Data governance is one of those squishy disciplines that many organizations aren't sure how to handle, so they can end up with loosely controlled processes supported by spreadsheets and e-mail exchanges. Kalido announced yesterday it will bring order and control to data governance with a product that will help firms create data policies and ensure tight enforcement and measurement of compliance.
The Kalido Data Governance Director addresses a high-stakes challenge for highly regulated businesses such as financial services, banks, health care providers and pharmaceutical firms. When stop-gap manual governance approaches fall short, the consequences can range from multi-million-dollar fines and project failures to day-to-day inefficiencies that can be equally damaging to the bottom line.
"Companies typically know what it costs to process an invoice or take a call in a contact center," said Kalido CEO Bill Hewitt. "The Data Governance Director gives them the ability to monitor data quality in a dashboard, know the economic impact of a decline in data quality on accounts receivable, customer service or another process, and then take action accordingly."
Set to debut in the fourth quarter, the Data Governance Director will provide a collaborative environment for setting data policies that can be applied across repositories and data warehouses, master data hubs and data integration infrastructure. These policies will be tied to existing data models, process models, data quality systems and other software by way of an open application programming interface. To operationalize the policies, the product will provide workflows for data policy creation, change management, implementation, issue tracking and remediation. Auditors and regulators will find what they expect to see: a transparent and auditable process for managing policy.
To ensure policy compliance, the Director will monitor, measure and report on adherence to policies. Alerts are available so stakeholders such as process owners and data stewards can be notified when policies are violated or when particular data sets fall out of compliance. When exceptions do occur, the product will prioritize actions based on potential economic impacts and suggest remediation steps through separate data-quality or master-data-management systems.
"Many companies have created policies and sent them out to the stakeholders, but there's no way to check whether the organization is actually in compliance," Hewitt said. "Between the policy management system and the ability to monitor, measure and enforce those policies, the Director gives you a foundation for data governance program."
Kalido Data Governance Director will start at $275,000. A free community edition to be offered in the third quarter will support data governance scope definition, policy creation and organizational modeling, but it will not include workflow capabilities. Kalido said it's working with systems integrators including Logica and software partners including data quality vendor Trillium to develop industry-specific solutions with pre-built data processes and policy templates.