In an era where data-driven organisations win, enterprise-wide adoption of data governance and management frameworks is a strategic imperative. A strong data governance program is designed to provide coordinated oversight of data-related decisions throughout an organisation. A data governance program ensures confidentiality, integrity, and availability and helps inform decision making – allowing businesses to remain ahead of the curve in a competitive environment. Data governance also ensures that the data harvested is used in an ethical way, without bias or prejudice.

In addition, to manage the level of disruption within the industry, organisations often have to look at deepening their existing client relationships and offering more value through deeper data insights.

However, ensuring the integrity and transparency of data is often a challenge, especially when up against a rapidly evolving technology landscape and complex infrastructure and processes.

While most understand the importance of data and effective data governance in the modern age, it is reported that almost 50% of organisations are in the dark and struggling to unlock the benefits of effective data governance in driving shared insights and accurate decision making. Many of the challenges around this are unique to individual organisations, but a number of challenges – including culture, mindset and buy-in are common ones.

Three strategies to optimise data insights

1. Optimise processes and technology

Organisations need to ensure they have all the right capabilities and processes in place to succeed. This includes building an understanding of data assets, attributes and how they could each drive business outcomes.

Organisations need to be pragmatic about how technology is used to ensure the efforts of their individuals are channelled towards getting the most value out of data. For example, at MinterEllison, technology is used to help with data mapping, data cleansing and data management.

2. Engage the right stakeholders and sponsors

For data governance, even more important than having the right tools is having the right stakeholders on board.
Getting the right 'data citizens' engaged in a governance solution and enabling them to understand and value its importance is critical. That means sponsorship or executive buy-in is key. In addition, having the right roles, responsibilities and capabilities within an overseeing body is essential.

3. Invest in data literacy across the organisation

Supporting a cultural transformation requires an extensive data literacy programme. This should incorporate everyone within the organisation, at all levels, to provide them with a solid understanding of what data assets your organisation has, and what are the key metrics they need to be thinking about.

This article is adapted from 'Driving a Cultural Transformation to Optimise Data Insights and Governance Outcomes', presented to attendees at the Data Governance & Management Summit 2019.