erwin’s 2018 State of Data Governance Report shows organizations recognize the importance of data governance but lack understanding, executive support and budget
Melville, N.Y., Feb. 12, 2018 – With less than four months until the May 25 effective date for the European Union’s General Data Protection Regulation (GDPR), a bare 6% of enterprises say they are prepared for the upcoming regulation, reveals a new research report issued today from erwin, Inc. The company’s 2018 State of Data Governance Report does indicate broader awareness and enterprise focus for data governance, yet challenges remain in terms of understanding, executive support and financing.
Commissioned by erwin through UBM, the reports shows that 98% of respondents view data governance as either important or very important from a business perspective; however, a disquieting 46% don’t have a formal governance strategy in place. More than one in five (21%) are just getting started, meaning they are in the data discovery and inventory phase, and 63% either don’t have a budget for data governance or don’t know if they have one. At 40% of the organizations surveyed, the IT department continues to foot the bill for data governance expenses.
UBM surveyed North American business technology professionals representing more than 16 sectors, including financial services, government, healthcare, IT and telecommunications, about their attitudes toward data governance. Among the 118 respondents were CIOs, CTOs, data center managers, IT staff and consultants.
“The results of the State of Data Governance Report are validating but also a bit shocking,” explains Mariann McDonagh, CMO for erwin. “The fact that 94% of organizations are not prepared for what is arguably one of the most important data privacy and security regulations in recent years – with fines up to four percent of their global revenues – is stunning. However, on the flip side, organizations are now finally recognizing that governing data assets goes well beyond risk management and compliance. To fully realize the value of its data, an organization needs the ability to discover, understand, govern and socialize data assets beyond IT’s shadow. To mitigate risks and realize the desired business results, data stakeholders across the enterprise must be empowered to act as data citizens, and that includes IT and the business funding an ongoing process.”
Other key findings:
“The survey presents a cautionary tale about what enterprises need to do in 2018 to move their data governance agendas forward,” adds McDonagh. “It shows that while the business is beginning to realize the potential of data governance, it is not entirely clear on how to justify the budget or how to move the ball forward. We suggest starting with clear goals about what you want your program to achieve, building a budget to justify it like any other business initiative, educating and involving all data stakeholders, and absolutely getting ready to meet the requirements for GDPR.”