The quality of your organizations data is of paramount importance. There are multiple dimensions of quality that you must consider, as well as the access, security, and control of your data. Your organization will need a set of principles, policies and procedures to make decisions about your data, to document it, and to enable and secure it. Data governance is at the heart of the value of your data, the quality of your decisions, and the effectiveness of your actions.
The quality of your decisions, and the effectiveness of your actions will be determined by the quality of your information and your data. It is critical that you have the right information, at the right time, for the right people. Your organization will also want to make every effort not to violate the law and to control risk with respect to securing your data and reporting on compliance related matters accurately and within the guidelines of the law. In the information economy, the quality and control of your data is fundamental and critical to your overall success. Right thought equates to right action.
Data Governance is the practice and culture of effectively managing the life-cycle and quality of your data. It needs to be an inherent part of your organizations data culture. It will determine your ability to accurately report on the events and operations of your organization, and it will determine your ability to control risk and pursue opportunity. Governance also has significant legal and compliance ramifications. Your organization may be require to report to the government with respect to earnings, privacy, and other legal compliance issues specific to your industry.
Establishing the proper governance framework will involve setting up the proper principles, policies and procedures for your organization to follow with respect to managing its data. Your organization may want to set up a governance committee. There are also best practices with respect to Data Quality Assurance that you can implement. There are also tools to track the metadata, ownership, quality and lineage of your data. Finally your organization will want to commit to a culture of data stewardship and ownership that helps ensure everyone takes responsibility for the quality, availability, and security of your data.