Data today is getting bigger, more widely available and changing more quickly than ever before. We are working in a data filled world where another new data initiative seems always just around the next corner!
This constantly changing data landscape, means that I am frequently considering how data governance needs to be implemented in a changing world. So when Experian QAS asked me if I would write a white paper for them on the topic of proactive data governance, I was very happy to do so, as it is a topic to which I have given some considerable thought.
I am sure that you will all agree that there is a considerable amount of hype at the moment about areas which we have heard about for a number of years such as master data and reference data. But on top of these, it appears that nearly every webinar, conference or seminar invitation seems to be about big data, open data or linked data at the moment.
A number of enlightened companies have realised the importance of data to their business and are leading the way in managing their data proactively and seizing the rich business opportunities that this offers them. However, for the majority of companies, management of their data is still not high up on their list of priorities.
I believe that in order to keep pace with and take advantage of the ever developing data landscape, companies need to not only embrace data governance, but become proactive about it. After all how can you hope to take advantage of huge volumes of externally sourced data, if you do not fully understand and manage the data you already hold?
There is a belief that some industries are more proactive about their data management than others. For companies operating in regulated industries e.g. Pharmaceutical, Healthcare and Financial Services, there are plenty of regulations that require certain data governance to be in place. But sadly some companies are not looking beyond the minimum they are required to by those regulations.
So I think we need to coin a new phrase “proactive data governance” to help highlight the growing urgency for and importance of data governance. Proactive data governance, if you work in a non-regulated industry, is all about understanding the benefits that are to be had from implementing a data governance framework and getting that framework in place, before you start embarking on exciting data initiatives. If you work in regulated industries, I believe that it's all about looking beyond the minimum required by the regulators, to see what other opportunities data governance could give you.
If you are interested in finding out more about proactive data governance, you can download the white paper here. I am discussing this topic on a webinar with Janani Dumbleton of Experian QAS, this Wednesday, 16 October. It's not too late to sign up for the webinar. The registration page can be found here.
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