Data governance tends to get a bad rap from some data scientists and analysts, who view it as a hindrance to their work-gaining business insights. In our work with clients across a wide range of industries, however, we've found that lack of sound data governance prevents organizations from realizing the full value of their data.
We recently drafted a white paper that highlights five ways that modern data governance can make your organization more productive. Key points:
1. Good business metadata is good for the business. Metadata makes it possible to put data to efficient use, just as a card catalog makes it possible to put the materials in a library to efficient use. Effectively governed metadata enables data scientists to find what they need, when they need it. Instead of waiting for the governance team to collect metadata, allowing your data consumers to take care of it will give you richer detail-because it comes from the users of the data.
2. Effective schema management saves time and money, especially in a big data environment. Schemas define how data is to be read. But it's difficult in a big data environment to programmatically determine the technical schema and business metadata and store them together in a central location.
Programmatic technical and business schema discovery eases the problem. When a new data set is ingested into the data lake, an open-source tool can help you determine the schema automatically and, in a mature environment, match the newly discovered data to existing business metadata, providing you with the business and technical metadata immediately. Publishing, curating and governing known schemas will save your data scientists considerable time.
3. Good data quality and profiling can accelerate time to insight. Investing in sound data governance practices can improve data quality and give your organization quicker time to insight. A data quality strategy and targeted data quality improvement efforts that solve conflicts at the source can lead to a 25 percent increase in converting inquiries to marketing-qualified leads, according to destinationCRM. Establishing data-usage agreement between producers and consumers of data will give everyone a better idea of what to expect and how it will be documented.
4. Data lineage can help keep you from getting sued or fired. Although it won't stop determined hackers from gaining access to secure information, data governance will help you understand what has and hasn't been compromised in the event of a breach.
Data governance affords particular protections to those working in regulated industries such as financial services and healthcare. In the event of an audit, a sound data governance program will enable you to demonstrate where your data came from and how you made calculations.
5. Your models and analyses will run right in production. If you've taken the steps outlined thus far, your data quality should be sufficiently high that you'll greatly limit the potential for problems with models and analyses in production. Going a step further and establishing preventive and detective controls will deliver additional benefits. Preventive controls will help ensure that low-quality data isn't used by the business. Detective controls will help your production operations team troubleshoot jobs that failed as a result of data-quality issues.
CapTech can help you transform data governance. We can conduct a data maturity assessment and show you how your organization can get more out of your data. We have helped Fortune 500 clients establish data governance councils, put data quality standards in place, document and capture data processes, metadata, and create data usage agreements.
Check out the full white paper: Five Ways Modern Data Governance Will Make Your Organization More Productive