“Expung(e)-ing” Doubt (data quality, accuracy, security, & compliance) through Data Governance & Data Assurance!

The word “Expunge” implies erasing or removing something unwanted. In the data’s context, it signifies eliminating uncertainty and doubt from decision-making processes (Data Governance & Data Assurance – Good decisions need both).

When data governance and data assurance are embraced wholeheartedly, doubt about data accuracy, relevance, or trustworthiness is expunged through comprehensive data stewardship and control, and organizations can harness the true potential of their data assets.

According to Gartner’s State of Data and Analytics Governance report, up until 2025, approximately 80% of enterprises aiming to expand their digital operations will fail due to their inability to adopt a contemporary data and analytics governance strategy.

According to the report published by Reportlinker on August 2023 – “Data Governance Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028),” here are the top highlights from the report:

1. The Data Governance Market size is estimated at USD 2.73 billion in 2023 and is expected to reach USD 6.71 billion by 2028, growing at a CAGR of 19.72% during 2023-2028.

2. Cisco reports that around five quintillion bytes of data are generated daily, necessitating data governance solutions to manage, secure, and proactively handle an organization’s information assets.

3. Data breaches remain a concern in healthcare, with a high impact on the sector despite increased security measures.

4. Regulatory mandates in Asia-Pacific, such as CBIRC guidelines in China, drive the need for data governance and enhanced data security measures.

Global initiatives, like China’s data security initiative, impact data governance requirements worldwide.

Source: Gartner

The Path Forward: “While the spark of innovation can sometimes be ignited by a single individual, the majority of the time, achieving a competitive edge demands the synergy of multiple teams and the fusion of diverse data sources.”

Adopting a Strategic Data Governance Approach

Similar to substantial digital transformation endeavors, embracing a “think big, start small, and scale fast” strategy is prudent for data governance. Maintaining an external viewpoint is beneficial, especially when employing self-service analytics. Begin the data governance journey by comprehensively surveying your data landscape, pinpointing vital inconsistencies, objectives, and errors, and advancing systematically from that foundation.

Undoubtedly, data democratization holds advantages for every business, and the enthusiasm to invest in data and analytics remains robust—93% of companies intend to augment budgets in these domains, according to Architecture and Governance magazine. Yet, the ever-changing landscape of privacy regulations and data’s diversity, distribution, and dynamism can render the process daunting. Embracing a holistic perspective, incremental progress, recognizing the potential of synthetic data, and embracing automated data distribution or case-driven cataloging can empower even the most risk-averse organizations to empower every employee with the potential of data.

Importance of Proper Formation of Data Governance Organizations

Implementing data governance is a significant undertaking that presents a valuable opportunity to optimize the utilization of enterprise data assets. However, concerns may arise regarding potential disruption or resistance to new organizational structures, such as Data Governance boards and Data Stewardship committees. It is crucial to balance enforcing standards and maintaining agility, and careful consideration should be given to forming Data Governance organizations.

Phased Approach to Data Governance Implementation

Data Governance organizations should be established following an assessment, strategy, and roadmap project. Roles and executive stewards should be identified through collaborative efforts with the Executive Sponsor during this process. The first organization to be created should be the Data Governance Board, which will guide the formation of other subsidiary organizations. Enforcing enterprise standards should result from thoughtful deliberation, approval, and promotion by the Data Governance body.

Sustainable Implementation through Enterprise Alignment

Some organizations attempt to implement Data Governance through heroic efforts, such as developing an enterprise data model, setting up a metadata repository, or initiating data quality initiatives. While these endeavors are commendable, without Data Governance organizations’ endorsement, promotion, and oversight, they often struggle to be sustained due to resource constraints and can lead to frustration and burnout. Moreover, without proper enterprise alignment, initiatives like an Enterprise Conceptual Data Model may lack the necessary input and approval from the business, resulting in a limited perspective.

Leveraging Data Governance as a Disruptive Agent for Positive Change

Data Governance should serve as a disruptive force for positive change, but its implementation requires careful consideration and executive sponsorship. The formation of Data Governance organizations should follow a phased approach, allowing for deliberate planning and implementation. By taking these steps, organizations can effectively harness the potential of Data Governance and drive successful data-driven transformations.

Achieving Comprehensive Data Visibility through Lineage

With an expanding user base comes an increased error risk. Data lineage offers the capacity to comprehend and visualize data movement from the origin to the present location. By enabling the identification, monitoring, and rectification of data process irregularities, enterprises can attain data governance objectives, reduce regulatory compliance expenses, enhance organizational trust in data, bolster data analysis, and, consequently, elevate business performance.

Data Governance and Assurance: Keeping the Flames Burning

Sustaining the Flame of Data Governance: Data governance is a pivotal element within contemporary business structures, demanding continuous dedication and resources to uphold data accuracy, reliability, and security.

Drawing from the fireplace analogy, it’s evident that overlooking your data governance initiatives can lead to severe repercussions. On the flip side, investing in it can yield valuable insights and lend a competitive edge to your enterprise.

To maintain the vibrant blaze of data governance, consider investing in comprehensive data governance and assurance solutions. This commitment ensures that your data’s integrity remains unwavering, supporting your business’s growth and resilience.

EXCLUSIVE UPDATE – eBook Coming Soon

Data Governance & Data Assurance – Good Decisions Need Both

Discover WHAT, WHY, HOW, WHO & Top Emerging Practices of Data Governance & Security for the Modern Enterprise

Author: Abishek Balakumar
Abishek Balakumar is a Tech Marketing Visionary and a Strategic Marketing Consultant specializing in Banking and Financial Services. As a seasoned Partner Marketer, he leverages his expertise to host engaging podcasts and webinars. With a keen focus on APAC and US event management, he is a specialist and enabler in orchestrating successful business events. Abishek is also a gifted Business Storyteller and an accomplished Author, holding a master's degree in Marketing and Data & Analytics.