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Why Businesses need Data Governance? 02 April, 2020   

Resisting the great onslaught of the all-pervasive data wave is not an easy task for companies.  However, through big data and analytics, businesses can make factual decisions and take big strides in the digital environment.  

While data science and analytics have been a breakthrough for businesses to glean meaningful insights from the data clutter - data quality and accuracy remain a matter of concern even now. To overcome this challenge and reap the benefits of big data, businesses need data governance. 

According to a survey by Forrester Research, 41% of businessefind it difficult to locate data promptly and difficulties to access data harms analytics projects. 

Below is a short brief on what data governance is and why it is crucial for businesses. 

So, what is data governance? 

Data governance refers to the process of collecting, refining, and standardizing data to make it consistent and trustworthy. It helps to proactively and adequately manage the plethora of data present in an organization. Data governance aims to provide business-worthy data for organizations by establishing data quality. 

Why is data governance important for businesses? 

1. Transform big data into better data 

The bottom line of data governance measures is to ensure that data in a database is clean and accurate. Also, it guarantees standardized and reliable data to the right person and at the right time to improve productivity and efficiency.  

Organizations aspire to benefit from big data to make better decisions in the data-driven realm. Through data governance, businesses can live this aspiration in reality. Furthermore, data governance framework intends to equip organizations with appropriate knowledge to tackle challenges positively and get potential hands-on opportunities promptly. 

2.  Save time and money 

The better the data management, the lesser the data duplicity and redundancy. In other words, data governance expedites operational efficiency. The primary rule in data governance is to define the core data clearly, along with the rules governing it. This rule enables tracking down duplicate data within an organization’s database and replacing it with existing and correct data. Thus, the process allows for the mitigation of the time and effort required to navigate through duplicate accounts. Also, data governance makes data storage cost-efficient as spaces will not be wasted on duplicate and redundant data anymore. 

 3.  Avoid compliance and data breach risks 

Bad data governance is security concern as it opens doors for regulatory compliance issues and data breach risks.  

Regulatory compliance and data governance, which is a topic of growing importance in the digital space, focuses on identifying vulnerable areas in a database and implementing effective security measures to fix security holes and avoid data breaches.  

Proper data governance not only helps prevent data swamps in an organization but also strengthens its data security. 

Can data governance be achieved smoothly & successfully? 

A huge pile of dark and dirty data is concealed in an organization’s database. And as companies have come to understanwhat this shabby data can cost them, the anticipation for a quick and sound remedy has become even more necessary. 

Nevertheless, while data governance promises effective governance of the information assets across an organization, it is no childplay and cannot be achieved overnight. It is an ongoing effort that requires continuous monitoring, maintenance, and reviewing of data. To achieve data governance smoothly, there should be open and clear communication between IT, Business units, and stakeholders. To achieve data governance, itcrucial to document issues, changes, pre-defined tasks, and communication plans. 

In simple termscollaboration and awareness are the two main keywords that determine the success story of data governance in organizations. 

Data governance is not a one-time exercise. Besides, it brings about organizational change management and the creation of new roles and responsibilities. Though the process can be challenging and painstaking, the efforts are worthwhile to treat fragmented and siloed data. After all, it is the quality of data that propels positive business outcomes in the data-driven environment. 

data governance data

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