Data Management vs. Data Governance
Whether or not you actually use the term, your business probably already engages in some form of data management. If you use time-tracking data to bill clients, you’re managing data. If you use customer relationship management (CRM) software, you’re managing data. Inventory tracking? Also data management.
Data governance goes beyond simply managing data — it defines how you manage data and why. It’s an extensive, ongoing process that brings together all of a company’s diverse data points, organizing and making them accessible to the right people at the right time. As your business grows and accumulates more data, the process continuously evolves, focusing on constant optimization and adjustment.
If you’re new to the concept, we recommend reading our previous post about what data governance entails and why it’s so important.
How does a data maturity assessment help?
While most organizations have basic data governance in place, challenges can still arise. For example, when a key individual responsible for specific data or products suddenly leaves the organization, they may take crucial knowledge, data, and processes with them, without fully documenting their job responsibilities.
In contrast, consider the benefits of having a smooth onboarding experience for a new employee, who quickly becomes a valuable contributor thanks to a well-defined process.
A data maturity assessment offers valuable insights into how an organization addresses these scenarios. By evaluating the current state of data governance and identifying potential gaps, it helps develop strategies for improvement. This ensures smoother transitions, minimizing the impact of unexpected personnel changes, and fostering an environment where new employees can start contributing to the organization’s success quickly.
Implementing a Data Governance strategy, step by step
Step 1: Define your goals
No data governance is complete without a well-defined goal to guide your efforts. What purpose should your data serve? What value do you want to extract from it?
If you’re not sure where to begin, start with your business goals. No matter where your target is— whether cutting costs, increasing employee productivity, driving profits, enhancing cybersecurity measures, or ensuring compliance — mature data will help you reach it.
If you’re still unsure how data fits with your business goals, contact one of our experts and we’ll help you come up with a strategy.
Step 2: Gather all current data
Just as companies that sell goods need to take inventory of their products, any company that wishes to valorize its data stores needs to first know exactly where their data comes from. Depending on your industry and tools, you may have several different sources of data, for instance:
- Enterprise resource management (ERP) software
- Customer relationship management (CRM) software
- Inventory management software
- Time tracking software
- Website analytics
- Marketing automation
- Human resource management (HRM) software
- Business intelligence software
- Business process management (BPM)
- Internet of things
Step 3: Assess your data maturity level
Once you know where your data comes from and what you want it to help you achieve, it’s time to analyze that data to understand its current status, assess risk, and assign responsibilities.
At Poslovna Inteligencija, we’ve developed the Data Maturity Assessment to do precisely this. Using the internationally-recognized TM Forum Maturity approach, our assessment serves as a review of your complete data estate. We’re not here to punish; our mission is to offer you a genuine view of where you stand at the moment and shine a light on the aspects that could use some fine-tuning. This equips you with the insights needed to govern your data in harmony with your business objectives, assisting you in pinpointing areas for improvement and deciding where to invest.
At the people, processes, and technology levels, this assessment tracks a company’s metrics across the following 8 data domains:
- Metadata management
- This is the collecting, organizing, and implementing activities related to data about data
- Data stewardship
- Enables ownership, boosts accessibility, and enables quality, safe, and trustworthy data
- Master data management
- Ensures consistency and efficient use of an enterprise’s shared data assets, reduces risks, and lowers costs associated with data integration
- Data privacy management
- Concerned with privacy, regulatory compliance, and data ethics
- Data security management
- Management of an enterprise’s security policies and procedures, including authentication, authorization, and secure access
- Data policy management
- Rules that govern the creation, acquisition, integrity, security, quality, and use of data within an organization
- Data strategy
- Driven by business strategy, data strategy is built on principles of managing data as an asset and extracting value from it
- Organization and roles
- Defines how data governance will be executed by assigning accountability, roles, and responsibilities to data management procedures
The results of this assessment reveal your organization’s strengths and areas needing improvement. With this understanding, you can prioritize efforts, define data-related responsibilities, and delegate tasks to suitable team members.
Step 4: Start implementing
Now it’s time to act on your data maturity assessment results and start implementing your data governance strategy. You can tackle this on your own or with the help of our experts.
Depending on your needs, we offer various support levels for implementing data governance structures. Our team can work with you to create policies, processes, and technology solutions that align with your goals. We also provide training for your team, empowering them to use the new structures to improve business performance across departments.
By partnering with us, you’ll benefit from our extensive experience in data governance, ensuring a smoother and more successful implementation. We’ll collaborate with your team to monitor progress, tackle challenges, and adjust as needed, making sure your data governance strategy evolves with your organization’s changing needs.
Whether you choose to implement your strategy independently or with our support, the key is to take action. Remember:
- Data governance is implemented step-by-step, making it crucial to include not only the current data manager, but also their predecessor and successor.
- This process consistently moves forward, with data governance continuously improving. No one is deemed unsuccessful based on where they started.
- Data governance is a business strategy, not an IT strategy.
Start your Data Governance journey with Poslovna Inteligencija
Every data-driven enterprise has to start somewhere. No matter where you are in your data governance journey, you need a smart strategy built around an expert audit of your current data estate.
To help you reach your goals, our data maturity assessment addresses several key aspects of your organization’s data-related operations. Here are some of the main benefits of including it in your data governance strategy:
- Identify gaps in business strategy: By evaluating the current state of data management, you can identify key weaknesses and prioritize areas for improvement.
- Assign roles and responsibilities: By defining clear roles and responsibilities for data governance, you can streamline processes, and ensure efficient and secure data handling.
- Discover data-related pain points: Pinpoint problems such as data silos, data quality issues, or compliance challenges, and address them effectively.
- Take the first step toward achieving goals: Create a roadmap for achieving ambitious goals, providing a clear starting point and aligning data strategy with business objectives.
- Cut costs, boost revenue: Identify areas for optimization in data management practices, reduce inefficiencies, and drive better decision-making to help your bottom line.
- Improve customer experience (CX): Uncover opportunities to enhance customer experience, ensuring accurate and up-to-date customer data.
Curious about how the Data Maturity Assessment can take your Data Governance to the next level? Contact an expert at Poslovna Inteligencija.