Recently I was asked by a financial institution when should they should 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 a good time to start during the digital transformation or to wait till 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.
While 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 date 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 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’s John best and I’m the author of Breaking digital gridlock.