top of page
  • Writer's pictureBhavi Chheda

4 Signs that your business needs Data Governance

Think of your business as a puzzle, where each piece represents a vital chunk of data. Just like we rely on air to breathe, our businesses lean on these data pieces to function and thrive. But how do we ensure that every piece fits in its perfect place, creating a clear picture for success? The magic key: Data Governance!

So, what exactly is Data Governance?

Well, Gartner defines it as “The specification of decision rights and an accountability framework to ensure the appropriate behaviour in the valuation, creation, consumption and control of data and analytics.” [1] whereas IBM refers to Data Governance as “The process of managing the quality of data within an organization in order to ensure that, at all times during its life cycle, data is accurate, available, consistent, secure, and usable.” [2]

Long story short, think of it as a way to organize, manage, protect, and control your data, making it reliable, secure, and ready for action.

Let's take a minute to check if your business is screaming chaos in terms of data; Here are some signs:


1. Messy Data:

Unmanaged data that goes beyond inconvenience can mess with your business productivity. Duplicate entries, chaotic storage, and data-sharing obstacles can create a tangled web of inefficiency and confusion. For instance, envision teams struggling to locate vital project files due to scattered storage practices. Just as an organized and tidy environment fosters smoother movement, a well-implemented Data Governance strategy untangles data complexities. It establishes processes, guidelines, and pathways for sharing data, enabling clarity and precision. When these roadblocks arise, it's a sign that data governance might be needed.


2. Data Anomalies and Inaccuracies:

Data is the building block of good decisions. If your data is chaotic, incomplete, or wrong, it’s like trying to build a house on shaky foundations. Imagine trying to construct one without knowing whether the measurements are accurate or whether the materials are quality. That is where Data Governance comes in. It's like having a team that checks and fixes everything before you start building. If every decision you make feels uncertain, like taking a chance, that's when you know it's time for Data Governance to step in and make your data trustworthy.


3. Unmanaged Growth:

Experiencing rapid growth is truly exciting! However, as your business grows, an overwhelming wave of data follows. Picture a tech startup, suddenly flooded with a wealth of user-generated content from various channels. Without effective governance, making sense of this data surge can be overwhelming. Errors and inconsistencies can sneak in, causing valuable opportunities to slip through the cracks. That is where Governance steps in as a guiding light, bringing clarity in the midst of the data storm. When it seems like your data is becoming overwhelming, it is a signal that you should consider implementing governance.


4. Data Regulation Compliances and Mandate:

Understanding and following data rules is vital, especially with strict privacy regulations like HIPAA and GDPR. Weak data policies are like playing a game without rules—they put businesses at risk. Mishandled data might lead to expensive mistakes and legal trouble. That is when data governance becomes crucial. Data governance provides simple, easy-to-follow guidelines. It streamlines processes, ensures data is handled accurately, and promotes confident data consumption. When you find data rules confusing and risky, you need data governance.


How do you approach these challenges?


Data Governance can be a true game changer in overcoming these business challenges. It is like solving the puzzle we started this blog with. Start by looking at the bigger picture—what does your business need? Identify where the data 'pieces' are scattered. Then, piece by piece, with the right strategy, fit them together. Over time, the scattered mess transforms into a clear, complete picture, helping you make better decisions.


If you resonate with any of the challenges mentioned above, it is time to start forming a data governance strategy. The key is to start at the right scale, governance is not a one-size-fits-all exercise. We recommend selecting a governance methodology, forming a strategy, curating company data policies, choosing the right tools and integrating your company's data process and policies into the software. More details on each of these steps in future blogs.

Fluidata Analytics is passionate about demystifying end-to-end data governance. Whether you're at the beginning of your data journey or looking to optimize existing processes, please feel free to connect to our team of data experts for any questions or a free consultation: hello@fluidata.co









Comments


bottom of page