In theory, a data governance approach is all about monitoring and supporting the information management initiative. Defining an effective data governance strategy allows businesses to run their data management programs efficiently. It is easy to outline a brilliant plan on paper but difficult to put it in practice. Enterprises must know about the ways to create a practical program that helps them achieve their objective of efficient information management. Continuously enlarging data volumes, increasing security risks, and new legal regulations pose new challenges for data and analytics professionals. It is essential that they overcome these hurdles to build a program which delivers valuable business results today and can be easily scaled according to changing requirements in the future. Let’s discuss some suggestions to create a practical governance strategy for enterprises.
1. Classify Data According To Its Business Value
Companies must classify their data assets based on the value they add to their business. Not all assets can be treated equally and some will always remain more important than the others. Begin by assessing the importance of each element for the entire organization. Then find out who all have access to these items and where have they been physically stored. It will also be pertinent to evaluate the nature of the information. Some data will have to be stored permanently while some elements will only be needed for a limited period. Data leaders must also find out how are these assets being shared within the enterprise. All these factors will help sort the elements according to their value.
2. Create Response Strategies For Security Incidents
This is an important aspect which many organizations fail to consider. Ensuring the security of valuable assets by investing in state of the art technology is good. However, companies need to prepare plans to deal with events like breaches. A preventive plan is mandatory but not having an effective response strategy can cause irreparable damage to the business. Hire data security experts to identify possible breach scenarios and devise recovery plans for each one of them. The schemes must have procedures for reviewing the integrity of the elements. They must also assess the state of data availability after an incident besides reviewing data confidentiality.
3. Create A Global Data Policy
Creating a global data policy is an integral part of defining the data governance approach for organizations with a global footprint. However, businesses which are involved in international trade but do not have physical overseas presence must build such a plan. This will help them align their program according to international legal regulations as well as business practices. Organizations must identify the basic principles required to manage data being accessed from overseas sources. They must also decide how such assets will be secured and handled. Having such a policy in place will help businesses avoid legal as well as safety issues and protect their reputation.
4. Build A Team For Protecting Data
Ensuring data security is a key goal of any governance initiative. However, most companies do not go beyond installing a security system and creating protocols to follow. The increasing threat of safety hazards along with the implementation of strict data protection laws necessitate that enterprises build a team for the purpose. This group will keep an eye on whether the program is complying with legal regulations or not. It will also advise users as well as the executive leadership about the current state of their information. Corporations must impart proper data governance training to the team members so that they are aware of the best practices and applicable laws.
5. Strategize For Updating The IT Infrastructure
The data volumes and analytics requirements of an organization will only grow with time. The entire information management program will need to scale up according to changing needs. This means that the governance plan will have to be expanded accordingly. It is essential that enterprises have a strategy in place to update their Information Technology infrastructure. This will make sure that data remains available across the organization and its security is not compromised as well.
Enterprises must look to define a practical data governance approach instead of creating a theoretical plan. This will be helpful in initiating a strong monitoring program that safeguards their organization’s business and legal interests.