Make the right data available to the right person at the right time and insure your digital analytics through proper Data Governance.
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Data governance broadly is a Data Management concept that aids your organisation in managing the usability, integrity, availability and security of your data, to maintain its quality.
And trust us, it is Important!
In today’s economy, good Data Governance/data enrichment gives you better Data quality, Data Design, Data Integration, Data Segmentation, Data Storage and Data Security. These contribute significantly not only to the business outcome of your company but also influence your brand strength in more ways than one.
Where is Data Governance needed?
With the growth in technology, Data Governance is gaining a wider application. Below are the use cases.
- In the business process management
- For financial and regulatory compliance
- In legacy modernization
- For mergers and acquisitions
- In business intelligence applications
- For data lakes
- For credit risk management
- In data warehouses
- In data breaches- which have led to a major part of Data Governance to emerge as Data Security.
There are 9 important rules that define Data Governance
- Data Collection
- Data Quality
- Data Accessibility
- Data Security and privacy
- Data Integrity
- Data Presentation
- Master Data Management
- Data Stewardship
- Data Enrichment
Data Collection- Analytics data can be collected in numerous ways but documentation on data collection needs to be in place for any future reference/amendments.
Data Quality- Good quality data assists in better decision-making. It means completeness, accuracy, consistency and cleansing of data. This aspect facilitates multiple ways of describing the same product and customer by correlating and erasing duplicate data.
Data Accessibility- Once digital analytics tracking is implemented on the site, the next step is to determine who needs to have access to the tools and data being collected (this includes the data analytics team, marketing team, agencies, IT team, contractors and so on). A need and role-based data accessibility needs to be defined across organization.
Data Security and privacy- When we talk about data accessibility and data security, they are very closely related but data security is not only about restricting access of tools to people but protecting organization’s data warehouse. If the organization works on collection of user/customer data, then one of the big responsibilities of the organization is to safeguard the privacy of data.
Data Integrity- Data integrity refers to the accuracy and consistency (validity) of data over its lifecycle. Compromised data is of little use to enterprises, not to mention the dangers presented by sensitive data loss. For this reason, maintaining data integrity is a core focus when it comes to Data Governance.
Data Presentation- this refers to how you are presenting the data being collected to the stakeholders. The metrics & insights that you derive from the data collected need to be presented to the stakeholders in appropriate manner.
Master Data Management- Usually large amount of unstructured data flows in from external sources. This component provides a master data reference to allow persistent data usage.
Data Stewardship- Data Governance is guided by teams formed of data stewards. They are accountable for the accuracy, accessibility and completeness of the data.
If you want more details on the rules, We have fleshed them out for you here.
These make your data complete, comprehensible and reliable.
And the benefits you thereby gain through Data Management are,
- Deeper insights and quicker decisions.
- Cost reductions due to elimination of incorrect information and increased ROI.
- Enhanced customer understanding.
- GDPR compliance through definition of policies and terminology.
- Reduced lag, human errors and prediction of the impact of decisions to accelerate operational efficiency as well as business growth.
Yet only a few (47.9%) of organisations according to a survey, employ Data Governance practices as an enterprise asset.
And this is what they have to consequently deal with-
- The inability to identify abnormal or fraudulent activity.
- Inefficient resource management.
- Poor customer satisfaction.
- Failure to obtain an accurate view of the overall organisational activities.
If you are still asking yourself whether your organisation needs Data Governance or not, here is your answer.
You do.
Regardless of its size, your company needs trusted and quality data for reasons mentioned above. Building an infrastructure with high data quality and Data Management, helps resolve data discrepancy to a great extent. And considerably improves your customer- conversion ratio.
Secondly, there is the legal aspect. Although your company internally decides the policy protocol, Data Governance helps you to store data in specific categories with coding methods enhancing your Data Security.
So, you now know the ‘why’ and ‘where’ of Data Governance. Let’s move on to the ‘how’.
Before you buy the Data Governance software, you must first ascertain if your company is ready.
The right implementation of the Data Governance strategy
- Create a team and delegate responsibilities for data assets to them. The team should work in line with your organisation’s requirements and initiatives.
- Develop a sound Data Governance process that includes Data Auditing, Data Management, Data Security, Data Storage, Data segmentation, Data Integration, Data Harmonization and Data designing.
- Use evolved technology that helps to improve the Data Quality, reporting and monitoring processes.
So, in a nutshell, its people, process and technology that you have to concentrate on.
The Data Governance tools
Successful planning involves not only the right implementation but also the right Data Governance tools. It is these tools that automate the processes in your enterprise and increase the efficiency, effectiveness and the sustainability of the whole Data Governance programme.
How do you choose the right Data Governance tool for your organisation?
Organizations opt for Data governance to ensure that data delivers value to their business. Thus, zeroing in on a tool can become a challenging task. Different tools have different features whereas some vendors provide the same functionality in their products but through very different means.
Hence you must be very clear on what you want to do with the Data Governance tools and how these tools can help you optimally. In addition, evaluation and selection doesn’t depend only on features and functionality, but also on how these tools can add value to your business.
The leading Data Governance tools you should know about:
- Adobe Target (Here’s how you make it work hard for you)
- Google 360 (Read this before you switch over)
- Falcon-for effective Tag Management and data driven desicions
- Opimizely
- Alteryx Designer
Till then, we have something more for you.
We are going to be back with a detailed article on more Data governance tools for you soon where we will help you draw comparisons between the tools and also how to use them to their best potential.
Implementation Audit in Data Analytics
Get a comprehensive review of the quality of your data, implementation of your tracking codes, and the configuration of all your tools. Sit back while we do a health check of your website, deep dive into your data layer, do a detailed assessment of resources that are broken, and give recommendations in a Site Architecture Audit report that will serve as a schema for the Implementation process. We can also configure your Google Analytics with custom dimensions and help you take a holistic view of your analytics data, affording you greater visibility on important website metrics and areas for improvement.
Nabler is always ready to help with Data Analytics
We can help you make advanced data driven decisions with our suite of data products and solutions.
Implementation Audit in Data Analytics
Get a comprehensive review of the quality of your data, implementation of your tracking codes, and the configuration of all your tools. Sit back while we do a health check of your website, deep dive into your data layer, do a detailed assessment of resources that are broken, and give recommendations in a Site Architecture Audit report that will serve as a schema for the Implementation process. We can also configure your Google Analytics with custom dimensions and help you take a holistic view of your analytics data, affording you greater visibility on important website metrics and areas for improvement.
Tag Implementation in Data Analytics
Our reliable Tag Management System gives you the freedom to add, modify or remove tags whenever necessary, reduce maintenance overheads across the board, and easily integrate third-party software into all your digital properties. You can also easily migrate from one tool to another without having to worry about losing historical data. And optimize your time, spend and effort by leveraging the tech stack to enable offline-online integration, and add value to your day-to-day operations.
Data Lake & Data Pipe
Get your very own window seat to an integrated view of customer data. Combine data sources for easy analysis, get a single view of the customer, add and delete data sources easily, and make your data a lot more reliable with a centralized data lake.
The ultimate guide to answer all your queries on Data Governance
To sign off, Data Quality and Data Management are extremely crucial quality control mechanisms for your data. Invest well.