Data Governance: what it essentially means?
The term "govenance" derives from the latin verb "gubernare" and the greek word "kubernáō" meaning 'to steer'. Therefore, data governance means 'to steer data flow appropriately'. As well as societies institutionalize its governments -- in our current epoch often centralized or federalized systems -- data governance is, thus, a set of practices and principles to institutionalize how data shall be directed, controlled, steered.
"Data is the new oil", this phrase became famous in the last couple of years. Yet, why and for what data is so important that it needs even systematic governance planning, principles and frameworks? Data is one of the main resources for decision making, planning and conscious acting nowadays. We already know for centuries that knowledge is power: "ipsa scientia potestas est" Francis Bacon (1597), "Scientia potentia est" Thomas Hobbes (1668).
Today, the data we produce everysingle day, with every single action we perform that is digitalized (registered by digital tech), means that we are producing data about the world and its dynamic with nonstopping (literally).
Which means: we have more raw material for knowledge production available than ever in history of humanity. Henceforth, we can affirm, with no doubt: digital data are the most relevant asset today across all industry sectors, government, civil society and for individuals as well.
Because of that, what data, its quality, how does it is treated, who can do it, in which way, for what porpuse, and so forth, are the questions that data governance deals with in theory and practice. Nowadays the most advanced legislation that stablishs a solid framework reference for how dealing with digital data is the european GDPR, here in Brazil we have the federal legislation called LGPD.
At a business level, each company must create its own policy based on its reality and needs, and of course, observing the macro policy that rules its territory(ies) of operation. Good governance is fundamental to unlock the full potential of digital data.