As artificial intelligence (AI) makes inroads into various business platforms, industry experts are diligently looking for avenues through which AI solutions can be enhanced. With loads of data being generated, thanks to evolving technologies, there is a pressing need for filtering of data for effective analysis and impressive strategy building. It takes a robust system of data governance to chaff away from the huge data complex and applies AI for enhanced solutions.
Better data governance: What goes into its making?
The topic of data governance came into the news this month with the report from the Royal Society and the British Academy calling for the establishment of an independent body to build a new framework for governing the data use. The goal of this framework is to leverage the potential benefits of data use for boosting innovation in public services, improving business plans, and providing efficient healthcare. Data governance can be improved by:
- Improving the existing democratic governance
- Protecting the individual as well as collective rights
- Research on good practices and adapt accordingly
- Work towards a transparent, accountable, and inclusive data use and data management
The ‘ABC’ of improved data governance, as pointed out by the Royal Society are:
Anticipate, monitor, and evaluate: considering alternative futures, managing risks, keeping pace with changes, and reflecting on performance.
Build practices and set standards: enabling and continuously improving well-founded practices that can be spread quickly across relevant sectors and uses.
Clarify, enforce, and remedy: ensuring sufficient arrangements for evidence gathering, debate, and decision-making, and for action in the forms of incentives, permissions, remedies for harm, incentives, and penalties.
In the complex maze of data generation, industry experts are already questioning the different sources through which data is being generated. At the same time with technology being the lifeline of many of our day to day activities, any kind of data leakage – even if unintentional – can compromise the privacy of the user. A strong and well-framed data governance body is sure to enhance the quality of data generated and act as a double protection against miscreant activities.