Read on to discover the three Data Governance trends to keep a close eye on in 2020, regardless of the sector your company operates in.
Trend #1: Improving data quality assurance in Data Governance
In 2020, data quality will once again be the most persistent challenge in data management. Until recently, organisations were only focused on data quality if their revenue or reputation was in danger. However, this stance is changing quickly. As a result of complex compliance with laws and regulations and the constantly increasing speed and scale of data, organisations are giving priority to data quality. In fact, organisations are now considering data quality to be a vitally important component of Data Governance. By setting up a framework for Data Governance based on data quality, organisations are primarily boosting the value of their business-critical data. This also helps them ensure that data quality issues are identified at an early stage and resolved before they can spread across various systems. There is a growing awareness that it is extremely unwise to just wait and see, only to be confronted later with clear proof that bad data does indeed have a negative effect on the business, and on the continuity of your organisation – but by that time the damage has already been done.
Trend #2: Privacy laws require powerful Data Governance
The General Data Protection Regulation (GDPR) adopted by the European Union was implemented almost two years ago. By now, the GDPR has become a worldwide catalyst for data privacy laws. (In the US, such states as Nevada and California have already adopted extensive legislation to protect the personal data of consumers, and other states are following quick on their heels.) Organisations that do not take this new legislation seriously enough risk punitive fines and serious damage to their reputation. As a result, organisations are forced to evaluate possible gaps in compliance and take action as needed. In order to comply with privacy laws, powerful Data Governance is therefore essential. Not just to identify and protect personal data, but also to track the origin of the data as it is moved from sources to systems and processes. Data quality also plays a crucial role in mitigating compliance risks. Both poorly managed data and poor-quality data can easily lead to failure to comply with privacy laws, resulting in negative consequences for the brand that can affect the organisation’s financial results.
Trend #3: No self-service analytics without good Data Governance
Business intelligence tools are now equipped with machine learning and artificial intelligence (AI) and can facilitate ‘self-service’ analytics, a trend that started in 2019 and will only increase in 2020. Self-service analytics give end users the possibility to create their own reports and analyses with an easy-to-use BI solution. End users no longer have to depend on the IT department to generate these reports for them. In addition, they can satisfy their own need for information much faster and more flexibly. At first glance, this may seem like a positive development. But caution is warranted here: a lack of good Data Governance in the BI environment may lead to multiple versions of the truth (for instance due to inconsistent formulas/definitions) and reduce data quality. Moreover, it is not a good idea to give users unlimited access to all kinds of data and allow everyone to make reports that can be used inside the organisation and far beyond. In short, this means that business intelligence and Data Governance go hand in hand, even more in 2020 than before.
Tentive Solutions offers organisations support in resolving their Data Governance and Data Management issues. Would you like to know more? Feel free to contact our Data Management Team via firstname.lastname@example.org or +31 (0)76 565 8080
Jacco Oudeman, Data Governance & Data Quality Specialist