Data governance is the name given to the series of processes businesses follow to ensure all data meets strict rules and standards when input into a system, This data governance gives businesses better control of their data assets. This data management is especially important for organizations with strict regulatory compliance policies, as is the case for insurance and finance companies. Consider the following best practices for data management:
1. Start Small, Think Big Picture
For proper data governance, businesses must focus on technology, process, and people. These three factors are crucial when focusing on data management best practices. Paint the big picture of dada governance by gathering the right people that can execute the proper processes to source the correct technology for the task at hand.
2. Build Your Operating Model
A business’ operating model is the foundation for any effective data management program. This operating model defines responsibilities and enterprise roles throughout various areas of the business. This model serves to establish an enterprise governance structure. When designing this model, businesses must define ownership of data throughout the organization. Determining authority helps business owners socialize the data management program, clearly asserting responsibility to the appropriate individuals.
3. Identify Data Domains
After pinpointing a business’ data management structure, the next step is to identify data domains for every line of business. While the type of domains will vary by industry, every business has a need to capture information and identify key domains about their customers and the company itself.
For example, certain businesses focus on three data domains: product, vendor, and customer. These various domains contain artifacts like policies and standards, business processes, data owners, and similar categories that will help a company arrive at the most appropriate solution.
4. Pinpoint Critical Data Elements
The next step in identifying data management best practices is to choose critical data elements that are essential to the business. Instead of focusing on mountains of data, pinpoint various elements that are in line with your initial goals. Using data management initiatives, business owners can translate their vast data assets into data elements they will actually use.
5. Identify Control Measurements
To sustain a data management program, business owners must focus on utilizing control measurements when working with data. Businesses must identify control measurements to define workflow processes, improve reporting on data management, and capture feedback through these automated processes. These control measures can be applied to multiple levels like the operating system, network, application, database, and user process to maintain governance goals. Additionally, data management best practices should also include various ways to improve existing controls like training, policies, change management, project management, and the like.
6. Use Industry-Approved Security Practices
In addition to identifying specific measures for data management within your company, be sure to use industry-approved security practices as well. These practices serve to protect your data and fight against potential threats. An effective security plan should include thorough endpoint defenses and a tough perimeter to safeguard your data. With the likes of tokenization, encryption, and similar protective measures, you’ll be able to keep your data safe.
These data management best practices will help any business safeguard their data assets. Keep this guide in mind when working to improve data management strategies for your business
