Digital transformation is the modern-day Gold Rush. To reach new markets and grow revenue, business leaders across industries are flocking to embrace new technology and digital processes. And it’s no wonder why! The digital economy offers a myriad of benefits to businesses and consumers alike. While consumers can expect mobile-optimized and personalized experiences, businesses will appreciate having better insight for decision-making and product innovation. However, digital transformation also brings its own set of challenges, from external regulatory hurdles to internal technology limitations.
Last week, I had the privilege of attending the 2018 MIT CDOIQ Symposium in Cambridge, Mass. The event brings together data practitioners and business leaders from a variety of sector to advance the professional development of Chief Data Officers. Throughout the three days of workshops and classroom-style lectures, attendees were treated to a rich agenda with topics ranging from regulation to artificial intelligence. While I wish I could have attended all of the sessions, I wanted to share some common themes from the workshops I did attend.
Last week, myself and members of the Experian team attended the MDM and Data Governance Summit in Chicago. The main topics of this conference were MDM (Master Data Management) and DG (Data Governance), although at many times, it was difficult to tell the difference. MDM and DG are starting to meld together as one topic, with MDM being the data repository for all (or as much as possible) corporate data, and DG being the documentation and “GPS” for navigating the data (in this case, GPS means “Gain Perspective Simply”.
Data governance refers to the set of processes to ensure data meets precise standards and business rules as it is entered into a system. Data governance enables businesses to exert control over the management of data assets. This encompasses the people, process, and technology that is required to make data fit for its intended purpose.
Last week, I, along with two other members of the Experian team, took our talents to sunny San Diego to soak up some knowledge and spread some insight at the Enterprise Data World (EDW) conference. The conference was packed with some of the best and brightest representatives from organizations across the U.S. and around the globe.
Data lineage charts the full life cycle of data: the path from its creation through consumption, and everything that happens along the way. For organizations interested in achieving strong data management programs, data lineage is a key component. It provides a more granular view of your data, allowing you to gain insights from the ways in which data is manipulated and transformed from collection to application.
Think of classic combinations: peanut butter and jelly, summer and beach days, mornings and coffee. Though the components that comprise these pairings do just fine on their own, they are somewhat incomplete without the other. That’s how you should think of data governance and data quality.
Data has quickly become one of the most valuable resources for agencies across the United States public sector. In fact, 87 percent of agencies consider it one of their greatest strategic assets. This year, Experian conducted our first-ever study focused solely on the public sector to gain insights in the primary drivers behind their data management practices. We surveyed 200 professionals from across the United States who work for the federal government and state and local agencies including health and human services, law enforcement, departments of motor vehicles, labor and unemployment, and tax collection.
Data is quickly becoming the currency of the digital economy. The organizations that are able to best leverage their data for strategic decisioning will be well-poised for success in the years ahead. Nearly all of the C-level executives in our study (95%) believe that data is an integral part of forming their business strategy—a sentiment that has grown by 15 percent over the prior year.
Data governance and compliance: it’s safe to say the two go hand in hand. Without proper data governance, how can you be confident your organization is adhering to regulations? On the other hand, when organizations are compliant, you can bet there is an effective data governance strategy in place. If you’re asking yourself, “how can I get started,” we are here to help! First let’s take a look at the terms data governance and compliance, and see how they are related.