ESG conducted a research study of 220 business and IT professionals responsible for and/or familiar with data Governance and Empowerment, investments, and operations at their ESG organizations, which each have 1,000+ employees and annual revenues of $100M+. The focus of the project involved:
- Understanding how organizations define, adopt, and prioritize.
- Learning drivers and challenges of implementations across key data lifecycle and data technology integration points.
- Uncovering the importance of automation and self-service as a foundational component of data empowerment that includes data governance as a key pillar, but also relates to other areas of the business, including IT operations and data protection.
Understanding Market Drivers and Key Challenges
Digital transformation is disrupting businesses everywhere and data has become an organization’s most strategic tool for understanding, predicting, reaching, interacting with, and retaining customers and influencing their behavior. Strategic and operational decision making is further driving data science, artificial intelligence (AI), and machine learning (ML) applications of data in the modern enterprise.
With the exponential growth of data, a strict regulatory environment, cyberthreats (including ransomware attacks) on the rise, and highly competitive and innovative upstarts continuously upending the market, understanding your Data Governance and Empowerment value from it is a business imperative and a formidable challenge. Businesses must trust the data they use, understand end-to-end lineage, and get on top of data quality issues and the cost of bad data. If businesses ever needed an incentive to govern data tightly, it’s compliance. The cost of failing to comply with stringent regulatory requirements can add up quickly including legal costs such as litigation and settlement fees, as well as reputational damage and business losses.
What Is Data Governance?
Data governance helps organizations better manage the availability, usability, integrity, and security of their enterprise data. With the right technology, data governance can also drive enormous business value and support digital transformation. Data governance is about bringing data under control and keeping it secure. Successful requires understanding of the data, policies for quality and metadata management, as well as knowing where data is located, how it originated, who has access to it, and what it means. Effective data governance is a prerequisite to maintaining business compliance, regardless of whether that compliance is self-imposed or required by industry or government mandates.
A strong strategy doesn’t require you to build a new silo dedicated exclusively to compliance. Rather, it combines governance requirements with data analytics for a more dynamic Data Governance and Empowerment. Traditional data management techniques make it nearly impossible to easily access and analyze data for actionable insights. Yet, organizations need a way to integrate and visualize data quickly to meet compliance requirements, while also driving better business decisions.
Using software and application programming interfaces (APIs) to move data to a central data hub and then managing access, protection, retention, and expiry of each object, organizations can create a win-win situation that delivers greater value from data and a superior customer experience, while driving a broader strategic and analytic plan at the executive level.
To read full download the whitepaper:
2021 State of Data Governance and Empowerment