5 Ways In Which Data Governance Supports EDM Initiatives
A robust program for data governance supports EDM in more ways than ongooglee. Many entrepreneurs believe that a well-defined data governance approach is vital for maintaining data quality. However, the program can bring other benefits for an enterprise data management program. Governance holds the key to aligning a disconnected data environment with clear business goals. It optimizes the value of the information assets spread across various sections of an organization. With digital systems churning out more and more valuable information, it becomes essential to have in place a framework to monitor the management program. In this article, we are discussing how governance plays a vital role in meeting various EDM goals.
- Capturing And Managing Metadata
Managing metadata involves the administration of data which describes other information elements. It is impossible to solve the EDM jigsaw without this critical piece. In the absence of metadata, businesses will find it difficult to understand why they acquired a specific element and fail to locate it successfully in their digital ecosystem. An effective governance scheme can easily help in capturing business as well as technical metadata. The latter is generated by the various technological solutions being used by an enterprise to run its processes. It is necessary to define all this information in terms of its business usage. The supervisory group can initiate the development of common business language for all departments. It can also get data owners as well as stewards on board to develop a business glossary. It must be ensured that this data is integrated with technical metadata to provide a holistic view of enterprise information.
- Maintaining The Quality Of Data Assets
Maintaining the quality of information assets is necessary to ensure that consistent data is available across an enterprise. Right from the time when an element is acquired to the various transformations and processes it undergoes, a supervisory framework is required to make sure it remains perfect. Governance can help define clear business rules so that only the correct information is acquired. Moreover, it will ensure that items are constantly monitored so that anomalies can be spotted instantly. A supervisory team will also direct the appropriate stakeholders to take remedial actions to ensure the assets remain consistent in nature. Business and technical stewards routinely undertake such initiatives to maintain the standards of the elements under their watch. It is virtually impossible to define clear ownership roles and assign responsibilities to relevant users without a governance plan. In short, the supervisory mechanism is vital for ensuring data assets remain valuable throughout their entire lifecycle.
- Supporting Self-service Business Intelligence Initiatives At Enterprises
Many enterprises are adopting self-service business intelligence and analytics to reduce business sections’ dependence on IT for carrying out analyses. This means that business users are now generating their own analytics reports. At the same time, they are modifying information and defining new business rules which are being stored in individual data silos. While it is desirable that business analysts gain more control over their processes but it must not come at the cost of efficiency. When users are actively creating new elements and modifying them, it becomes necessary to align them with the original sources of information. Governance provides a solution to this issue. The monitoring group will make sure that the new rules, metadata, methodologies, and other details are documented. They will also ensure that the new items are added to the metadata inventory of the company. This is a prime example of how data governance supports EDM in all vital aspects.
- Ensuring Effective Data Lifecycle Management
There are four main phases in a data asset’s life cycle namely, acquisition or creation, maintenance, usage, and archival. Tracking the flow of information through each of these stages is necessary for maintaining its quality and security. A policy-driven approach is required for managing the assets through their entire lifecycle. The monitoring team can initiate the process to frame the policies needed for efficiently handling the assets through each stage. They can get owners to work with other departments like legal services and risk assessment to define the policies on storage, architecture, standards, quality, use, sharing, and archival. They can also identify the key metrics to monitor the initiative after the policies have been implemented. Coordinating the different groups and ensuring the development of legally compliant policies can be made possible only by a proactive governance group.
- Complying With Legal Regulations
The emergence of data as a valuable asset has brought with itself some new challenges for businesses. The fact that information is an asset makes it an attractive target for theft. Enterprises routinely access sensitive personal information of individuals who may be customers, employees, vendors, etc. Strict privacy laws have been framed in various jurisdictions around the world for safeguarding the personal information of individuals. These regulations dictate that the entity accessing the data must be liable for its security. A breach of these laws attracts harsh penal action. Enterprises have to make sure that there data management initiative is in accordance with these regulations. A governance program is necessary for identifying the changes that need to be made to the management initiative to align it with existing laws. The monitoring group can work with the owners to define appropriate policies to make sure users work within the rules. They can also create the necessary documentation and devise appropriate training programs for all users.
It will now be clear how data governance strategy supports EDM in each and every aspect. It is nearly impossible to run an efficient program without having a suitable monitoring mechanism to oversee it.