4 Reasons why your company should engage in a Data Governance Initiative
Recently I read this great article written by Prakash Baskar about the 7 Reasons your Data Governance Initiative is Failing and you can’t Ignore even one of them. His insights made clear to me that these hurdles he mentions are familiar to many of us. Initiatives such as data governance do not com lightly and the whole company has to be involved. I am not going to repeat these 7 aspects but what interested me most this time is the reason why companies embark on a Data Governance Initiative and are these reasons legit?
Gartner predicts that by 2019, over 90% of companies will have Chief Data Officers but only 50% have a chance of succeeding. Data Governance is an important component of the success of a Chief Data Officer (Gartner and completed by Rick Buijserd)
In his article Prakash Baskar mentions briefly the reasons why companies start such data governance initiative and I am going to explore this reasons even more.
Regulations are often accelerators of initiatives especially a data governance initiative. One of the most recent and important accelerator at this moment is GDPR initiated by the European Committee.
Profiling an Exec.
Executives that enter a new company do have a habit to establish their self with a new project full with prestige. A data governance initiative is a such project. This often can be a reason to start a project but no to finish such project. A Data Governance Initiative is a long and complex project. Not a quick win.
Exhausting faulty reports
Faulty reports is killing the business spirit. Nobody wants to make decisions based on inaccurate information. However companies often do so even without knowing. Consistency in reporting and the fact that faulty reports exhaust your decision makers is one the most common reasons.
The most popular reason is of course the fact that companies want to be data-driven. Not only because this is the trend in this time. But being data-driven is the way to create success in these competitive times. Creating such a culture is complex and requires a specific mindset. However the starting point is having a great structure in place to become data driven.
These reasons are probably familiar to you. But if they are not, you have found reasons to initiate a Data Governance Initiative within your company. Good luck and be careful which such initiatives they can create great improvement but it does not come lightly.