Strategic Decisions Improved by Data Governance
Predictions for 2018
What keeps you up at night?
The results are in from our annual survey of C-level executive clients regarding this exact question. With the focus on big data and emerging technologies such as artificial intelligence, it comes as no surprise that data is at the top of executives’ minds. The executives we talked to said a lack of confidence in the accuracy of their organizational data was one of their biggest concerns. It prevents making critical strategic decisions about the business. In the fast-moving world of information technology, executives recognize any hesitation in making decisions can impede an organization’s business strategy and execution. As a result, they are turning their attention to data governance: the discipline, collaboration, processes and metrics that ensure data is fit for use and enable a decision path between competing business priorities. There is a direct link between poor data and ineffective leadership. Little confidence in your data results in minimal confidence in your strategic decisions.
The most telling indicators from our survey emerged in two areas:
· 87% of executives believe data governance programs are critical to organizational transformation efforts geared toward managing the deluge of data encountered daily
· 100% of our clients reported that data governance had equipped their organizations to execute their business strategy by relieving decision fatigue and empowering the right people to make decisions
· 70% of executives indicated that data governance directly contributed to achieving their top priorities by ensuring data accuracy, security, privacy and accessibility
These findings do not shock us. Most of our work in 2017 was spent working with CIOs and CEOs on creating or maturing their data governance programs as they focused their organizations on managing their data as a competitive asset.
Building upon our expertise and work in 2017, we looked into our crystal ball and came up with the following data governance predictions for 2018.
1. Progressive leaders turn to data governance as a “gotta have” performance multiplier in the face of increased regulation.
International, federal, state and local regulations such as the European Union’s (EUs) General Data Protection Regulation (GPDR) continue to grow. To increase confidence in decisions made around data assets, organizations planning to implement data governance programs will accelerate those efforts to ensure compliance, oversight and efficiency of decision making.
2. Hyperaware consumers intensify their scrutiny of data practices and privacy safeguards.
Research shows that over 80% of consumers believe they have lost control of their personally identifiable information (PII). Consumers will vote with their feet by frequenting organizations that embrace data controls and take data privacy seriously. Consumers will intensify their scrutiny of what data is being collected, how it is being used and how organizations deploy data governance. While data governance isn’t likely to become a household term, consumers will intensify their demand to protect their information.
3. Boards of Directors will demand strong data governance programs to reduce corporate risk.
Institutional investors now look at how an organization governs its data as a critical indicator of company value and long-term success. Corporate boards will respond to investor demand by requiring more robust data governance programs as part of their corporate risk management responsibilities.
4. A new key C-Level role emerges, the Chief Data Governance Officer.
The ascent of the Chief Data Governance Officer (CDGO) expands the perception of data governance from “rules focused enforcement” to “strategy enabled execution.” CIOs of leading organizations will look to the CDGO to develop and execute robust data governance programs.
5. Technology advances such as AI and machine learning will magnify the strengths and weaknesses of data governance programs.
With increasing insight into data governance gaps, technologies such as block chain become increasingly attractive to organizations looking to mitigate data governance gaps and privacy vulnerabilities. To keep pace, organizations will invest and implement the required data governance resources and processes to embrace these innovative technologies.
How Resigility Can Help: Whether you are looking to mature your data governance program or build one, Resigility can help. We have successfully worked with commercial and governmental organizations on evaluating their data assets, assessing the maturity of the organization and developing roadmaps for execution. Our expertise stems for decades of consulting and operational experience in information technology and data analytics solutions.
Who We Are: As an award-winning consulting services firm supporting healthcare and government agencies, we work with clients and communities to tap into resilience, solve problems, unstick teams, and make an impact. Resigility provides strategy, information management and training services that deliver lasting value through resilience and agility.
Our name is emblematic of our core belief that agility – the ability to move quickly and easily – and resilience – the capacity to recover quickly from difficulties – are two powerful traits that every team, organization and community need to thrive. At Resigility, we like words and digging deep to understand the intent, but even more than words, we prefer action.
Action is in our DNA and it characterizes who we are, what we do, and why it matters. We act to help our clients distill their toughest information management challenges into meaningful, sharp insights and a clear set of steps that help them reach the end goal.
We look forward to hearing from you.