Some organizations have mastered data governance, but they are in the minority. As data volumes continue to grow, most businesses are finding it hard to keep up.
"You're going to do this one way or another," said Shannon Fuller, director of data governance at Carolinas Healthcare System. "You can do it in a controlled, methodical manner or you can do it when your hair's on fire."
Poor data governance can result in lawsuits, regulatory fines, security breaches and other data-related risks that can be expensive and damaging to a company's reputation. "We don't have regulation about data lineage and reporting and all that, but it's going to come," said Fuller. "Do you want to prepare for that now or do you want to be like Bank of America and spend billions of dollars complying with the law? Most healthcare organizations don't have that kind of cash lying around."