Data Science Strategy For Dummies

Chapter 15

Focusing Data Governance on the Right Aspects

IN THIS CHAPTER

Describing what data governance is all about

Making the case for the value of data governance

Introducing data stewardship

Setting up a data governance structure

Now more than ever, the ability to handle vast amounts of data in a way that manages to balance risks and business opportunities is critical to a company’s success. Yet even with the emergence of data management functions and chief data officers (CDOs), most companies aren’t performing at their best when it comes to managing and monetizing their data. Cross-industry studies show that, on average, less than half of an organization’s structured data is actively used in making decisions and less than 1 percent of its unstructured data is analyzed or used at all. Many times, companies lock in the data, just to be on the safe side, and employees are forced to spend a lot of time explaining why they need a certain data set. At the same time, data breaches are more and more common, as data sets are spread in silos and their value is many times not understood ...