A new market research study on data governance by data services integrator, Nephos Technologies, has found that a quarter of UK businesses’ data governance programs are failing to add value. Nearly 20 percent are only just getting started with their data governance program, and nearly half (46%) state they don’t have the skills or expertise to properly utilise the tools they have bought.
The survey was conducted in January 2022 and gathered insights from 300 CIOs, 300 CISOs and 300 DPOs (or equivalent). It revealed that organisations understand the positive business impact that results from good data governance initiatives, but many admit to facing significant challenges when it comes to the successful implementation of their data governance programs.
The 900 survey respondents are at varying stages of their data governance program rollout. 40 percent had bought some tools but were unsure how to drive business value and outputs from those tools; 30 percent have invested in tools but admit to having unoptimised gaps in their approach to data governance and 18 percent know they need to act on data governance but simply don’t know how. 12 percent admit they have a strategy, but struggle with in-house expertise.
The survey drilled down into the obstacles organisations face. Key challenges include a lack of expertise (38 percent); difficulty justifying the business case (38 percent); effective tools (37 percent); executive support (33 percent); and cost (32 percent).
However, regardless of their status when it came to their data governance program roll out, respondents were clear about the positive business impacts they were hoping to achieve including improved data quality (39 percent); compliance with regulatory requirements (37 percent); drive efficiencies and costs (36 percent); and a higher quality of data analytics and insights (35 percent). Other positive impacts sought included minimise financial risk (35 percent); better data privacy / security (35 percent) and fast access to relevant data (32 percent).
Michael Queenan, founder and CEO of Nephos Technologies said, “There is no doubt that organisations are struggling to derive maximum value from their data governance programs. When data governance initiatives struggle to meet their objectives, the missing link is often access to relevant experience alongside proven, integrated tools that can support complex strategies, not inhibit them. Done well, data governance allows organisations to focus on the transformational potential of data whilst supporting business growth and compliance.”
