Business

Is Data Governance Program A Necessity?

Broadly speaking, a data governance program includes in-house procedures and policies defined to control data management. Data governance confirms that the available data is –

  • Documented
  • Managed
  • Reviewed
  • Secured
  • Trustworthy

Efficient data management processes and policies lead to enhanced business outcomes and growth. In this digitalization trend, it is a necessity for every business. Currently, enterprises are collecting a significant volume of external and internal data. To use this data efficiently to manage the risks as well as reduce costs there is a need for an effective data management program. EWSolutions offers an automated data governance assessment services. The firm’s intellectual wealth is synthesized into this assessment, which ensures that its clients receive great results.

The main reason for data governance is to enhance information quality that covers multiple areas including –

  • Efficiency – There is plenty of workaround due to data issues and the manual cost to detect and fix it can be costly. An automated data governance program reduces or eliminates the cost associated with manual data cleansing and fixing.
  • Better decisions – It is generally assumed that executives and senior management make accurate business-critical decisions. If they make decisions based on poor data quality reports then it can cause a mess. Therefore better quality data is essential to create accurate data reports for ideal business decision making.
  • Compliance – Every industry needs to adhere to some kind of law. Businesses must manage their data properly. Therefore it is a need to have a robust data governance framework designed to manage data securely and compliantly.

Data governance offers a foundation for everything to work. It includes data related activities like –

  • Big data analytics
  • Business intelligence
  • Master data management
  • Artificial intelligence
  • Machine learning

Remember, many processes can go wrong if data is inaccurate. This can lead to damaged stock, customer complaints, and frozen production lines. Therefore, think about data as an asset and data governance to be a proactive step taken to deal with obstacles to get things done.

What is a robust data governance strategy?

Every company’s data governance strategy differs but here are some main objectives to bear in mind.

  • Ensure proper usage of data to avoid misuse or errors. Therefore define clear policies and procedures to enforce and monitor compliance.
  • Comply with every regulatory requisite during all the phases of data governance development and implementation.
  • Plan solid data security to ensure there is no unsanctioned data access.
  • Create and enforce data distribution policies, to prevent unapproved access or use.

Who is included in a resilient data governance team?

It is crucial to building a tough data governance team to ensure an effective process. Some main positions are –

  • Data manager
  • Data governance architect
  • Data strategist
  • Compliance specialist

Besides this core governance team include finance executives, board of directors, IT department, administration, CIO, and marketing staff. Involving every stakeholder in the process can lead to great outcomes. Ensure to work with specific, clear, and measurable goals. Focus on a couple of goals and build the system.

Data governance is a practice that evolves and develops consistently!

 

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