Tough legislation on the horizon is forcing business to view business intelligence and data governance as a critical part of any organisation.
James Matcher, Ernst & Young associate director for information management and analytical services, warns that poor data quality and architecture is costing businesses.
Speaking at this week's ITWeb Business Intelligence Summit, in Bryanston, Matcher explained that regulations such as King III are driving data governance to be primarily owned by the executive board and not just an IT function.
“Data governance needs to be owned and driven by business and supported by IT. The data governance framework needs to be carefully developed and tailored by the organisation as everything an organisation does needs to be measurable,” noted Matcher.
He said some overseas companies have even implemented entire departments dedicated to data governance. Matcher advised enterprises to identify data governance stewardship to drive an organisation's data governance framework.
Despite SA being shielded from the worst effects of the global economic recession, to a certain degree, Matcher pointed out that the post-recession is driving a lot of thought leadership to get governance right in terms of new regulatory requirements.
Matcher added that companies can no longer plead ignorance about where their data resides. “King III focuses largely on information governance. It will have a pronounced impact on how organisations drive data governance forward, and if an organisation does not comply with certain sections, it will need to justify its actions.”
The King III code takes effect on 1 March.
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