Q&A with our Solutions Specialist on leveraging data governance for a competitive edge

Our latest research, “Data Governance: From Afterthought to Competitive Advantage” delves into the growing importance of data governance, the challenges businesses face implementing data governance, and the strategic benefits it offers. To provide deeper insights, we asked Will Peacock, Solutions Specialist from Experian Data Quality, to share his thoughts on our findings and to see how they compare with what he’s hearing in the market.

Question 1 – Which statistic or finding from the research do you find most surprising or significant, and why?

One of the most significant findings from our research is that 86% of organisations believe data governance will become more important in the next five years. This shows a growing recognition that data governance is not just a regulatory necessity but a strategic asset. As businesses continue to navigate digital transformation, putting a data governance framework in place becomes even more critical for maintaining data quality, ensuring compliance, and gaining a competitive advantage.

Question 2 – As you mentioned, organisations believe data governance will become more important over the next five years. Where should business start?

It’s great to see more companies investing in data governance. With over six years of experience in this field, the main advice I give to clients is to start by establishing a clear data governance framework. This includes identifying the data you have and where it’s held. Defining data owners and responsibilities, and setting up processes to support data acquisition, compliance, and reporting. Additionally, I recommend starting with a comprehensive assessment of your current data governance practices. Our Data Governance Guide provides valuable insights and practical steps for initiating this process.

Question 3 – Does it worry you that only 15% of organisations are fully meeting data governance expectations?

Absolutely and it highlights a significant area for improvement. Effective data governance is essential for providing clarity, understanding business data and meeting regulatory requirements. Particularly for businesses who operate within a regulated industry (and as regulations around data continue to grow), it’s essential companies are meeting their data governance expectations to avoid costly fines and potential impact on their reputation.

Question 4 – With 71% of businesses citing improving data quality and scalability as major barriers, what strategies or tools would you recommend businesses use to address these challenges effectively?

The most common data challenges I hear from clients include issues with data quality, data silos, and scalability. To tackle these challenges, businesses should implement an effective data governance framework that incorporates comprehensive data quality management and data solutions. Training employees on data management best practices is also crucial. Tools like Experian Aperture Data Studio can help manage and improve data quality while ensuring scalability. These tools and practices ensure that data is accurate, accessible, and can grow with the organisation’s needs.

Data governance has been a game-changer for our organization. Partnering with Experian to increase our data governance efforts has improved the ownership of our data while creating a more data-focused culture at Wessex Water. It has also enabled improved business outcomes and allowed us to implement more efficient processes.

Jon Weeks, Wessex Water

Question 5 – How do you think this research will help the clients you work with?

This research provides valuable insights that can help our clients understand the critical role of data governance in their digital transformation journeys. By highlighting common challenges and showcasing the benefits of effective data governance, businesses can see the tangible impact on their operations. It also emphasises the need for strategic investment in data governance to unlock the full potential of their data, improve business outcomes, and maintain a competitive edge. This knowledge empowers clients to make informed decisions about their data governance strategies and investments, ultimately leading to better data management and organisational success.