Why is Data Governance failing Digital Transformation?
Executives in every industry know that data is important. Without it, there can be no digital transformation to propel the organization past competitors. There are no analytics driving new sources of revenue. Even running the basic business well isn’t possible.
But for data to fuel these initiatives, it must be readily available, of high quality, and relevant. Good data governance ensures data has these attributes, which enable it to create value. But, for data to effectively fuel this movement, it must be readily accessible in a form of high quality, integrity and relevance.
The problem is that most governance programs today are ineffective.
When asked “Why does Vendor Master Data integrity and governance fail to get priority focus and action?“, 49% of respondents to the current Consider Solutions poll said, “lack of ownership” ahead of “lack of end-to-end process alignment”, “lack of resources” and “weak business case”.
McKinsey have suggested six ways to get data-governance performing and you can read how here
Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.