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It’s time for enterprises to think beyond compliance to create an effective data governance strategy. With the General Data Protection Regulation (GDPR), and other privacy and data security mandates in place, it is clear that data governance must be a key part of everyday operations. The regulatory mandate is crucial in informing businesses about the importance and neglect of this often overlooked practice.
State Of Data Governance
A report reveals that traditional reasons for implementing data governance are still largely the same. Analytics (35%), regulatory compliance (34%), better decision-making (27%), and better analytics (34%) are the top reasons. In this research, however, data quality (45% and data security (48%) were the most important data governance drivers.
Also Read: What Is Data Literacy? And Why Is It Important For Your Business?
These are the primary reasons 57% of respondents consider data governance a top-five organizational priority. Overall, data governance is at a new level. 87% of respondents reported that they have established or are currently implementing a data governance program, as opposed to 49% of previous research.
Also, we discovered that there are fewer silos between Data Governance and Data Operations and Protection as companies seek to understand and secure their data to enable smarter decision-making.
Why Data Governance Is Important?
Compliance is an essential aspect of data governance. It’s time for organizations to think larger. Data Governance Training will ensure that your organization’s data assets meet the needs of both IT and business analysts. It’s a strategic, collaborative and ongoing process that helps you uncover and track data, understand its context(s), and maximize its quality, security, and value. These are the other key drivers of data governance initiatives.
Better Decision-Making
Data governance has many key benefits. One is improved decision-making. This is true for both the decision-making process and the actual decisions. Data that is well-governed can be more easily discovered, which makes it easier for relevant parties to gain useful insights. This also ensures that decisions are based on the correct data, which will lead to greater accuracy and trust.
Better Data Understanding And Lineage
Data governance refers to understanding your data and where it is located. Governance can provide a complete view of all data assets when implemented correctly. Governance also allows for greater accountability. It is much easier to identify who is responsible for particular data when permissions are granted.
Operational Efficiency
In this age of data-driven businesses, good data is extremely valuable. It should be treated as an asset. For example, take a manufacturing company’s physical assets. Manufacturing businesses that are well-run ensure that their production lines run smoothly and have minimal downtime by regularly inspecting, maintaining and upgrading them. Data should be treated in the same way.
Increased Revenue
Driving revenue should be higher up on the list of benefits. It’s placed here because of the cumulative benefits that influence it. Businesses can make faster, more informed decisions because they have all the benefits of good governance.
Also Read: The Top Benefits Of Data Governance In Businesses
This means that there are fewer costly mistakes, such as false starts or data breaches. This means you can spend less money managing risk and closing the most sensitive holes in your company’s security.
Greater Data Quality
Businesses with good governance programs can also reap the benefits of data governance, which aids in discovery. The questions that each field asks can help you distinguish between the programs. Data governance is interested in where and who the data are located. Data quality is concerned with how useful and complete the data is. Governance is a way to improve data quality because it makes it easier for the former to be addressed.
