Almost every organization deals with data governance in one way or another. But what is data governance? And why do you need it? This blog post will discuss the top 10 reasons for data governance and how to get started. By the end of this post, you will better understand what data governance is and why it is essential for your business.
What Is Data Governance?
Data governance is the process of managing data within an organization. This includes establishing policies and procedures for collecting, storing, accessing, and using data. Data governance helps to ensure that data is accurate and consistent across all departments and business units. Data Governance is a Data Quality Pillar, and it is the foundation for all other data quality initiatives.
Why Do You Need Data Governance?
There are many reasons why your organization needs data governance. Here are the top ten.
Ensures that data is accurate and reliable
Data governance is the process of ensuring that data is accurate, consistent, and reliable. Data governance includes all the policies, procedures, and controls put in place to ensure that data meets the organization’s quality standards.
Eliminates duplication of data
Data governance can help to eliminate duplicate data. Duplicate data can lead to errors and inconsistencies, which can undermine the credibility of your data. Data governance can help identify and remove duplicate data, which will improve the quality of your data.
Reduces the cost of storing and managing data
Data governance can help to reduce the cost of storing and managing data. By establishing policies and procedures for how data is collected, stored, accessed, and used, organizations can save money on storage costs and reduce time spent on data management.
Improves decision-making
Data governance can improve decision-making by providing organizations with accurate and reliable data. Data that is accurate and consistent across all departments and business units are more likely to be used in decision-making than inaccurate or inconsistent data.
Enhances security
Data governance can enhance security by establishing policies and procedures for collecting, storing, accessing, and using data. By ensuring that only authorized users have access to data, data governance can help to prevent unauthorized access to sensitive data.
Improves compliance
Data governance can improve compliance with regulatory requirements by establishing policies and procedures for collecting, storing, accessing, and using data. By ensuring that data is accurate and consistent across all departments and business units, data governance can help organizations meet their compliance obligations.
Fosters collaboration
Data governance can foster collaboration between departments and business units by establishing policies and procedures for how data is shared. Organizations can improve communication and coordination by sharing data across departments and business units.
Increases efficiency
Data governance can increase efficiency by establishing policies and procedures for collecting, storing, accessing, and using data. By streamlining data management processes, organizations can save time and money.
Reduces risk
Data governance can reduce risk by establishing policies and procedures for collecting, storing, accessing, and using data. By ensuring that data is accurate and consistent across all departments and business units, data governance can help to minimize the potential for errors and inconsistencies.
Improves customer satisfaction
As a Data Quality Pillar, Data governance can improve customer satisfaction by providing organizations with accurate and reliable data. Data that is accurate and consistent across all departments and business units are more likely to be used in decision-making than inaccurate or inconsistent data.
How To Get Started With Data Governance
Now that you know why data governance is essential, you may be wondering how to get started. First, you need to understand the basics of data governance. Second, you need to develop a data governance strategy. And third, you need to implement your data governance strategy.
Conclusion
Data governance is a critical part of any organization’s data management strategy. Data governance can help to improve the accuracy and reliability of your data, reduce the cost of storing and managing data, and improve compliance with regulatory requirements. Data governance can also foster collaboration between departments and business units, increase efficiency, reduce risk, and improve customer satisfaction.