The quality of organisations data and associated information and knowledge is now being considered as important as the quality and accuracy of their financial data.
We are fast moving to a scenario where the Profit and Loss and the Balance Sheet view of an organisation will sit alongside the assessment of the value and quality of data assets and the activity that is occurring to create and use them.
It is clear the well-worn audit processes for financial information will be applied to the management and quality of data. Organisations will be reporting the status of their data quality and value with the same focus and competitive positioning to their stakeholders. Audit processes for organisations will increasingly require a sign off on Data Governance and data quality and value by an independent process measuring against acceptable levels that will evolve around compliance and value assessment polices.
Financial and data outcomes are of course connected. Organisations with a clear and invested focus on Data Governance and the ongoing improvement of data quality will see this reflected in a range of business areas:
Strategically, Data Governance needs to make its way to the board table. The impact on brand value associated with good or poor data governance is growing in comparison and in value.
Organisations that present their Data Governance position and direction including the value of good data quality will be rewarded with investor or stakeholder confidence about how they are managing risk and growth within their organisation.
What are the key components of a strategic and leading data governance approach?
With an understanding of the strategic importance of Data Governance and data quality there is increased focus within organisations to build capability in this area. The key components of this capability are as follows:
How do you create a top quadrant Data Governance environment?
There are several key steps to develop the appropriate level of Data Governance within an organisation.
If you would like to find out more about how to architect your Data Governance and realise outcomes for your business, then contact us at firstname.lastname@example.org