What Is Collibra Data Governance And Why Does It Matter?

Data Governance is the execution of organizing and managing processes and data in order to allow collaboration and secure use of data. Data governance enables users to generate value by utilizing data assets, even when there are limitations for privacy and security.

Perhaps you shiver when you hear the word “data governance” because you can imagine the people who say “no-“

• No, you aren’t able to use the information for that.
• No, we will not assist you.
• No, You don’t have any rights.

No, no, no. However, data governance is more than a bad librarian who has rules that block your every move. Modern data governance allows for liberty. It allows you to grow your company while making sure that external and internal policies are adhered to—Frictionless, Invisibly and Easily.

Details on Data Governance

Data governance is the most effective method to assist your company to become more data-driven. Knowing how to manage data governance is important, and those who help drive adoption are important leaders within the company.

Data governance is a discipline in the workplace. It is aided by technology. However, it is not an individual technology. Data governance is the process of putting guidelines in place and helps align the company so that data is not an issue that could be a liability.

In a world that is flooded with data in which both winners and losers depend on the way they respond and react (especially during a downturn), Data governance tools allow organizations to be aware of the massive amounts of data. It helps drive expansion and digital transformation.

Data governance technology is seen as a crucial element of many businesses. Businesses use it as a method of business discipline to support business results, including revenue growth or compliance with regulatory requirements.

Governance is the core element of the concept of Data Intelligence. Since the fields of managing data are fragmented and misunderstood, Data Intelligence provides the umbrella term that helps organizations identify ways to understand and make the most of the various data assets that are managed. 

Privacy solutions, data catalogues, data governance and other aspects simplify when a company is looking to become more knowledgeable about its data instead of adopting single-point solutions. Parts that are fragmented, like quality of data and master database management, are incorporated into an overall Data Intelligence strategy that provides substantial economic benefits.

The Advantages of Data Governance

Data governance that is well-organized, first and foremost, makes sure that the vast amounts of information in an organization are able to be utilized to benefit the business. Insecure data can become messy and unregulated and slow productivity.

Data governance ensures that the company can rely on their data to answer crucial questions like what market segments will generate the highest amount of revenue. Data that is not reliable can lead to bad results, which can lead to bad decisions that can harm the company severely.

For example, consider an organization that has data inconsistencies. For instance, the customer’s name is different within the systems in which it is located, like sales, customer service, and logistics. In the absence of a proper data management system, the issues can’t be resolved, and the data on customers’ needs will be inadequate or just plain incorrect. It is a frightening notion.

Another example is compliance with regulatory requirements. Privacy laws, like the GDPR of the European Union or CCPA from California, must be observed, or regulators will impose expensive penalties.

Without a data governance system, organizations have no way to determine the location of an individual’s personal information and, consequently, have no means to delete or modify it in order to comply with these laws.

Data governance is beneficial for both defensive (avoiding penalties and low productivity) as well as offensive (growth) applications. Every advanced business knows that they require data governance to maximize results from data.

Particular areas of benefit

• The management of data assets ensures they are properly managed to ensure that they are fully utilized.
• The sales increase when the customer’s data is effectively managed and used to pinpoint opportunities.
• Procurement is a great way to reduce costs through the use of regulated information to improve procurement processes and supply chains.
• Data governance is a key element of compliance and legal to ensure compliance with the requirements.
• Finance has well-controlled data that allows it to provide information on business operations with accuracy.

The Objectives of Data Governance

There are many objectives for organizations with their data, and data governance can help meet them.

• Enhancing the maturity of the company’s data so that every decision is based on data
• Eliminating information silos throughout the entire organization
• Being aware of where data is stored and how it is related to one another
• Implementing policies that comply with regulations
• Ensure that data is consistent and of high quality.
• A reliable data source is one that you can trust.
• Be sure that data isn’t misused.
• Security measures to be implemented
• Assuring that all internal and external third-party data is secure
• Reducing duplicate data and cutting down the time required to manipulate data or generate reports

What’s the bottom line? Regulated data reduces heartburn and ensures the best usage of this asset. If the data is helping the business grow or cut costs, it needs to be utilized. Data governance is a way to achieve outcomes and helps avoid making rash decisions.

Data Governance Development Plan

A sound data governance system comprises policies, procedures, processes and rules with the appropriate organizational structure and technology needed to make it happen. A technology solution that is believed to be the only one that will result in data governance could be an unwise decision.

Every initiative is made up of processes and people as well as the supporting technology as well. Data governance is not any different.

