A Beginner’s Introduction To Data Governance Framework
A critically structured data governance framework is a necessity for any organization, which wants to succeed in today’s times. Without a strong and high performance framework, businesses stand to miss critical aspects of their operations, management and growth.
Businesses, which have a successful data governance framework,are better aligned when it comes to growth, technology, management, marketing, and sales activities. In short, successfully managing data is the key to a successful business model.
In this article, we will look at how the best companies approach data management frameworks to optimise their businesses.
Data Governance Framework: Meaning and Introduction:
There are myriad interpretations of data governance framework that has been put forth by corporates, commentators, security experts and politicians. However, the basics or the foundations of data governance remain the same-
Very simply, it means the process of collecting relevant data from individuals, businesses and interest groups and executing processes based on its readings. For example, if your business wants to launch a new product in the market, you would need some form of information gathering mechanism.
Car aggregator and review platforms always ask first time users to share their-
· Full Name
· Phone Number
This helps them pass on the relevant information to car dealerships. Likewise, almost all businesses are dependent on data for past usage, present executions and future planning.
Building and managing databases is not something that has come up all of a sudden. Every business in their own capacities were always, since time immemorial, building databases. They might be doing it on Notebooks, Files, and Diaries. Over time, the same progressed to Excel sheets.
However, with the advent of data driven technologies, SaaS companies and other software giants are building extensive Database Management Dashboards and CMSs. This helps maintain, collect and process data in an orderly and easy manner. The easier it is to read data, the better will be the outcome when it comes to the execution process.
Obstacles to Creating a Successful Data Governance Framework:
Even though there are many advantages of data, old businesses and traditional set-ups find it hard to make the migration. Technological biases and pre-determined mind-sets are some of the hindrances that plague businesses.
Most of the new businesses, which have been born in the technological age, think of data as their main assets. They invest heavily in procuring, storing, securing and executing data driven campaigns, growth plans and policies.
When it comes to data governance framework, businesses face the following challenges-
· They fail to come to an agreement regarding the starting point of data governance. This involves time, type of data to be prioritized and so on.
· Failure to set up the right team and personnel for their data management.
· Legal issues, which mandate companies to secure, store and use data. Government machineries to prevent misuse set stringent data laws.
· Vetting the right kind of data and having a complete action plan (collecting, storing, processes, analysing, executing).
There are many challenges when it comes to data governance frameworks. However, the advantages of successful data driven solutions are too big to ignore.
Businesses, which have been able to adapt to and jump on the technological paradigm shifts, have always been pioneers. From the use of computers to internet and social media, the first mover advantage is critical in ensuring success.
When it comes to data governance frameworks, it is safe to say that this too is at par with some of society’s most powerful tech advancements. There are many sceptics, which say that the Third World War will not be fought with military or ammunitions, rather it will be about Data. If I am not wrong, they call it the ‘Data Wars.’