The benefits firms expect to gain from effective data governance include higher quality data, a reduction in duplicate processing and reduced costs, but reaching these gains is not always easy as firms report a shortage of technical capability around data governance, problems with legacy systems, and a lack of management buy-in and budget.
In terms of getting measurable results from data governance that can be shared meaningfully with the business, most firms say they can do this, although many suggest they are just starting or can only provide measurable results to a limited extent.
The implementation and deliverables of data governance were discussed during a recent A-Team Group webinar, which include audience poll questions about potential gains from effective data governance, issues holding up implementation, and capability to deliver measurable results from data governance programmes.
The webinar, The Missing Piece of the Data Governance Puzzle, was moderated by A-Team editor Sarah Underwood, and joined by Garry Manser, head of data governance at Visa Europe; Dhivya Venkatachalam, a head of data governance practice; and Matthew Rawlings, head of middle office and operations at Bloomberg.
Setting the scene with a look at progress on data governance and the results of the audience poll on what is holding up implementation, Rawlings said some firms are already running successful data governance programmes, but others are struggling to make progress due to a lack of management buy-in, shortage of skills, and use of generic vendor tools. Manser highlighted the need for both management and employee buy-in, and Venkatachalam pointed to the problem of data governance budgets being tied to specific programmes, such as regulatory programmes, leaving no direct budget for data governance.
Moving on, the panel discussed key elements of data governance and how it can best be implemented. Rawlings described meta data as the missing piece of the puzzle and considered the potential of applying open data technology initiatives to data governance as firms transition to open data platforms. Manser also noted the requirement for meta data, as well as the need to identify what data should be governed rather than boiling the ocean, and the consequential ability to understand which systems can be switched off.
The audience poll on benefits of effective data governance showed respondents expecting to gain improved data quality, reduced process duplication, reduced costs, a better understanding of systems, and new business opportunities. Adding to these benefits, the panel said effective data governance can also improve firms’ capital management, data distribution and brand protection at a time when losing data and incorrect use of data can be the cause of not only regulatory fines, but also reputational damage.
Listen to the webinar to find out about:
- Progress on data governance
- Establishing strong data governance
- The importance of meta data
- Achieving measurable results
- Benefits of effective data governance
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