The framework should also include all the senior executives within the organization. Data governance needs to be understood and appreciated by the boardroom; otherwise, it will not survive at the level of troops. 

The resources, which can be in the form of money and people, must be assigned. The empowerment process must take place. Leaders must be able to lead and create the alignment needed to ensure that people are able to adopt.

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The first step to creating your framework is to define the goals within a mission statement. You will also need to determine the KPIs to be used to measure the progress. By expressing this early, you can ensure that your work is in line with the goals.

The framework should include all the aspects of how an organization will handle its data. What are the regulations? The guidelines? The procedures and processes? The glossary for business? The mapping of all data assets? This task will take a lot of time, energy, experience with data and understanding of the business.

Next, determine accountability. Who will be accountable for each aspect of the plan, as well as who will be tasked on the top of the responsibility and decision-making?

Finally, after the framework for data governance has been established and approved by the committee, they will then decide on the best technology to use and select an appropriate platform that will best support the mission.

A reliable technology solution can collect metadata from a variety of platforms, manage the business glossary, implement policies and procedures, connect to the technical data dictionary and many more. The simplicity of an integrated platform will allow these functions to come together seamlessly.

With all the elements put in place, the achievement of data governance within the company can be accomplished.

Data Governance Functions

Data governance is designed to allow collaboration. Hence, adopting an effective data governance program requires collaboration across functional lines.

To set up an efficient and sustainable program, the team that oversees data governance should establish an organization committee, which includes individuals from the entire organization to fulfil specific tasks and responsibilities.

Line of Business (LOB)

LOB may be used in a variety of departments, including finance marketing, analytics and many more. LOB utilizes data every day to aid in business decisions, and its job in the committee’s work is to explain the ways that people use data on any given day and what the value of data is.

Data Science

Data scientists need easy access to verified and reliable data so that they are able to quickly develop and implement models that help to provide better quality analysis that ultimately pushes your business to the next level. Similar to the reasons why the team should include the LOB, It is crucial to include data scientists in the daily use of data.

Compliance and privacy

The team is responsible for all matters concerning data privacy. It has its mission is to ensure that there is compliance with regulations regarding the company’s handling of personal information. The role of this team in the standing committee’s mission is to communicate its expertise on how the company handles personal information within legal and regulatory restrictions.

Information Technology (IT)

Technology allows access to information and ensures compliance with guidelines and procedures. IT’s mission is to assist in standardizing workflows and overseeing activities, make sure that information security, and implement and utilize new technologies if needed.

Governance of data

Of course, the role of the data governance team is to bring people together. The data governance team supervises the committee, outlines procedures, defines terms and works to build the entire organization in relation to data.

Principles of Data Governance

In establishing the program for data governance, the committee must take into account the following set of rules:

Transparency

Transparency is the ability to understand the location of data, what information is accessible, and the ways that people can use the data. Transparency is vital in terms of security and privacy, with a particular focus on the growing concerns by regulators (i.e. what’s happening in California and CCPA and EU and GDPR) and increased awareness of the general public (i.e. Equifax’s 2017 breach).

Accountability

Companies must promote an accountability culture around their data. The policies should state that employees are accountable for the way they handle data. A few ways to ensure accountability within the company include:

• assigning roles and responsibilities throughout the lifecycle of data (i.e. who is accountable for creating data)
• Access to sensitive data is restricted to only those who are required to carry out their duties have access to it.
• Administration of processes and procedures
• Recording the way people use data as well as where it’s located and how it’s moved or changed in time

Engagement

Data governance can only make an impact when everyone adopts policies for data governance. It is crucial to encourage participation from all parties.

To achieve this, committee members should comprehend the data users’ requirements and issues and explain how integrating data governance into everyday activities can solve their issues. If they understand that data governance can actually ease their lives, They will be more inclined to accept and embrace data governance. 

However, it’s not enough to simply inform them about the advantages of data governance. The committee should create an education and training program to ensure that users know how to incorporate the concept of data governance into their everyday routines.

Data Governance Best Practices

A program for data governance can seem overwhelming, But the following most effective practices ensure that any business can accomplish the following:

• Concentrate on the operational model
• Identify data domains
• Find the most important data elements within the data domain
• Define control measurement

The Reasons Why Data Governance Is Essential

Data governance is vital for any business that relies on data in order to make crucial decisions. What organization isn’t? All businesses need to have accurate and well-controlled data to get the maximum benefit from this valuable asset while also ensuring they adhere to crucial guidelines.

The most healthy, well-run organizations in the present have robust policies for managing data. We’ll see them thrive and flourish while others fall. Be sure that your company is on the right side of success.