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Last updated on 2024年7月22日

You're strapped for cash to invest in data governance. How can you still make a compelling business case?

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Data governance is the orchestration of people, processes, and technology to enable an organization to leverage data as an enterprise asset. It's about ensuring data quality, compliance, and efficient data management. But what if your budget is tight? You might think that building a strong data governance framework is out of reach. However, even with limited funds, you can still make a compelling business case for investing in data governance by highlighting its long-term cost savings, risk mitigation, and improved decision-making capabilities.

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1 Risk Reduction

Data governance isn't just a regulatory requirement; it's a crucial risk management strategy. Without proper governance, you're vulnerable to data breaches, legal penalties, and operational snafus. By presenting data governance as a form of insurance against these risks, you can emphasize its importance. Explain how a small investment now can prevent substantial financial losses due to non-compliance fines or data-related errors that could take a toll on your organization's reputation and bottom line.

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Muralidharan Shanmugasundaram

CoE -Data Governance , Data Analytics , Cloud DW, AI/ML
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Align/map the data governance initiatives with the business strategy/objectives/goals . Clearly list down the risks/compliance DG will address. Involve the stake holders/executive sponsors and demonstrate how it will help the organisation in data driven decision making, risk avoidance compliance adherence, customer experience etc. prioritise the activities, start small and slowly progress on DG implementation.Define the ROI metrics , measure and publish the results on a regular basis. Make sure the implementation in done in an efficient and cost effective manner. By show casing the tangible benefits, multiple use case can be justified for funding/sponsorship for DG.

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2 Cost Savings

Investing in data governance can lead to significant cost savings over time. Efficient data management reduces the need for redundant tasks and storage costs. By demonstrating how data governance streamlines operations and eliminates wasteful practices, you can show that the initial investment is offset by future savings. Highlight examples of redundant data storage and processing within your organization that could be optimized with better governance.

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3 Efficiency Gains

Data governance enhances operational efficiency by providing a clear framework for data management. This results in faster access to high-quality data and less time spent resolving data issues. Present case scenarios where quick and reliable data access could improve operational speed and decision-making. Illustrate how these efficiency gains can lead to better business outcomes, which in turn justify the investment in data governance.

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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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Key factors for Efficiency Gains are Speed and Accuracy which can be achieved by following: - Quick access to reliable data accelerates decision-making and reduces errors. - Resource Optimization - Efficient data management streamlines operations, saving time and money. - Improved decision-making capabilities enhance competitiveness and market responsiveness.

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4 Competitive Edge

In today's data-driven world, effective data governance can be a competitive differentiator. By ensuring data quality and accessibility, you enable better analytics and insights that can drive innovation. Convey to stakeholders how a robust data governance strategy can position your company ahead of competitors by empowering you with actionable insights and more informed strategic decisions.

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5 Compliance Assurance

Regulatory compliance is a compelling argument for data governance. With regulations like GDPR (General Data Protection Regulation) imposing strict rules on data handling, non-compliance can be costly. Use this angle to stress the importance of investing in data governance. Explain how it ensures adherence to legal standards, thus avoiding hefty fines and sanctions that could dwarf the cost of implementing a governance program.

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6 Strategic Value

Finally, data governance should be framed as a strategic asset that supports the overall business strategy. It's not just about managing data; it's about harnessing it to drive business goals. Discuss how data governance aligns with key business objectives and can be a catalyst for growth. By linking data governance to strategic outcomes, you can make a strong case for its value, even when funds are limited.

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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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Catalyzing Growth in Data-Driven Strategies ensures that strategic initiatives are based on accurate data, leading to better-targeted and more effective growth strategies and Leveraging high-quality data gives businesses an edge over competitors by enabling proactive market responses. A robust governance framework supports scalability by maintaining data integrity as the business expands. Justifying Investment by linking data governance to strategic outcomes, organizations can see it not as a cost but as an investment in their future. Even with limited funds, prioritizing governance provides long-term value, driving growth and sustainability.

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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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Chandra Udhaya ????

Sr.IT Program Manager | M.Tech - IT | P3O | PMP | ACP | Six Sigma | CMMI | Governance | PMO | BI
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Here's how a small investment in data governance can prevent substantial financial losses: 1. Preventing Data Breaches 2. Avoiding Legal Penalties 3. Enhancing Operational Efficiency 4. Protecting Reputation by building trust 5. Financial Justification

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You're strapped for cash to invest in data governance. How can you still make a compelling business case?

1

2

3

4

5

6

7

1 Risk Reduction

2 Cost Savings

3 Efficiency Gains

4 Competitive Edge

5 Compliance Assurance

6 Strategic Value

7 Here’s what else to consider

Data Governance

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You're strapped for cash to invest in data governance. How can you still make a compelling business case?

1

2

3

4

5

6

7

1 Risk Reduction

2 Cost Savings

3 Efficiency Gains

4 Competitive Edge

5 Compliance Assurance

6 Strategic Value

7 Here’s what else to consider

Data Governance

给文章评分

感谢您的反馈

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