Businesses are in an exciting time in which mobile devices allow people to stay connected all the time and big data analytics provides decision makers with unforeseen insights. However, companies are responsible for managing their information, and they must be certain the excitement about new advances doesn't eclipse their duty to uphold data quality and protect data owners, according to Information Management.
Transparency will become even more important in the future, the source suggests. As enterprises harvest more data about consumers, their patrons and partners may want to know how their information will be handled as it moves across departments and is used to glean valuable insights. If firms are not forthright with their plans and strategies, they risk damaging relationships with stakeholders.
Moreover, poor data management can also jeopardize users' reputations. If a marketing company does not cleanse its customer data regularly and purge old information, it might accidentally continue emailing customers who have asked to be removed from contact lists. This hurts open rates and other important metrics, but can also put firms on spam lists.
To gain a solid perspective on data governance, companies can identify a senior employee, such as a data owner or steward, and use that person as a weather vane, according to a recent blog post by industry professional Nicola Askham. The individual who fills this role can then be used to gauge the success of current governance efforts.