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#14 Can better Data Governance be the Enabler of the Data Economy?

As said, data is often company´s one of the most valuable asset. However, data is very often handled opaquest and inconsistently, when compared to other business assets. This restricts access to data assets that stakeholders need to optimize their business value. Better data governance is often not considered as a solution. I think it definitely should!

Better understanding how data governance would help organization to be more data-driven would open up opportunities to exploit the potential of the data economy. The most essential function of the data governance is to ensure data availability, quality and its expediency for all possible tasks and operations that contribute the strategy of the company.

Starting to compile a valuable data governance

Starting can feel difficult and often it is. Therefore, it is good to approach the implementation of data governance by creating principles to be used to initiate implementation. An overly theoretical approach may not produce results quickly enough and the degree of engagement may decline.

These are my thoughts on starting to compile a valuable data governance:

  1. Creating a data strategy is necessary and the support of top management is needed. Data strategy is often confused with data management. They are separate, but at the same time closely linked.

  2. Idea of data governance is to help your organization achieve data intelligence and ability to use data as an asset.

  3. Data and data management tools should be separated. AI and ML are both very efficent tools, but they alone don´t make the company data-intelligent.

  4. Invest in data quality.

  5. Data management is continuous and systemic process - for example, data should be as products and treated a bit same way as food in the food industry. No one wants to use corrupted and misleading data to make important decisions.

  6. Complex operational models, rather than simple ”playbook” and efficient data supply chains, don´t solve and change things. Things must be pragmatic. Transformation starts when there are clear business objectives and motivation of the people.


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