Data Governance Definition Update
I recently updated the Wikipedia Data Governance listing to display “Maximize the income generation potential of data” as one of the key reasons a company undertakes Data Governance. The other items they had listed, before my update, were to:
- Increase consistency & confidence in decision making
- Decrease the risk of regulatory fines
- Improve data security
I think it is important to know that there really can be a financial gain from a good Data Governance Program. Not only can it keep people out of handcuffs and increase regulatory compliance and security, but it can actually pay for itself and much, much more.
Take marketing data for example… Generally marketing departments don’t always use the best data. Sometimes it can be as simple as them using a not-so-good data source, but other times it can be just because they don’t have good, structured data. Imagine applying all of the Data Governance principles to marketing data. If done well, you could end up with a nice bullet on the executive status report saying, “The Data Governance Program improved the quality of the _____ data field, which increased the marketing response rate by __%. This increase in response rate resulted in an increase of $_,___,000 in sales revenue”.
Do you see why it is important that Wikipedia (a place where many people first get their feet wet with Data Governance) have this listed as a tenant for Data Governance? We aren’t just here to be overhead; we can be pivotal in meeting sales and marketing goals and helping increase revenue.