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I had an interesting conversation with XXXX where we discussed the changes in the data governance strategy based on the industry or domain (retail, banking, logistics, ESG to name a few). What are the key components, that in your opinion, would remain same irrespective of the industry and which components of the data governance framework will change?
September 14, 2022 at 3:45 pm
I’ve worked in many industries over the years, from financial services to travel, retail, government, and now utilities. All of the companies I’ve worked with have shared a lot of the same challenges, and at a generic level, the future state vision I wrote for the data strategy at my current company could be applied to almost any company in any industry. Where things differ is how to move things forward; organisations are as individual as we are. There are lots of common themes, but the biggest challenge is always making the cultural/behavioural changes that are needed. The strategy I’m using today at a regional water company shares a lot with one I used successfully at a bank some years ago, because the companies are at a similar level of maturity and have gone through a similar level of change. But each strategy and plan I’ve used has been tailored to the individual organisation.
September 22, 2022 at 1:14 pm
I believe industry has a significant impact to how we approach governance. I have been a governance leader for a few different types of organizations: a small private financial firm, a public online retail company and now in my current role which is governing sales/product data for the distribution arm of a financial institution. I agree with a lot of what has been said already in that the underlying foundational pieces needed for a successful governance program are similar but what drives a firm to undertake a governance effort can be drastically different. Specifically I think about how financial institutions are usually driven to governance for regulatory purposes (SEC regs) but when I look back on the retail space I was in, governance was set up in a way to manage tech debt and ensure minimal to zero duplication of data elements and assets.
As leaders in this space, we usually have a say in how we approach governance but I have found out that each organization / industry is looking to accomplish something different. For example, in my conversations with other thought leaders in the retail space, governance teams were turned into data quality teams with oversight in processes. Not exactly all encompassing governance groups but more of a glorified data management / quality team.
Concepts and foundation can be the same, but the end game/goals can be very different, which leads to different prioritization and conversations on how to get there.
September 22, 2022 at 6:01 pm
I completely agree with XXXX that the industry has a big impact on DG Strategy. Although the pillars of DG do not change significantly from industry to industry but the priority and level of implementation certainly changes. For example, Financial Services industry emphasizes more on compliance and regulations, to mitigate risks whereas non-finance organizations may roll-out DG for a completely different purpose.
September 22, 2022 at 9:37 pm
I think the industry is undoubtedly a factor in data governance strategy. Data governance is fundamentally about who has decision rights and responsibility for managing data as an asset (with value). Every industry uses data differently; therefore, each sector will define value differently. Data governance is not one-size-fits-all, and practitioners must account for what I call “contingencies.” Many other contingencies specific to the organization (even more granular than industry) will impact DG strategy. Things like performance strategy, organizational structure, degree of process harmonization, market regulation, and culture. The underlying principles of data governance should not change (although organizations may prioritize them differently), and those principles should always be codified as corporate policy. All data governance programs should be concerned with data quality and will be dependent upon good metadata management. I also think that a data governance council in any organization is required regardless of the industry because collaboration is the key to successful data governance.