Customer, client, supplier, internal, private, third-party data…
The amount of data available to real estate companies is truly outstanding! With the push of digitization and the changes Covid demands of real estate, businesses want to put high-quality data into the hands of the people who use it to do their jobs.
That means organizations must build processes that define who owns what data, how it can be used, how to maintain it meaningful to their business, and how to make it consumable by everybody in the organization, not just the data experts.
Data governance is no longer a choice in this data-filled, fast-moving space.
Join us to learn about:
What is Data GovernanceHow to manage, improve and control the quality of the dataHow to empower a common understanding of data through your organization
Apidays New York 2024 - The Good, the Bad and the Governed by David O'Neill, ...
What is Data Governance and why it’s crucial for PropTech
1. Data Governance
Carmen Adame| Product Marketing, PropTech
Ruslan Sultanov | Product Marketing
Empowering PropTech through Data
2. Why Data
Governance?
• The real estate market is undergoing significant and
exciting change – driven by technology and data.
• The amount of data from multiple sources can be
overwhelming.
• Companies in a transformational journey of digital data
and technology depend on the accuracy, relevancy,
and completeness of their data.
• The risk of having data that provides no business value
is too high.
4. Data Governance
Data governance is everything you do to ensure data is secure,
private, accurate, available, and usable. It includes the actions people
must take, the processes they must follow, and the technology that
supports them throughout the data life cycle.
5. Benefits of Data Governance
5
Manage risk &
Enhance Compliance
Understand exposure of
sensitive data, security
breaches and avoid risks
associated with non-
compliance
Establish trust. Understand
customer trends, suppliers,
and partners.
Enhanced customer care
Access data needed to
improve products and
services and seize
opportunities for new
revenues
Better decision
making
5
7. Good Data - Good Owners
Data Governance is the convergence of People,
Processes, and Technology. It is about consensus
building, ownership, and overcoming barriers. It not
only aligns IT and business functions to leverage the
benefits of data, but also defines data ownership
and policies, decision rights, and escalation
procedures.
Presentation name
7
8. Focusing on what matters (Critical Data)
Data
Selection of data maintained at the system
level (tables and fields)
Information
Information required to run the business
and conduct daily operations
KPIs / Performance Measures / Analytics
Measuring process effectiveness & enabling
sound business decisions
Actionable Insights & Business Value
Strategic enterprise and organizational
business value drivers
CRITICAL DATA
9. Not all data is created equal
95% of
business
results
5% results
Data Governance
programs that
prioritize critical
data have 5x faster
time-to-value
~5% critical data
95% all other data
10. Mapping data governance business value
Goal Org Stakeholders Expected Outcomes DG Objective DG Capabilities
Improve
personalization of
customer
engagement and
Brand recognition
Marketing
Sales
Finance
• Increase NPS by 5%
• 17%+ repeat
customer purchases
• 11% reduced churn
• Establish a common
view of trusted
customer data
assets
• Data Catalog
• Data Lineage
• Approval
Workflow
• Data Quality rules
Increase sales
and revenue
through faster
speed-to-market
Marketing
R&D
Finance
• $15M+ top-line
revenue
• 25% increased
deployment speed
• Establish stage
gates, rules,
policies, and quality
measures from
Ideation through
Commercialization
• DQ rules
• Business process
monitoring
• Data quality
metrics
Increase user
productivity by
improving time-
to-insights
Business Analytics
IT
Data Office
• Improve decision-
accuracy by 22%
• Reduce time-to-
insight by 45%
• Launch data
literacy campaign
across business
data SMEs
• Data lineage
• Data Catalog
• Automated
workflow
Reduce supply
chain costs
associated with
errors in orders
Vendor Management
Finance
Supply Chain
• Reduce COGS
by 4%
• Improve OTIF
by 15%
• Establish common
semantics view
across order
fulfillment data
• Impact analysis
• DQ rules
• Business process
monitoring
11. Pain Killer Vs Vitamin
Goal DG Objective DG Capabilities
Improve
personalization of
customer
engagement and
services
• Establish trusted view
of customer data
assets
• Data Catalog
• Data Lineage
• Approval Workflow
• Data Quality rules
Increase sales
through faster
speed-to-market
• Establish stage gates,
rules, policies, and
quality measures for
Commercialization
process
• DQ rules
• Business process
monitoring
• Data quality metrics
Increase user
productivity by
improving time-to-
insights
• Launch data literacy
campaign across
business data SMEs
• Data lineage
• Data Catalog
• Automated workflow
Reduce supply
chain costs
associated with
errors in orders
• Establish common
semantics view
across order
fulfillment data
• Impact analysis
Centralized collection
of customer data
elements used for
marketing and
promotion
Data profile providing
additional context on
volume, counts,
location, and contents
Data lineage flow of
upstream/downstream
relationships
Impact analysis to
business processes,
metrics, and analytics
Approved governance
ownership indicating
data is certified for
access and use
Automated approval
workflow to grant
access to data at
source
Data integrity metrics
to indicate data that is
accurate, consistent,
and trusted
Quality monitoring to
trigger notifications
below acceptable
values
P A I N K I L L E R
“ M u s t H a v e s ”
V I T A M I N
“ B o n u s ”
13. Data governance is no longer a choice in
this data-filled, fast-moving space.
