Understanding your “why” first

Both data governance and AI governance can effectively address the growing challenges financial institutions face, but fully understanding the "why" behind these programs is crucial for success.The essence of any program extends beyond just governance, it's about value. Governance is the “how”; it determines the way initiatives are managed, the rules of engagement and guidelines that are set up to ensure they are executed well. However, the 'why', the reason you embark on these endeavours in the first place, is inextricably tied to the value they bring to your organization and the citizens you serve. This value is not just in terms of dollars spent or saved, but also in the form of benefits to stakeholders – time savings, delivering new services or offerings, enhancing customer experience and others. Any initiative, be it data governance or otherwise, is a value-driven endeavor.

Without a clear understanding of the expected value of your implemented solution, there will inevitably be resistance from stakeholders, lack of user engagement and low adoption of the program. To ensure success and realize the expected value, there are several things that need to be accomplished.

Gain buy-in from stakeholders and decision-makers: Their support and understanding can significantly influence the success of a project
Communicate value clearly and often to all stakeholders: This helps create transparency and fosters a sense of shared purpose, including the KPIs and ROI they can expect
Prioritize use cases and develop a long-term roadmap: This helps plan for the right resources early and helps you adjust on the fly as needed
Continuously track value and adoption: Evaluating the effectiveness of the project as you go helps you make necessary adjustments