Why is Data Governance the Key Tool in Industry 4.0?
By the year 2025, the amount of data generated everyday is expected to reach 463 exabytes globally. Many enterprises are collecting, storing, and interpreting data and it continues to evolve at a rapid pace. More and more new data types are going to be generated from various systems with multiple data-storage options, which will all help to gain data-driven insights.
The possibilities for exploring and managing data to generate high-quality data and store it securely are unlimited and increasing every year. As a result, enterprises are embracing and adopting Data Governance Policies. The key reason for having Data Governance Policies is the enormous amounts of uninterrupted and unmonitored industrial data being generated through various systems and devices such as supply chains, assembly lines, mobile devices, machines, smart sensors, utility meters, automated appliances, robots, routers, customers and many others. Enterprises are also focusing on quality, security, and transparency of data which are vital factors to generating the required business insights. It is important to adequately and efficiently deal with the collected data sets and to bring out the best information from the data you have to adopt a Data Governance Policy. Data Governance helps optimize the working processes, enhance decision making, improves risk assessment, ensures business growth, boosts quality of data performance and also helps gain a competitive edge.
With the implementation of the Data Governance, the generated data is well used and brings significant valuable insights to the organization.
Now let's discuss how Data Governance contributes to successful initiatives for your enterprises.
Clarity & Transparency
Data Governance enables enterprises to efficiently manage complex data sets, as well as to focus their experience regarding the navigation through collected data. This way, the enterprise has more clarity regarding where the data is stored, what kind of data it is, what is the quality of the data, to find out any unnecessary sets in the available data, etc.
Having high-quality data is vital for smooth operations especially when a lot of IIoT and AI are used in industrial processes. IIoT and AI when used together with machine learning they rely on robust high-quality data to operate effectively and derive exceptional insights.
With a robust Data Governance Strategy, the industrial enterprise can ensure the collection of high-quality data and can help in gaining quality analytics based on the IoT networks, robotics, and machines. Data Governance ensures strict guidelines in the processes to collect, store and interpret data sets to provide truthful insights that can be well presented in the systematic structure.
By gathering all metadata sources, that includes primary sources, data warehouses, data lakes into a structured and responsive framework and also by integrating Data catalog into Data Governance it becomes much easier for all to find specific data and with much clarity. You can view not only the data lineage but also the relationship between data sets. With the accuracy of the data across all industrial systems, excellent operational transparency and efficiency is achieved.
Mitigate Risks – Data Governance helps to fulfill the standards and criteria that are established by governments across the globe. Every industrial business enterprise must be auditable and comply with regulations such as GDPR Europe, Data Assurance to comply with CCPA, Data Assurance to comply with PDPA, and Data Assurance to comply with BCBS 239. This is vital because with regulatory compliance only all the data collection storage and analysis can prevent any operational and financial penalties.
A robust data governance strategy helps not only with high data security but also prevents unauthorized use of the data sets. Many emerging technologies depend on high-quality data governance. Transparent and structured databases help immediate identification of outliers in the data sets as well as lost or missing data. Any option for quick and real-time error identification and instant access to all kinds of data helps industrial enterprises to fix any issue by ensuring superior quality data-driven insights generation.
Breaks down data silos and any hidden data
When our collected data is structured and has created a transparent framework with trusted data sets, there are fewer chances of having data silos and hidden data. Good Data Governance policy ensures that all collected data is efficiently managed, processed, and well distributed across all the departments in the enterprise. This provides enterprises with the opportunity to optimize the data value that leads to successful business intelligence.
The necessity of Data Governance
Adopting data governance helps in gaining an extremely positive impact on your business profits in the long run. Data Governance is no longer an option but it is a necessity for obtaining high-quality data sets and winning business insights. In this era of industry 4.0, which benefits from IoT, AI, ML, and other emerging technologies, it is vital to data security, accessibility, quality, and transparency in your enterprise.