Innovation Through Data Governance: 5 Ways to Get It Right
Innovation. Everyone wants it, but few know how to get it. Innovation is the lifeblood of any company. It’s what keeps its employees creative and engaged, and it’s also what allows a business to stay ahead of the competition. It is the Holy Grail of business today — a multifaceted concept that often remains elusive. But what if there was a proven strategy for innovation? A process that could help you identify and deliver new products, services, processes, technologies, or markets?
Enter data governance: an organizational framework designed to manage data throughout its lifecycle; one that fosters innovation by enabling better decision-making about the use of information in your organization. In this article we’ll talk about 5 ways that good data governance strategies foster innovation in your organization — and how you can get started on yours today.
It Starts with the Top: The first step in any good data governance strategy is to have leadership buy-in. As the old saying goes, “you can’t steer a parked car.” If you want your organization to be innovative, you need to create an environment where innovation is encouraged and supported from the top down. This means that leaders must be willing to invest time and resources in data governance initiatives, and they must also be open to change.
They Must Be Aligned: A successful data governance strategy aligns business goals with IT objectives, which creates a common understanding of how information will be used across the organization. This alignment enables better decision-making about what data should be collected and how it should be used — leading to more innovative applications and better results.
They Must Be Proactive: In order for data governance to foster innovation, it must be proactive rather than reactive. This means that the framework should not just deal with information after it’s been created, but also before it’s even collected. By taking a pro-active stance, data governance can help ensure that the right data is being gathered in the first place — leading to more innovative uses down the road.
They Must Have Rules: A good data governance strategy also has well-defined rules about how information should be used. These rules provide clarity and consistency across the organization, which helps reduce ambiguity and encourages creativity.
It Needs Resources: Last but not least, a successful data governance strategy requires resources — both financial and human. This means that you need to allocate the necessary time and money to support your data governance initiatives, and you also need to have the right people in place to make them a success.
If you’re looking for ways to foster innovation within your organization, start by implementing a good data governance strategy. By following these five tips, you’ll be on your way to creating an environment where innovation can thrive.
TL;DR:
- The first step in any good data governance strategy is leadership buy-in.
- A successful data governance strategy aligns business goals with IT objectives.
- Data governance must be proactive rather than reactive.
- A good data governance strategy has well-defined rules about how information should be used.
- A successful data governance strategy requires resources.
