The importance of data for an organization may be understood from the measures that they adopt not only for its protection but also for the manner in which it is collected and analyzed. More and more enterprises are turning towards experts to fine- tune their data governance approach and to ensure that the best data governance methodologies are used for the security, integrity, and management of all the critical information. A list of some of the best practices that will be helpful in formulating a comprehensive and effective data governance strategy is being presented here for the benefit of organizations as well as professionals working in the domain.
1. Creation Of An Efficient Operating Model
The foundation of an effective program lies in an efficient operating model which involves defining the responsibilities and the roles of individuals in the different sections of an enterprise. It is essential to identify the structure and size of the organization to zero in on what will be the most suitable system of data governance. A large company with various division headed by different individuals or groups will require separate data stewards, who are individuals designated for the management and usage of all data assets. These stewards will be responsible for the handling and usage of all the assets present in their division and their efforts will be synergized by a coordinator. A small startup with a centralized authority and limited assets can either appoint one person or the existing authority figure to shoulder the responsibility.
2. Determination Of Data Domains
Once the operational structure has been decided upon, the organization must move ahead and identify the various data domains according to the various business functions. For instance, a company involved in the manufacturing and selling of a product will assign data domains for the said product, suppliers of raw materials, vendors or distributors and the customer. The determination of these domains depends upon the nature of the industry in which an enterprise is located and also on the specific business requirements of the company or on a problem faced by it. A company may want to increase sales of a particular product in a specific location and so the domains must include the customer, sales and other related metrics of the item in the specified area only.
3. Finalization Of Essential Data Elements
The identification of data domains will result in an inflow of information from various systems and applications which will include reports, business processes statistics and other vital elements. It is understood that not every bit of information will be valuable or useful at the same time and therefore, the most important and essential elements must be identify and finalize.
Treating all the figures and statistics in the same manner and assigning them equal priority will only lead to wastage of time and resources with no tangible result being generated. Prioritization of all the assets according to the value they hold in addressing the problem or fulfilling the requirement which led to the creation of the particular data domain is mandatory. This will help in handing over only the most pertinent and useful information to the project stakeholders quickly and consequently lead to the achievement of the objective in as less time as possible.
4. Defining An Effective Control Structure
One of the most critical aspects of a program to ensure that the applied data governance methodologies remain highly productive is to define an effective control structure. A governance program is a perennial process ensuring that all decisions are made on a comprehensive analysis of the information and helps in the growth of an enterprise. This makes having a system in place which controls, the flow and management of all data assets essential. Some important measures include automation of all the workflow processes and the establishment of protocols for approval, review, escalation, and management of an issue and application of these processes to the governance structure, data domains and elements besides generation of feedback through the workflow procedures.
5. Enforcement Of State Of The Art Security Measures
The importance of data assets and the critical value they hold for an organization need not be explain and investing in modern, state of the art security measures aimed at protecting them is compulsory. A robust cybersecurity plan with strong peripheral protection and checkpoints at each level must be framed. The ideal safety plan is a mixture of two strategies, namely encryption, tokenization with the tools used for the purpose enabling only authorized stakeholders in a project allowed access to all relevant information , ensuring that no unwanted exposure takes place while the assets are being analyzed. There must be complete clarity on who should be granted access and rules and guidelines must be formulated and communicated to the workforce so that there is no confusion on the issue.
Locking the data from the analysts who will evaluate the findings or making it cumbersome for such professionals to access the information is only going to be counterproductive and therefore the security structure must be foolproof and flexible at the same time. An automated process which designates control to the relevant personnel in real time will help in streamlining the procedure and must be establish.
6. Adherence Of All Applicable Privacy Regulations
A data governance plan is incomplete without measures ensuring the adherence of all applicable privacy regulations as violations of any relevant laws attracts harsh penal actions including hefty monetary fines. This makes having an effective cyber safety mechanism all the more important. It must also be kept in mind while establishing safeguarding measures that all these regulations undergo modifications or complete change from time to time and therefore, it is the duty of the enterprise is to keep track of all such developments and make the necessary alterations in the data security apparatus. Following all compliance regulations is also vital for keeping the reputation of the organization intact in the eyes of the customers as well as investors.
The management of information is critical for a business . All enterprises invest in the process. it is essential that the strategy is review from time to time in order to ensure that the applied data governance methodologies remain productive.