Unleash The Real Power of Data Governance
Data is limitless in its availability, quantity, volume and nothing can stop data from growing. Data is easy to generate and transport, can be repurposed, reused and new insights can be created from the old data. An ideal company gets tons of data externally and internally so there is a lot of inflow of data and all you need to do to this data is that it should be ‘governed’ to have good data. To prevent duplicates, missing fields, inconsistent definitions and poor data, Data Governance has to be implemented.
Data Governance Improves Your RoI
Any efforts made on the duplicate data will lead to duplicate efforts. As per the famous quote “Time saved is money saved”. Data Governance enables businesses to define their core data clearly and also the rules that help to govern the core data. By initiating the data governance project in any enterprise, it helps everybody to be on the same page and promotes greater operational efficiency.
Globally many governments are focusing on how the companies are storing, using and protecting their customers’ data which is extremely important. By regulation there are many things such as GDPR Europe, Data Assurance to comply with CCPA, Data Assurance to comply with PDPA and Data Assurance to comply with BCBs 239.
Alignment is vital with all the team members in the enterprise and individuals who are responsible for collecting, governing and consuming data. This can happen successfully if there are clear goals, clearly defined processes and permission levels at every level and through effective collaboration successful data governance can be achieved.
There are Four Goals of Data Governance:
Understanding the Data – Data should be demystified, that will help employees across the company to use it. This is achieved through employee seminars, training videos or through documentation. To ensure that data fulfills the purpose upto its potential, data needs to be processed and tracked. Creating a single source of truth helps your enterprise to work with a single data set that can be used across the entire business and it all starts with data collection.
Accuracy and Completeness of Data – Accurate data in this realm, means the actions performed by the user as described by the data and not by different sets of actions. By completeness of data in this context means, with complete data, there is no loss or missing and you have a clear understanding of the events that will help you in analyzing data.
Data Compliance – Data compliance is a vital topic for the enterprises because users are becoming much more aware of their privacy and there are a lot of parameters in regard to how the data is used by private companies. Regulations and policies focus on companies to clarify some questions such as:
- What data is collected?
- From where and whom?
- For what purpose?
- How is the data to be used?
Data Trust – As the data ecosystem is dynamic and evolving continuously and the third party data may be coming from different sources and because of this, the trustworthiness of the data becomes vital. Data trust is of utmost importance as it is trusted mostly where it is captured directly from the user that helps to make the decision.