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[Data Governance #4] Data Strategy within Data Governance

David Chung, Ph.D.
Associate Partner
Synpulse Management Consulting Ltd.
The importance of data governance for financial institutions has long been self-evident. However, the prioritization of resources allocated to data governance has often remained relatively low. In recent years, with the rise of data science, AI, and even Generative AI (Gen AI), the importance of data governance has been increasingly—albeit passively—highlighted due to technological advancements. This article series will focus on data governance, introducing and exploring it from various perspectives.

This article introduces: Data Strategy within Data Governance.
Data strategy is not merely a developmental blueprint for handling data; it is an organization’s vision towards data, aligning data management practices with your business objectives. Without a data strategy, data governance risks becoming rigid compliance activities disconnected from organizational goals, leading to an absence of tangible results.
Why is defining a data strategy so crucial to data governance?
  • Clear Objectives: One common issue in data governance is the lack of clarity on what exactly is being pursued. Through clearly defining a data strategy, the organization can achieve a unified strategic objective.
  • Informed Decision-making: Once objectives are clear, action plans can be developed accordingly. During the execution of these plans, it becomes explicitly clear how the data will inform specific decisions.
  • Effective Resource Utilization: With limited resources in terms of manpower, time, and budget, having a clear data strategy enables the correct identification of areas for resource investment, reducing conflicts, redundancies, and wastage.
In conclusion, a frequent critique of data governance is the substantial investment of resources without visible outcomes, often due to the lack of a clear data strategy. Having a defined data strategy enhances the effectiveness of your data governance initiatives and significantly increases the value data brings to your organization.



This article has been authorized by Dr. David Chung. Reproduction without permission is prohibited.
Original source:
https://www.linkedin.com/posts/davidchungtw_%E6%95%B8%E6%93%9A%E6%B2%BB%E7%90%86-4-%E8%B3%87%E6%96%99%E7%AD%96%E7%95%A5-data-governance-4-activity-7272127063069745154-ngEF?utm_source=share&utm_medium=member_desktop&rcm=ACoAACHogbkBPE4SYpsz6UQCUffXH-qlNMoauVI

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