In a highly regulated business environment, it is a challenging task for IT organizations to manage data-related risks and compliance issues. Despite investing in the data value chain, C-suites often do not recognize the value of a robust data governance framework, eventually leading to a lack of data governance in organizations.
Therefore, a well-defined data governance framework is needed to help in risk management and ensure that the organization can fulfill the demands of compliance with regulations, along with the state and legal requirements on data management.
Data Integration
Data integration involves combining data from different sources to provide a unified view. It ensures that the data is utilized by various departments, business units, or external stakeholders so that they can analyze the data and make accurate decisions. Further, the CDO must manage and ensure full ownership of the data until it is integrated into AI and ML software.
Data Privacy and Security
In this digital age, the most essential principle that CDOs must implement in their data governance framework is data privacy and security, as it involves the policies and procedures to protect the organization’s sensitive data, and IT executives and employees need to comply with data protection regulations and laws.
Empowering C-suites by Collaborating
One way to reduce the pressures faced by C-suites and create a data-driven organization is for the CDOs to collaborate with other C-suites.
For instance, traditionally, data systems were supervised by Chief Technology Officers (CTOs); however, as the role of data evolves and IT organizations adopt data-driven technologies, the role of the CDO is equally important to maximizing the value of data and helping companies use data as an asset across business functions.
This shift in roles and responsibilities is quite visible with the evolution of web analytics, as earlier, web analytics was considered a technical domain and was supervised by CTOs. However, the scenarios have changed in recent years as businesses have understood the importance of web analytics as it helps Chief Marketing Officers (CMOs) create robust marketing strategies. Similarly, the CDOs develop a technological framework that supports data analytics, data value extraction, and data governance to create a robust data governance framework and data strategies that help in building a robust data ecosystem in the organization.
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