6 Easy Steps to Win at Data Governance
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About this course6 Easy Steps to Win at Data Governance e-Book
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Who this course is designed to help
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The basics of data in your organisationWhat is data and why care for it?7 Topics
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Why data mattersWhat "data-driven" means and how to use it to excite stakeholders6 Topics|1 Quiz
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Why your organisation struggles to become data-driven
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What does bad data look like, and how do you find it?How to identify bad data and identify its risks and costs3 Topics|2 Quizzes
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How to fix bad data with good governanceDefining what good data means
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The importance of business process data touch points
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What is governance anyway?
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Where governance and data collide
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Kicking off your data governance initiativeData Governance explained - 6 easy steps to win at data governance6 Topics|1 Quiz
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What are the basic features of a Data Governance Framework?8 Topics|1 Quiz
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Common Data Governance Misconceptions
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Why are you kicking data governance off in your firm?
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Data Governance vs Data Management
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Choosing a Data Governance Framework - Cognopia vs DAMA vs DCAM
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Establishing Data Governance is a lot like trying to win the World Cup
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Data Governance vs Data Quality
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What common errors should you avoid when setting up a Data Governance Framework?
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Data Governance is NOT a project
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Common Data Governance Misconceptions
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Five critical data governance deliverables
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How to Implement Data Governance in your firmLet's start Governing Data - the Cognopia Methodology14 Topics
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Establish the Scope of Data Governance
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Evaluate your environment
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Choosing your Operating Model
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Translate Data Governance Principles into Practice
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Building the Data Governance Team - an overview
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The Data Owner
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The Business Data Steward
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The Technical Data Steward
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The Data Custodian
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Organising the Data Governance Roles
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Define your Data Governance Forums
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Communicating the change
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Understand end user's data struggles to create better communications
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Sustain and Improve
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Establish the Scope of Data Governance
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Data Governance case studies - winning with data governance9 ways data leaders are winning with Data Governance1 Quiz
Why become data-driven?
So why become data-driven? And why is it important that we can communicate the value of data?
The missing link on data drivenness, communicating value
In our experience, lots of organisations say that they see data as a strategic enabler or a driver of competitive differentiation, but their executives don’t invest in data improvement activities. And one of the main reasons is a lot of people involved in data struggle to put dollar values on the work that they’re doing and sell the value of being data-driven.
If there’s one thing that pretty much every executive cares about, it’s their customers and the revenue from those customers. If we look at the research that McKinsey’s put out, data-driven organizations are
- 23 times more likely to be able to acquire new customers
- 6 times more likely to be able to retain those customers
- 19 times more profitability as a result because obviously, you’re not spending loads more money trying to get customers that you then lose.
Let’s take a look at how data drives customer satisfaction as that’s one key way to prove the value of your work to the executive committee. We’ll go through some of the value that customers place on good data in the subsequent lessons. For now, let’s take a quick look at a couple of industry examples. We’ve pulled out how data has been used in the telco industry and in the health care industry to drive up corporate performance and to deliver better outcomes for the businesses and their customers.
Healthcare case studies
So in health care, data errors can be critical. They can be life or death. Well in this instance here, we’ve got some winners instead.
- $210 million of fraud prevented in just a single year
- A reduction in office visits and lab tests resulting in $1 billion in savings for healthcare organisations.
- An Israeli startup has created a way that could potentially save the health care industry up to $21 billion a year by avoiding medication errors
All of these are really critical and powerful messages to push forward to suggest how you can use data to improve the outcome in your organisation. Other opportunities in healthcare look at
- Correctly diagnose brain tumours 87% of the time when senior physicians are only hitting 66%
- Reduced falsely idenfitifed cancers by 5.7% and proportion of cases that went unnoticed by 9.4%
- And it’s been estimated that the health care economy can save $150 billion annually if they leverage the top 10 health care projects in development today.
From actually using data to diagnose diseases to making a difference in people’s lives in healthcare with better use of data. All these are real game-changers for any healthcare organisation!
Telco case studies
Now, let’s have a look at the situation in telcos. Well, the telecom industry is expected to spend nearly 40 billion dollars on aid by 2025. So there’s a huge amount of investment there. And if you don’t have great data that investments largely going to be wasted, as we know, about 85% of big data projects fail.
So what can telcos do about it? Well, they can actually use machine learning and applied analytics to drive costs down by up to 40% – which is vast when you think about the size of these organisations.
One of the things that (83% of) telco CEOs say is that customer insights are their most critical investment area. And data about your customers clearly is going to drive more engagement, according to what we just heard from McKinsey. So there’s a handful of examples from the real world that you can go and try and apply in your own organisation. Clearly, if you’re outside the telco or health care industries, they may not be as relevant, but the concept still holds true. Where can data drive business performance and where can data help you support your customers or your internal people in the best way possible?
Stop struggling, start succeeding
learn the 6 easy steps to Data Governance Success
Quickly learn how to succeed with 3-5 minute long video lessons packed with practical advice you can use in your job today
Checkout now!1 Mckinsey & Company - Five facts: How customer analytics boosts corporate performance, https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/five-facts-how-customer-analytics-boosts-corporate-performance
2 Google AI platform aids oncologists in breast cancer screenings
3 Accenture: “AI is the Future of Growth”
1 Tractica: Artificial Intelligence for Telecommunications Applications
3 Accenture: “AI is the Future of Growth”