Top 5 Data Governance Benefits That You Can’t Ignore in The Year 2021
In this Industry 4.0, tons of data is generated every minute and it is a challenge for enterprises to channelize it to the appropriate directions to gain valuable insights. Data Governance is all about managing data and processes so that the data can be used as a secure, consistent, and organized asset that meets respective standards and policies accordingly. Data Governance not only makes data more meaningful but also brings people together to collaborate.
Data Governance adds understanding and trust to the enterprise data through a business glossary and stewardship, that will enable your enterprise into Data-Driven Enterprise. From time to time, the data in the enterprises is changing and transforming and it is always a challenging quest for the enterprises to know about the data which ultimately helps their businesses grow.
Top 5 Benefits of the Data Governance
Sound Decision-Making – As there is a tremendous volume of data inflow, data when stored, accessed, and managed, makes it more complicated to understand. The process of collecting and mining large amounts of data by analyzing it and which is well-governed, trusted, and has greater accuracy helps to make sound decisions. Sometimes decisions have to be made at a lightning speed which should be based on the right empirical data. Data Governance helps to make decision-making more effective.
Data Lineage and Understanding – Data Governance not only helps in understanding your data but also where it is stored. You can also assign permissions to particular users and create a responsibility for specific data. Data Governance strategy enables a view of all the data assets and provides greater responsibility and accountability.
Data Quality – Data Governance strategies enable improved data quality, consistency, and standardization. Data Quality helps to know how complete and useful the data is. Data governance helps to know how responsible the data is and where the data is. It helps in approaching the processes, policies by which an enterprise manages validity, timeliness, completeness, uniqueness, consistency, and accuracy of its data.
Regulatory Compliance – Data Governance helps to meet all Regulatory compliances ranging from General-Data-Protection-Regulation-Europe to Data Assurance to comply with CCPA and from Data Assurance to comply with PDPA to Data Assurance to comply with BCBS 239 to just name a few. Furthermore, meeting Regulatory compliance helps to prevent hefty fines.
An ideal Data Governance Framework helps to
- Manage your data effectively.
- Define the processes which need to be followed and how to do it.
- Clearly explains who is responsible.
Data Governance Drives Revenue – Data Governance helps to increase efficiency as it helps to save your precious time which might have been lost in fixing errors. It helps to keep pace with the change and to drive new sources of revenue. You can turn your data into business assets to find new exciting business opportunities.