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Data governance is a set of processes set into motion to protect important data assets to ensure that trusted information is used for approved functions only.
Data governance is a set of processes set into motion to protect important data assets to ensure that trusted information is used for approved functions only. These include critical business processes, decision making and accounting. Data governance is vital for every business in any industry to protect an organization from poor data. Bad data leads to missing information, poor decisions, and decreased ROI.
When it comes to data governance, there are three main reasons it is so important to your organization: money, risk prevention, and clarity.
With proper data governance, organizations can see increased efficiency that leads to increased revenue and ROI. With proper data practices in place and correct information, the number of duplicate efforts will be decreased. Marketing, finance, sales, and other departments will be able to place their precious time into other areas that need their attention. Furthermore, the number of errors will be decreased and result in a solid database that ensures orders and services are provided correctly. When time is saved, organizations save money too.
Data risks can lead to potential cybersecurity attacks. This may increase the number of cybercrimes a business falls victim to during the year. When an organization does not employ data governance policies, they will have difficulties monitoring their systems. Without monitoring, it’s hard to see what parts of your IT systems need more TLC.
Furthermore, the lack of data governance makes it difficult to meet regulatory compliance. Individuals and organizations alike deserve to have their sensitive data protected. As the information about data sensitivity becomes more readily available, governments are increasing how they handle and store data.
One great example of this is GDPR, a regulation that was enacted in 2018. EU residents have the ability to control their information and request that their data is erased from databases. Without proper data governance, it can be difficult to prove an organization has complied with this request.
When an organization implements data governance, its decision-makers can rest assured that they have the ability to measure metrics accurate, gain insights on important data, and have great confidence in their decisions.
Without data governance, data will be messy and unorganized. Department leaders will struggle to make informed decisions that help the company reach its financial goals. Clarity is essential for making the best decisions that directly impact your team.
Companies that are data-driven must employ effective data governance. Whether you are just starting or celebrating your 100th year in business, it can be tricky to get the best data governance policies set in place for your organization. Fortunately, Network Outsource has a team of experts on staff you need to be fully compliant and design the best data governance policies. With the right tools and experts on your side, you can enjoy cost savings, fewer data risks, and decision clarity because of data governance.