Data is the new dollar bill of an organization’s reputational currency.

An organization’s reputation is of paramount importance when looking at its value and viability.  The organization’s ability to generate sales, apply for credit and win new customers hinges upon the light in which it is viewed by its stakeholders, both internal and external.  In the same light, the way in which an organization’s employees view themselves, and the organization itself, is very important.  Company morale and efficiency are directly related to how well it will operate. Building a positive reputation takes a relatively long time, being dependent upon an organization’s performance, ability to do as they say, ability to provide a valuable product, and their ability to gain the confidence of their stakeholders. Unfortunately, the converse is true when you consider the loss of an organization’s positive reputation, which can be dramatically swift, often the result of a single mistake or breach.

Data is both sensitive and valuable…

When we consider the various types and levels of sensitivity of data that an organization holds, the above statement is even more meaningful.  The data that organizations collect and hold has become a focal point in current legislation as well as in the eyes of the organization’s stakeholders.  The security of the data, and the use to which it is being put, has become a very sensitive topic.  Not only do organizations need to safeguard that data, but they need to be able to use it to enhance the organization’s efficiency and profitability, otherwise, it is just another liability that needs to be managed. The management of an organization’s data has caused the resurgence of some positions that had become somewhat obsolete with the advent of the digital era.  Library Science as a career and a function has moved much more into the mainstream due to the importance that is being assigned to data management.  Large organizations are dedicating full time positions and resources to data management, and medium to small size organizations are under pressure to maintain the same sort of due diligence with respect to the safekeeping and utilization of data. Data governance is becoming a mandatory approach for organizations that seek to enhance their performance through efficient data utilization.  The standardized approach to the collection, management and safekeeping of data has become critical as more data is generated from more and varied sources.  Decisions about what data is useful, and then, how it can be accessed is critical in turning vast amounts of data into usable and relevant information.  Organizations need to be consistent in their approach to collection, storage and access to this data, while satisfying the legislative requirements associated with it.

Balance is the key…

Achieving the right balance of rigor and agility is not as difficult as most organizations think. The first step is to assign responsibility and make it a priority. Like many things in life, data management results take effort; so the key is understanding where to apply the effort to get the biggest value. Engage the right people to ensure you get the best results. Set them up for success by providing training and support to ease them into data governance and build maturity.