Data governance a central strategic resource

There needs to be concerted efforts to create and enhance the level of awareness about the importance of data as a business asset, especially for organisations that hold huge volumes of operational and customer data.

“This is required across the organisation right from the board level to the operational level,” said Mr Mark Jansen, Partner, Data & Analytics Leader at PwC Singapore.

Citing an earlier PwC study that polled some 2,100 C-suite leaders, business unit heads and senior vice presidents, Mr Jansen said senior management want to be more data-driven but acknowledge there is more to do.

About two-thirds (61%) of respondents say their own companies’ decision-making is only somewhat or rarely data-driven.

Data has become a central strategic resource for all organisations in the digital era.

With fast-moving developments in analytics, how successfully and efficiently companies harness their mass stores of data can determine whether they succeed or fail in the disruptive market place.

Data governance is the overall management of the availability, usability, integrity and security of data within organisations.

According to PwC, a sound data governance programme could include:

“Given this scope, employees from every grade of the organisation has a role to play in data governance,” said Mr Jansen.

Industry executives say sound data governance is not the sole responsibility of people at the top, although they could help to set the right tone.

“First and foremost, there must be senior management sponsorship of effective data governance, much like compliance, in order to dedicate the resources required to run such a function,” said Kelvin Tan, Head of FinTech & Data, Singapore Exchange.

“Next, the technology systems, tools and data architecture must be put in place such that the data can be efficiently managed.

“Finally, there must a cultural shift among all employees to ensure that data governance is adhered to and even commended,” said Mr Tan.

PwC said there is no one answer to the question of identifying roles and responsibilities.