14. Takeaways
• Data Governance helps put
quality data in the hands of the
people who use it
• Enables you to make faster
decisions, improves customer
engagement and avoid risks
• Data Governance helps you
achieve business goals and
drive value faster
Without effective data governance, data inconsistencies in different systems across an organization might not get resolved. For example, customer names may be listed differently in sales, logistics and customer service systems. That could complicate data integration efforts and create data integrity issues that affect the accuracy of business intelligence (BI), enterprise reporting and analytics applications. In addition, data errors might not be identified and fixed, further affecting BI and analytics accuracy.
Poor data governance can also hamper regulatory compliance initiatives. That could cause problems for companies that need to comply with the increasing number of data privacy and protection laws, such as the European Union's GDPR and the California Consumer Privacy Act (CCPA). An enterprise data governance program typically includes the development of common data definitions and standard data formats that are applied in all business systems, boosting data consistency for both business and compliance uses.
To sum things up, successful Data Governance determines who owns the data, how and by whom data is created and updated, and who arbitrates decisions when disagreements or needs arise.
Now, how do we understand what is our critical data? Well, if you start from the base of this pyramid as just kind of a working visual or an idea that might represent 100% of all the data that we have in the organization and almost every organization, regardless of the industry, the 100% of the data that that organization has, the only use about 40% to run the business. So the 40% of the information that's used to run the business could be information that is about our key customers, or are important suppliers or vendors, or are most profitable products or services, or a charts of accounts?
It's about 10% of that 40% subset. So of 100% of all the data, 40% of it is the information that's used to run the business, only about 10% of that 40% is then used for insights and KPIs and critical processes in the organization. And at the very top of the pyramid, about 5% is a critical data.
In that 5% of the critical data, again is data that's used across our three silos. So take a look at actionable insights and business value across risk mitigation across analytics and insights and across running the business more effectively from an operations perspective.
People ask me all the time. This is a common concern. They say, You know, Ross, we have all of this data. How are we gonna govern it all? The data is moving so quickly, we have new stakeholders that have new needs every day. How do we get our hands around the data that in a way that is scalable and allows us to adapt over the long term?The fact that matter is that the majority of your data doesn't need to be governed. It might have utility, it might be useful, but it doesn't mean that it necessarily needs to be governed.
So if we prioritize effectively, we can provide 5X faster time to value than if we were to focus on you know the 20 or 50 or you know even greater percentage of data that we have in the organization. And this is I think a key point in the way that we think about having access to the data that's in organization versus what we should govern and what we should manage and what we should look after from a data quality standpoint because only about 5% of the critical data that we have ultimately ends up driving about 95% of the the business results in our organization.
So if you take a look to the left here, you might notice some goals that are fairly common. Might be familiar to your own organization, such as improving how personalized are products and services are for our customers, making them more contextual for our customers, or increasing sales and revenue by getting the market faster and beating our competition or increasing our user productivity for data consumers by helping them help self service to the data that exists in the organization. These might be goals as a part of the digitization or data transformation initiative.
Each of these goals have their own organizational stakeholders, teams, regional stakeholders, and then also expected outcomes that get measured in the form of dashboards and scorecards and KPIs and analytics. We need to make it really crystal clear how our data governance objectives tie back to these organizational initiatives and stakeholders, and the reason is because people don't have time to make the connection themselves. They're already focused on their day-to-day work. They're already spending nights and weekends trying to get their business goal achieved or their particular project completed and so we don't want to put the extra step to make people think we want to make data governance relevant to the things that they're already bought into as opposed to asking them to think outside of their goal or initiative and to start to adopt our terminology and explain to them what our rules and policies and things like that.
