Weekly FinTech Tip: The Right Time to Start A Data Governance Committee is Now
Recently, I was asked by a financial institution, “When should we start a data governance committee?” They were referencing the fact that they had just started their digital transformation, and they were wondering whether it was good to start during the digital transformation or to wait until afterwards. When is a good time to start a data governance committee?
If you don’t already have a data governance committee, starting one during your digital transformation is excellent timing. Why?
- You’re implementing new systems.
- Those new systems will have data.
- It’s important that everyone in the entire organization understands what the new data means to the organization.
Your data governance committee can catalog this new data and put the word out to everyone that this data is available. Each new system in your organization will have its own data set. Some of this data will overlap with data you already have, some of this data will be brand new. and much of it will be very valuable. The purpose of your data governance committee is to make sure that this data is cataloged and organized in a way that the organization can make use of it. Each data point from each system must be carefully cataloged and mapped into your organization’s data model or data dictionary.
Your data governance committee should meet at least once a month. It should collect the minutes from the meetings, and that should be provided to your senior management. The data governance committee is responsible for collecting, organizing, curating, and delivering your data dictionary. All of your data must be catalogued. Why? Because data is the key to your survival. Data will make you more efficient, data will narrow your margins, and, most importantly, data is going to enable the future in the form of artificial intelligence. Start collecting, curating, and monitoring your data now, and make sure that you have a data governance committee.
My name is John Best, and I’m the author of Breaking Digital Gridlock. You can find my book on Amazon, or anyplace the books are sold. To hear more about issues regarding digital transformation, tune in to my podcast, The BigCast.
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Premiered on Apr 11, 2019