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Last updated on 2024年7月16日

You're aiming to enhance data governance practices. How do you persuade senior leadership of the ROI?

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Understanding the importance of data governance is crucial for any organization aiming to leverage its data assets effectively. As you look to enhance these practices, it's essential to demonstrate the return on investment (ROI) to senior leadership. Data governance encompasses the processes, policies, standards, and metrics that ensure the effective and efficient use of information in enabling an organization to achieve its goals. It's about ensuring data quality, compliance, and security, which in turn can lead to better business decisions and competitive advantages. However, convincing those holding the purse strings requires a clear articulation of the benefits in their language: value, cost savings, and risk mitigation.

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1 ROI Defined

ROI, or Return on Investment, is a performance measure used to evaluate the efficiency of an investment. For data governance initiatives , this means demonstrating how improved practices can lead to tangible benefits such as increased revenue, cost reductions, and enhanced productivity. You must show how better data quality, compliance with regulations , and improved data accessibility can directly impact the bottom line. For instance, by reducing errors and improving data accuracy, an organization can decrease operational costs and avoid penalties from non-compliance.

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Chandra Udhaya ????

Sr.IT Program Manager | M.Tech - IT | P3O | PMP | ACP | Six Sigma | CMMI | Governance | PMO | BI
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Demonstrating the ROI of data governance initiatives leads to improvements in data practices to financial benefits with following tangible benefits: 1. Improved Data Quality 2. Compliance with Regulations 3. Enhanced Data Accessibility 4. Cost Reductions 5. Enhanced efficiency

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2 Risk Reduction

Effective data governance mitigates risks associated with data breaches , legal penalties, and operational inefficiencies. By presenting a strong case for how governance practices protect against these risks, you can highlight the potential cost savings. Explain that robust data governance frameworks reduce the likelihood of data-related crises, which can be extremely costly in terms of financial loss and damage to reputation. Investing in data governance is essentially investing in risk management.

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Chandra Udhaya ????

Sr.IT Program Manager | M.Tech - IT | P3O | PMP | ACP | Six Sigma | CMMI | Governance | PMO | BI
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Investing in data governance is a strategic decision that serves as a robust risk management strategy. Here’s how effective data governance mitigates risks and translates into potential cost savings: 1. Mitigation of data breach 2. Avoid legal penalties 3. Improve operational efficiency 4. Prevent data related crisis 5. Effective risk management

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3 Compliance Benefits

Regulatory compliance is not just a legal necessity; it can also provide a competitive edge. By demonstrating to leadership that enhanced data governance practices ensure adherence to regulations such as GDPR (General Data Protection Regulation) or HIPAA (Health Insurance Portability and Accountability Act), you emphasize the avoidance of hefty fines and legal troubles. Moreover, being compliant can improve customer trust and open up new market opportunities that are sensitive to data governance standards.

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4 Efficiency Gains

Data governance streamlines operations by reducing redundancy and enhancing data sharing across departments. Illustrate how a unified data governance strategy can lead to significant efficiency gains by providing a single source of truth for organizational data. This reduces the time and resources spent reconciling data from disparate sources, leading to faster decision-making and improved overall performance.

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Atul Mangla, MBA, CSM?

Talk about #innovation #productivity #cloudcomputing #ai #machinelearning #datamanagement #dataquality #masterdatamanagement
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Executives are always seeking new revenue streams. There is potential for significant value to be gained with a data governance program, and that value lies in scales of economy through operational efficiency. Have you been in a meeting where multiple attendees had a different answer to the same question? I have too many times seen figures debated to exhaustion, and no agreement of outcome at end of said debate. Just a significant amount of time invested with no value in return. I now view such meetings and compute the cost of such a meeting. Consider instances where people spend time in Excel creating a report to share those figures or to correct errors. Now, multiply those hours by number of occurrences: this is your opportunity for ROI!

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5 Strategic Advantage

Data is a strategic asset, and effective governance can unlock its full potential. Persuade senior leadership that by ensuring high-quality, accessible data , the organization can gain insights that drive innovation and competitive differentiation. Highlight case examples where companies have capitalized on well-governed data to identify new market trends, tailor customer experiences, and create new revenue streams.

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Benjamin Wright-Jones

Principal Architect | Program Manager | Data & AI Solution Area Community Lead | CDO Summer School 2022 | Responsible AI Champion | Open for NED opportunities
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Data is a critical and strategic asset which can unlock competitive advantage through capabilities such as generative AI however many organisations fail to ensure the fundamental processes are in place to enable success. Mature data governance can enable trusthworthy and compliant data access practices which not only enable a data driven culture and serve as a basis for leveraging ML/AI capabilities but also mitigate regulatory concerns and potential data leaks (which we see so often in the public domain followed by large financial penalities and reputational damage).

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6 Investment Insight

Finally, frame data governance as a strategic investment rather than a cost . Emphasize the long-term value it brings in creating a resilient foundation for data-driven decision-making. Encourage leaders to see beyond the initial implementation costs by focusing on the future benefits of enhanced decision-making capabilities , improved operational efficiencies , and the ability to exploit data for business growth .

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Chandra Udhaya ????

Sr.IT Program Manager | M.Tech - IT | P3O | PMP | ACP | Six Sigma | CMMI | Governance | PMO | BI
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Framing data governance as a strategic investment highlights its long-term value and transformative potential for an organization. Here’s how to effectively communicate this perspective to leadership: 1. Articulate the Strategic Benefits 2. Demonstrate Financial Impact 3. Emphasize Competitive Necessity 4. Showcase Long-Term Gains

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You're aiming to enhance data governance practices. How do you persuade senior leadership of the ROI?

1

2

3

4

5

6

7

1 ROI Defined

2 Risk Reduction

3 Compliance Benefits

4 Efficiency Gains

5 Strategic Advantage

6 Investment Insight

7 Here’s what else to consider

Data Governance

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You're aiming to enhance data governance practices. How do you persuade senior leadership of the ROI?

1

2

3

4

5

6

7

1 ROI Defined

2 Risk Reduction

3 Compliance Benefits

4 Efficiency Gains

5 Strategic Advantage

6 Investment Insight

7 Here’s what else to consider

Data Governance

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感谢您的反馈

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