Data is the most happening asset that impacts the business operations in any enterprise. Today data is regarded as one of the critical assets and there are a plethora of strategies available to extract the value from these assets to gain a competitive advantage. Insights that are derived from the data are used to solve complex business problems.
Data Governance is vital for many enterprise information capabilities such as master data management, reference data management, data quality, data insights, and more. It requires collaborating within a complex and robust combination of factors such as data stewardship, policy definition & management, and decision rights. With a plethora of factors that are involved in running a data governance program, it is necessary to be able to measure the business value of data governance.
Data Quality is not a one-time process, in-fact, it is a dedicated and continuous process that includes considering a plethora of aspects that are involved in the collection process of data. Sometimes decisions have to be made fast and the existence of the data should be of high-quality where the executives across different hierarchies can utilize it to make decisions smoothly.
Data Governance helps companies to define processes and policies for managing data. An ideal enterprise should follow a robust approach regarding the management of their data. Data Governance enables to boost data quality, data security and also to cut down the costs related to data management. Globally companies deal with increasingly diverse data at both higher volumes and speeds.
The importance of data is growing as everyone uses data to make decisions. Companies are focusing on analyzing large data sets, which help them to make winning business decisions. This data is stored in a tools known as a data repository and other popular names include data archive and data library.