How Data Governance Supports the Data-Driven Enterprise?
5 quintillion bytes of data is generated every day globally, which is available in different forms. It is a surprising fact that nearly 97 % of the data is unused by the enterprises, as per the Gartner report. Data is considered as an asset in any enterprise and the data which is collected is a source of information that is used for not only improving the decision making but also for predicting the future trends and behavior of the customers.
Most of the enterprises are focusing on collecting and storing large amounts of data for solving complex business problems with a data-driven approach. Enterprises are focusing to become more data-driven by using the data, analyzing it, visualizing, and making it an integral part of the various decision making.
Let us understand how Data Governance supports Data-Driven Enterprises
Winning decisions – Data governance helps data-driven enterprises to make decisions that create win-win situations using reliable data. It plays a major role in continuous improvement within the enterprise, achieved by acknowledging the value of the data.
Tracking progress – Data is no longer confined only to reporting and progress tracking. The Data-Driven approach helps enterprises to understand the performance of the company with a 360-degree view. Data Governance helps to make decisions quickly and accurately.
Increases collaboration – Enterprise data governance enables a data-driven approach that helps enterprises to drive automation for monotonous tasks and collaborate among different departments of the organization. It helps to increase the consistency of the processes and to be ready for any future challenges.
Identify new opportunities – With the help of the right data, you learn more about your customer’s choices and preferences and improve your products and services accordingly. It also helps you to monitor your competitors and keep you updated regarding the latest happenings in your industry and market. Data governance enables the enterprise to identify potential opportunities based on the data insights.
Competitive Advantage – Data governance helps data-driven enterprises to improve operations, better customer service, and make sound decisions based on empirical evidence which ultimately results in positive business outcomes. Data governance helps in uncovering the value of the data and derive insights by collecting, storing, protecting, and analyzing the business data to gain a competitive edge
Enhancing Innovation – Data Governance helps to build winning strategies and better-informed business practices. When the enterprises swiftly develop meaningful and trustworthy insights from their data they can create innovative, customer-centric products and services which ultimately contribute to enterprise growth.
Increasing Productivity – Data Governance not only helps in making sound decisions related to governance risk management and compliance or grc solutions but also avoids the risks and rework caused due to wrong decisions. Using data governance programs and their related tools helps enterprises to focus on more vital tasks. As business users, they can access and analyze the data which is more critical to them. Data Governance platform enables to turn data into meaningful insights and positively influence the enterprise.