Data Governance

 What is Data Governance? RK

Talend (2021) defines data governance as “a collection of processes, roles, policies, standards and metrics that ensure the effective and efficient use of information in enabling an organisation to achieve its goals”. There are two key purposes to data governance - increasing the value of data collected, and minimising risks and costs associated with the collection of data (Abraham, Schneider & Vom Brock, 2019). 

There has been an exponential growth in the data managed by organisations in recent years. Did you know that big data is estimated to be worth $77 billion by 2023? (Balkhi, 2019).  Organisations are collecting more data than ever before which brings with it numerous challenges. Fashion brands today collect data from multiple channels including ecommerce stores, brick-and-mortar stores, and a multitude of different devices. 

In order to be effective and efficient, data collected must be secure, timely, accurate, compliant with industry and data regulations, well organised and accessible to only the relevant individuals within the business. This can seem like a mammoth task for any business to take on, which is why we advise the implementation of a data governance strategy and framework for our clients. 

Prior to designing and implementing a data governance framework, Chernesky (2019) advises that an organisation must assess firstly, whether a data governance framework is necessary to operate in line with data regulations, secondly, whether a framework can give quicker insights to data analytics and thirdly, whether a data governance framework will help with reducing time, cost and risk for the organisation. 

Creating a data governance framework offers many benefits for an organisation. According to Talend (2021), potential benefits include improved data quality and management, consistent compliance with data regulations along with ensuring data is easily accessible to only the appropriate parties. For example, businesses in Ireland and the European Union must handle data in accordance with the GDPR which was established in 2018. A clear data governance framework and strategy can assist organisations in adhering to these regulations and prevent data loss and theft. (Read our recent article on GDPR here). Furthermore, ensuring the integrity of data is crucial for organisations and a Data Governance Framework can play a key role in ensuring data collected is accurate and effectively managed so that it is “clean, accurate, usable and secure” (Aga, Arbanas, Dejong & Sutter, 2021). 

There are essential steps in establishing a data governance framework which include, defining the goals of data governance, establishing a data governance team and deciding on which framework model to use; top down, bottom up or collaborative. Mustimuhw Information Solutions Inc. ( 2015), offers a comprehensive list of six essential elements for an effective data governance framework, as outlined below: 

1. Data governance vision and principles

2. Governance structure

3. Accountability mechanisms

4. Data governance policy 

5. Privacy and security policy 

6. Legal instruments 

At Group Fashion Agency, our team can assist you at every stage in designing and implementing a Data Governance Framework for your organisation. Contact us today to find out how we can help. 

#DataGovernance #DataGovernanceFramework #BigData #Fashion

Bibliography: 

• Abraham, R., Schneider, J. & Vom Brocke, J. (2019) “Data Governance: A Conceptual Framework, Structured Review and Research Agenda”, International Journal of Information Management DOI: 10.1016/j.ijinfomgt.2019.07.008

• Aga, G., Arbanas, J., Dejong, C. & Sutter, D. (2021) “Deloitte. Treat Your Data Like the Superpower it is: Making the Case for Date Governance” [Online Article] Available at: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/finance/us-rfa-data-governance-program-tmt-companies.pdf  [Accessed 28th March 2021].

• Balkhi, Syed (2019) “How Companies are Using Big Data to Boost Sales, And How You Can Do the Same”, [Online Article] Available at: https://www.entrepreneur.com/article/325923 [Accessed 28th March 2021]. 

• Mustimuhw Information Solutions Inc. (2015) “Data Governance Framework” [Online Article]. Available at: https://static1.squarespace.com/static/558c624de4b0574c94d62a61/t/558c75a5e4b0391692159c81/1435268517023/BCFNDGI-Data-Governance-Framework.pdf [Accessed 28th March 2021]. 

• Chernesky, R. (2019) “Four Steps to Building a Successful Data Governance Team: An Objective Focused Strategy for Data Governance Success” [Online Article] Available at: https://www.infogix.com/four-steps-to-building-a-successful-data-governance-team/ [Accessed 28th March 2021].

• Talend (2021), “Definitive Guide to Data Governance”[Online Article]. Available at: https://www.talend.com/resources/definitive-guide-data-governance/ [Accessed 28th March 2021].