We have all heard about how Data is the new oil. Data is useless piece of information we all have unless we have proper governance around how data is being captured and used. Hence, the 3 pillars of Data Governance below to ensure optimal use of data captured.
Trust
To keep data capturing valid, the process must satisfy the data issuer (customers, partners, etc), who trusts the data is to be used in a meaningful way and not shared with anyone else unless permission is granted. Security of the data stored plays a major part, and must always be stored and transmitted securely at all times.
Control
Data issuer has to have control over sharing rights. They should be able to share/unshare certain piece of data at any point in time and be satisfied that the control is in their hands. Since control is in the hands of the data issuer, the next point is crucial in ensuring control is always in our hands. This will allow for a reciprocal existence of all parties involved in the Data governance.
Value Add
As the old adage goes;
There is no such thing as a free lunch.
This is so true in getting valuable data. The issuer will have to be reciprocated with something of perceived equal or higher value. Think of having additional text credits on a mobile plan. Whilst it is of low operational cost to the operator, the value it adds to everyday text users may be higher since packaged bundles tend to be more in sales value.
With these 3 values, the data issuer will feel more comfortable sharing data that will mutually benefit both parties to turn Data into Information, which in turn can translate into knowledge. We will discuss DIKW (a very common concept in technological terms) in the coming post (Data – Information – Knowledge – Wisdom).
Get in touch to discuss these values.