How to adapt Data Governance to the needs of the organization?

Summary:

In today’s digital age, the abundance and importance of data necessitate that companies should treat data management with the same care they invest in their employees. Developing a tailored Data Governance strategy is essential for making strategic business decisions based on reliable data.

Data Governance is a continual business practice, not a one-time project, linking data to company goals. To define a personalized strategy, four key factors must be considered: Ambition, Business Needs, Level of Data Technology, and Data Quality.

1. Ambition aligns the Data Governance model with the company’s short-term and long-term goals.
2. Business Needs determine the scope of necessary data collection, like client data for sales or regulatory compliance.
3. Level of Data Technology assesses the current infrastructure and tools available for data governance.
4. Data Quality ensures that the data used is accurate and fit for purpose, necessitating regular quality checks and cleaning processes.

At Deloitte, a new Data Governance strategy is designed through three phases:

1. Discovery Phase: Understanding current data practices, challenges, and goals.
2. Adaptation: Customizing Deloitte's Data Governance Framework to meet client needs across five key areas: Policies and Principles, Organisation and Roles, Processes, Tools and Technologies, and Metrics.
3. Blueprint Creation: Documenting the detailed Data Governance practice for ongoing guidance.

By centering your strategy around these factors and employing appropriate tools and processes, your company can unlock the vast potential of data and the opportunities it offers.