More and more companies are recognizing that they’re accumulating ever-increasing amounts of data, but not necessarily gaining business insights from it. The missing link is the transformation of data into information that is comprehensive, consistent, correct, and current. That is a problem technology cannot solve for you; it requires people.
The answer is establishing a data governance program to help your organization truly treat its data as a corporate asset and maximize its value. The data governance program will enforce consistent definitions, rules, business metrics, policies, and procedures for areas such as:
Data governance helps ensure that your data is trustworthy and provides business value. The process of governance, however, is becoming more challenging as organizations rely more on data that is unstructured and from the cloud, as well as Big Data.
It is critical that data governance manages not only data creation, but also data consumption. Too often enterprises concentrate solely on creation only to have business and IT people alter data in their spreadmarts or BI applications. It is seemingly pointless to spend all one’s efforts to ensure consistent data creation, only to have the data altered, and thus become inconsistent when business people conduct their analytics.
Adapted from my book Business Intelligence Guidebook – From Data Integration to Analytics.