to implement changes to people, processes, and technology within organisations. Our digital transformation services are structured to provide you with assistance, from the proof-of-concept phase through to Data Fabric implementation and ongoing support as your company grows and develops. The software we offer alongside our team has been proven in situations of intense commercial and reputational pressure. Our team can assess your current data governance position and assist you in identifying where you want to be. This allows us to configure the product to meet your data strategy. Some of the specific activities that will be undertaken at this level are as follows:
· Embedding your data governance framework
There can be no successful design of a data governance framework without a stage for implementation. We start with an analysis of your vision, then we design a relevant framework based on our findings. We aim to provide you with a fully functional data governance framework that you can deploy with the confidence that it was designed with your business goals in mind.
· Centralisation of all metadata into one repository
Reporting is made easier, simpler, and more transparent. Quick access to clean data without compromising existing operational activities. This provides data transparency for informed decisions.
We build and maintain long-term partnerships
We provide ongoing support after we have configured and implemented the framework. Partnership with Finworks ensures world-class support for metadata management tools within the overall Data Fabric.
For businesses to execute an effective data asset management strategy and extract the maximum value from their data assets, good data governance is essential. By working with Finworks, you can create a culture that values data and encourages data asset investment, with the aim of improving business performance, decreasing risk, and enhancing value. Enquire now.