Did you know that a single day in the life of an average person generates around 1.7 megabytes of data per second? (Forbes)
With the massive amounts of data being produced every day, it has become essential to have a data management strategy to utilize and govern the data effectively. This is where #datastewardship comes into play.
“Data stewardship is the management of data assets throughout their lifecycle, including data quality, security, privacy, and compliance. It ensures that data is accurate, consistent, and available to those who need it while minimizing risks associated with its use.”
#datagovernance and data stewardship go hand in hand, as the first involves creating a structure to define the uses and purposes of the data, and the policies on how it is handled; whereas the latter involves documenting the data, and ensuring the compliance of data management – or to put simply, data stewardship is data governance in action.
What it comes down to is that organizations need good data to make intelligent decisions, and data stewardship is directly linked to managing data quality.
How can it affect marketing jobs?
Imagine seeing a skyrocket of signups on your lead magnet in a demographic located in a different state recorded in your analytics. Your initial reaction to seeing this would be to allocate more ad spend toward that state, right?
Unfortunately, the lack of data governance and stewardship in your company resulted in falsified information because the data was duplicated due to a system error. Now, not only is your data incorrect, but you’ve been misled to spend more money on a demographic that was not profitable.
Data stewardship aims to enhance:
- the quality and efficiency of data utilization
- simplify data discovery and enhance accessibility
- establish shared definitions, standards, and policies to foster better data management
- reduce the time spent on data verification and inconsistencies
- eliminate data duplication
- bolster data governance and strategies.