Emerging Challenges and Trends in Data GovernanceThe process of Data Governance is constantly evolving and paving the way for data-driven enterprises Globally. As the amount of data created with digitization is unbelievable, the process of Data Governance ensures the right people are involved in the integration of data, determining standards across projects while practicing in all digital transformation activities. Digital data is slated to grow at a growth rate of 42% through 2020 and Data is expansive both at micro(enterprises) and macro (global economies) level. Data Governance programs are critical to the enterprises in their transformation efforts and manage the daily tons of huge data. Data Governance has made possible the enterprise from data-generating to data-powered enterprises. The future of Data governance is more scalable and smarter like ever before. Data is generated from different sources such as the Internet of Things (IoT), biometrics and equipment to physical data centers and managing such huge data, centralising it and complying it accordingly is a one of the biggest challenges for the Enterprises.
The Present and Future of Data GovernanceThe present and emerging focus of Data Governance will be on Data Understanding, Expansion of Data Governance, Data Privacy and Ethics, Diversity in Data Teams and Data Governance in the Cloud. In the era of Digital Transformation, due to the overwhelming growth of the data, the need for Data Governance is very critical to your organizational growth and success. Enterprises often face many challenges when they initiative to implement Data Governance. Though the Challenges are not the same for all enterprises. However, some of these are some challenges that appear common in the industry. Both Enterprises and Data Governance service providers are required to govern, manage and generate value from the data. The underlying aspects of Data Governance include complex algorithms, cutting edge machine learning and powerful analysis and of course Artificial intelligence, predictive analytics and cloud integrations. All these together helps to automate data governance and manage for greater security and visibility.
Some of the most common Data Governance Challenges include
- Recognizing the business value in regard to Data Governance
- Understanding the need caused by the Data
- Senior Management Sponsorship, Support, understanding and the need
- Ownership and Budget
- Centralizing the Data
- Everybody thinks IT owns the data which is a myth
- Managing the Sensitive Data
- Lack of streamlined Documentation
- Resources to implement Data Governance.
- Data governance is not simple
- Security, compliance and business value are critical business context and they are mandatory.
- Governing data is not possible without profiling and quality.
- Misunderstanding Data Assets by the business users
- Complying with the Regulatory Mandates
- Lack of Control over Data
As per the Global Data Governance Market Report (2020-2027), the Impact of emerging technologies is everywhere, and it has an impact on Data Governance too The trends and challenges help to know in developing successful marketing strategies for the enterprises from time to time which will create many opportunities.