Precisely and the LeBow College of Business (LeBow) at Drexel University have released the results of their data management survey. The report provides information on the potential rewards available to organizations that are starting to build data governance programs.
The report found that 66% of data and analytics professionals saw improved data quality as a ‘top benefit’ when implementing data governance programs, a trend that reached 83% for organizations that already have a mature data governance framework in place.
With 75% of respondents also agreeing that data quality is “their organization’s number one concern,” the report delivers a compelling message to companies looking to better understand and trust their data.
“There is no doubt that the quality of data is vital for enabling business leaders to make reliable business decisions,” said Murugan Anandarajan, PhD, Professor of Decision Science and MIS and Senior Associate Dean at LeBow.
“For reports and analyzes to be reliable, the underlying data must be accurate, consistent and complete. One of the main findings of the report was that data governance is a crucial factor in how organizations achieve data quality that builds trust.
Bring added value to organizations
The results show that organizations that already invest in data governance derive significant added value from their data programs. Along with improved data quality, respondents reported ‘higher quality of data analysis and insight’ (56%), as well as other benefits of ‘easy collaboration’ ( 52%) and “faster access to relevant data” (50%).
In addition, the existence of a data governance program appears to encourage the adoption of more rigorous processes for measuring data quality. 54% of organizations that have already deployed data governance frameworks report having mechanisms in place to measure the quality of their data, compared to only 34% of organizations that have not yet implemented a data governance program.
With one in three respondents admitting that they “don’t currently measure the quality of their data”, implementing a data governance strategy could be a real opportunity for those looking to better understand their data – while also improving the measurement of key business indicators.
Data governance programs have top management support, but not cultural awareness
However, the report also shows that despite strong support from data governance programs, there is a very real challenge to overall awareness and adoption of the organization – 63% of those surveyed citing this as their main barrier to achieving success. success.
Results reveal a corporate appetite to better support adoption with improved training programs, with 51% of respondents saying some form of training is already in place, 26% confirming that a formal program is underway planning and 23% admitting that no training program has been developed at all.
“Data quality and governance, key elements of data integrity, work together to enable businesses to understand and trust their data for confident decision making,” said Emilie Washington, SVP of product management at Precisely.
“This report with LeBow reveals how data governance strengthens data quality. It also provides a fascinating insight into the choices organizations make today and assesses which are the most effective in leading the way towards data governance maturity and, ultimately, achieving data integrity.