Data is crucially important for the successful digital transformation of a modern-day enterprise, but extracting value from corporate information requires the implementation of a highly effective data management strategy. While most corporations claim to have such a strategy in place, the majority of them struggle to transform their vast data deposits into reliable, secure, readily available, and insight-generating assets. “The missing link is data governance, which still poses a challenge to many enterprises,” explains Trevor Silver, founder and leader of premier analytics, data engineering, and cloud computing solutions provider — Exusia.“Effective data management, the type that truly drives digital transformations and creates competitive advantages, is only possible when the overall strategy is underpinned by robust data governance.”
As defined by the Data Governance Institute (DGI), the concept denotes “a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.” In other words, data governance frameworks cover the people, processes, and technological solutions an organization requires to protect and manage its data assets, Trevor Silver explains. Despite realizing the importance of high-quality data for improving business decisions and achieving corporate goals, a large number of data and analytics leaders still have a long way to go: according to a study by Gartner, 42% of them do not assess, measure, or monitor governance, and those who do focus primarily on meeting compliance standards.
Following the advent of disruptive technologies such as cloud computing and the Internet of Things (IoT), it has become imperative for enterprises to implement effective data governance strategies in order to maximize the value of the information they hold, the experts at Exusia say. One of the most common mistakes is regrading data governance as the exclusive domain of IT departments as opposed to an organization-wide endeavor. It is especially important to engage the top level of management since this will clarify priorities and facilitate the allocation of responsibilities. Support from the C-suite will also make it easier to standardize policies and procedures across the organization and to secure approval for investments in technologies and tools that enable proactive data governance and ensure scalability.
According to Exusia, aside from having the leadership on board, it is essential to aim for clearly defined data governance roles and responsibilities, with the typical structure involving a data governance council, tactical team members, data owners, and data users. Optimizing corporate data governance also requires defining metrics that will enable all business stakeholders to measure progress and react quickly should any adjustments be necessary. Another critical ingredient of the mix is prompt and frequent communication among all links in the data governance chain, which will provide flexibility in the event of setbacks and allow the organization to determine the impact of its strategy. Only by making data governance a company-wide project and connecting all related initiatives to business outcomes and corporate goals can enterprises truly maximize the value of their data assets.
Headquartered in Miami, Exusia was founded in 2012 by analytics and data engineering specialist Trevor Silver. The company has expanded quickly to become a leading provider of technology solutions and operational guidance to enterprises in the healthcare, telecommunications, hospitality, entertainment, energy, financial services, and consumer products industries. Exusia’s innovative solutions help clients improve sales, cut costs, achieve regulatory compliance, and maximize technology investment returns.
Trevor Silver – Analytics & Data Engineering Expert, Founder of Exusia: http://trevorsilvernews.com
Exusia CEO, Trevor Silver, Explores the Impact of Predictive Analytics on Improving Risk Management: https://www.yahoo.com/now/exusia-ceo-trevor-silver-explores-100000139.htm
Exusia CEO, Trevor Silver, Discusses the Growing Importance of Data Monetization in the Pursuit of New Revenue Streams: https://www.yahoo.com/now/exusia-ceo-trevor-silver-discusses-110000327.html
Release ID: 89052634