So governance immediately becomes important if it serves their initiatives and their needs versus the other way around. It also gives us insight into the capabilities and the tools that we need to provide to the organization. And oftentimes, one of the things that we see is organizations will go out and they'll just kind of buy the regular tooling that they think is the standard tooling that they need for data governance program without really thinking about where the key capabilities and the context of their business goals.
And this comes to the second point, which is thinking about the solutions and the capabilities from a product, but also from a process perspective.
And IN the terms of painkillers and vitamins, or the must haves versus the bonus or or the nice to have capabilities?
You know, if you're thinking about improving your overall health and well being, you're not gonna be really focused on going to the gym if you have some sort of ailment or pain. So if you have a headache or a stomach ache, or if your knee hurts or your shoulder hurts, you're not going to be really focused on going to the gym that day. You're going to be focused on getting some rest and recovering until you feel better. And oftentimes, partitioning and in prioritizing these capabilities helps. When we think about what are the capabilities that are must haves to get the core business goal or initiative off the ground.
So as an example for thinking about the personalization of customer goods and services with customer data, we might want to establish a foundation initially of centralizing a collection of really critical customer data elements that we usually use for marketing and promotion activities. Then we would establish a data lineage flow from source to target so that we can see how that information moves upstream and downstream.
Then, once we understand what is the critical data and the affected systems within that upstream and downstream process, we would define a governance process that would establish ownership for indicating what data is certified for access and for use. And then we can overlay data quality checks on top that can indicate if the data is accurate, consistent and trusted. If we do those things from a foundational perspective, it's already a big win for the organization, but then we can come over top and overlay vitamins or or bonus capabilities so to speak in the form of providing additional data profiles, contextual insights or impact analysis that show how the customer data also impacts our business processes. Or we can automate our approval workflows or we could establish data monitoring or machine learning that will help us gain insights into why the data quality in some areas is more trustworthy than other areas that we can establish and understand those patterns.
Some final stats to bring it home. In our experience, because we identified the goals that are most important to us, identified the critical data that impacts those goals – we want to communicate this with Value Metrics around our BUSINESS FIRST APPROACH methodology that our stakeholders care about:
Our customers accelerate data governance program roll out by 18-40%
Our customers generate as much as 7X greater ROI with better governed data
And over 75% of our customers expanded or reinvested in their data governance programs when they realized the benefits of a business first approach
The objective is to deliver value to the business via data. And for that data to mean something,
it needs to be consumable by everybody in the organization, not just the data experts.
Today, more and more businesses want to put high-quality data into the hands of the people
who need it to do their jobs. That means organizations must build processes that define who
owns what data and how it can be used.
The take away of all this is that we really need to link data governance program initiatives to the higher level business goals, to the stakeholders, the business outcomes and then back into the capabilities that we need to deliver from a data governance perspective. This really helps us create the initial business case. It makes it clear for our stakeholders why the governance program is going to be essential, but also more importantly, how it will help to accelerate them to their expected result or the outcome that they're looking for.
We can also prioritize painkillers and vitamins, so to speak, or the nice to haves and the must haves to protect and grow the business and ultimately launch the the program forward. So as a first step, we want to link the data governance program to the overarching business goals and initiatives of the organization.
Companies no longer simply talk about being “data-driven;” they are actively implementing practices and processes. For BI projects to be effective, business users need to be able to find relevant data. Data governance is key to making data to actionable across the organization. Data governance is all about understanding, trusting and accessing quality data.
And being a data governance expert requires passion for people, processes and technology.
Data governance is more than simple tools. It is about getting data into the hands of the people on the front lines, and putting the data to work.
So that concludes our session for today. I appreciate everyone listening and hope that you learned something new. Ross and I are happy to answer any questions or respond to any comments in the chat. So we'll go ahead and open it up for questions and comments at this point.
Seed Questions
Who in an organization usually initiates a data governance initiative?What is the most common reason Telcos initiate a data governance program
How large is the typical data governance team within an organization?
We have a data catalog – what’s the difference between a data catalog and data governance?