More and more companies and businesses are turning to effective data management to grow their businesses. A successful data governance framework is one, which includes-
- An effective model of collecting data that is related to businesses.
- Storing and housing data in a safe and secure manner.
- Analysing and managing the data for effective use and productivity.
- Exhibiting ethical business practices regarding sensitive data usage and data sharing
In the last few years, governments and international watchdogs have become suspicious of the manner in which companies collect and use data. In the past, some of the biggest names in the tech world have been accused of misusing data to influence public decision-making.
How Effective Data Governance Frameworks Can Help Your Business:
Is Data Governance a 21st Century Phenomenon?
Not at all. Humans and corporations have been collecting data for a very long period. The key difference is that earlier we would collect data in a manner, which was not very productive. Sales representatives would always collect data when they would come to your doorsteps selling vacuum cleaners and insurances.
However, they used to store them on books, journals, and notepads. This was not a very effective model of data collection. It was difficult to manually go through all the records and arrive at something that would be of value.
Computers and technical advancement changed the face of data governance, as we know it. From collecting to storing to processing, an effective model of data management can help individuals and businesses in a huge manner.
Data governance became a watchword in the 1990s with more and more companies using it from a computational standpoint. This helped in increasing the storage and classification of data across verticals. In the 1990s, we had not yet reached the processing stage of data governance.
From 2000 onwards, companies began exploring the full range of benefits that data governance could provide. Data Management Departments became the norm. Even though it was only the biggest companies, which could truly utilize data governance, in its entirety, smaller companies were always learning and educating themselves.
Where does Data Governance stand in 2019?
Data governance is no longer optional in 2019. Governments and international institutions have woken up to the dangers of data misuse. Almost all governments and countries have stringent laws and mechanisms dealing with how corporations use public and private data.
In 2019, we are moving beyond data governance and into data intelligence. This involves the process of extracting information, reports and ‘knowledge’ from collected and stored data. Artificial Intelligence has emerged as a big player when it comes to data governance and data intelligence.
AI is helping in multiple ways when it comes to using data intelligence to maximize business productivity-
- AI is helping in connecting the management and governance of data.
- It seeks to improve insights, reports, and strategies.
- The customer experience, in terms of complaints and post-sales services, is improving.
- AI assists in connecting the software implications of data with the infrastructure and physical hardware of companies to increase productivity.
Data governance is one of the cardinal pillars of every strong organization. The right assessment of data can help a company grow incrementally. On the other hand, mismanagement of data can end up in losses that might be insurmountable.
Data is not only all around us, but it is also incredibly important. As the famous American statistician, W Edwards Deming had once remarked-
“Without data, you are just another person with an opinion.”