If you still view data governance as a compliance-driven function, now is the time to dispel that notion permanently. With increased consumer awareness of data privacy, stricter industry regulations, and the widespread adoption of data-dependent technologies like AI, data governance can unlock significant business value.

The key, however, to gaining said value from data governance is by doing it right. But what exactly does that look like? Luckily, we have you covered here at the APEX of Innovation with the following four insights for modernizing your approach to data governance.

1. Governance holes create data fragmentation headaches

Data growth is happening both locally and on the cloud, but this growth is not even. This causes silos and gravity wells that ultimately lead to data fragmentation, a problem that is exacerbated by merger and acquisition (M&A) activity. Legacy data is another challenge, as it often requires significant work in order to be ready for governance. To address these concerns, companies should invest in modern governance solutions designed for today’s fragmented IT landscape and evaluate how automation can be used to accelerate legacy data governance.

2. Data sharing and data lineage is becoming a critical factor

It’s increasingly important to understand where the data is coming from, rapidly assess its quality, and determine its impacts on other operations. This is one of the drivers behind data lineage, but it can be difficult to capture, particularly for large organizations and conglomerates. One way around this is to create domain-specific centers of excellence that can use their functional knowledge to rationalize data silos and increase data transparency.

3. Fostering data culture is a vital prerequisite

As we’ve written about before here at the APEX of Innovation, successful data initiatives and company culture are intrinsically linked, and a modern approach to data governance is impossible without the right culture. It’s important that IT leadership engage in frequent, clear, concise communication and highlight the business value of good data to all departments and employees. In addition, it’s also critical to increase data literacy as data use and exploration becomes increasingly democratized.

4. The time to act is now

Don’t waste time looking for the magic formula. With data-dependent initiatives like AI and Internet of Things (IoT)-based analytics becoming increasingly mainstream combining with data security and compliance mandates, there is no time like the present to have the right data governance foundation in place.

For more on these and other considerations for modernizing your approach to data governance, check out this CDO Trends article here.