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Data leader Tejasvi Addagada on the value of data governance
Other technologies that can help the identification and certification of single version of truth are data discovery, profiling, quality, and observability, to name a few.
If there are multiple values to properties of an entity like a customer, technology like master data management can translate the know-how of operational personnel into prioritization and survivorship rules that can create and maintain a version of the truth that can be consumed universally within an organization.
Data-driven projects demand a substantial investment of budget and resources. How can data officers justify both?
Investments into data capabilities and development of data products have increased multifold over the past years. This requires investments into tools as well as commissioning people as well as augmented knowledge workers like consultants along with setting up new processes as well as interventions.
Formalizing management of data through data governance can increase transparency, accountability, responsibility, independence, and fairness in implementing corporate governance. One crucial aspect of formalization from data offices is assessing return-on-investment on investments and maintaining the value of data assets.
What tips would you share with IT leaders looking to establish a data strategy and direction for their companies?
The 1994 Hawley Committee report first identified data as an asset, defining it as ‘data that is or should be documented, and that has value or potential value.’ Data offices can focus on the decision rights related to the data assets and the network of relations to ensure data is qualitative, consistent, usable, secure, protected, and yet available.
In the past decade, the interest in data management has increased multifold with the evolution of business models that are driven by data along with the evolution of the modern data stack and cloud capabilities. This has in fact resulted in a need for improved data literacy around the globe. Industry bodies like DAMA, EDM Council, along with other data communities are providing global literacy around benefits of managing data with standard frameworks.
During the process of determining the company’s goals, the board is entrusted with exercising critical judgment, while the data office is responsible for designing data strategy and policies to ensure that these goals that have data contribution are met.
Information Technology is not to blame for the emphasis on people and process capabilities; however, it should be considered when planning future technology investments that can enable the achievement of the goals outlined by data and business strategy.
IT leaders can keep up with rapid advancements in data technology including data collection, cloud storage and processing, machine learning operations, automation in data operations and data security to name a few domains of interest. Within the organization, the data officer can build a data-driven culture by imparting awareness around benefits of managing data activities through interactive newsletters, roadshows, board representation and formalization of people and processes that involve data.
