The role of Data Governance in data-driven organizations

This article aims to enlighten all business executives wanting to upgrade the performance of their organization. Data is the fuel for running businesses optimally. The organizations that keep tapping and adapting according to data trends rule the market.?

While working with large-scale data, it becomes important for businesses to govern the data. Data Governance implies the process of using and storing Data for accurate and reliable predictions while conforming with the regulations and taking note of security. For every 3 Data Leaders out of 5, Data Governance ranks as a priority, according to a report by Atlan .

Role of Data Governance

Security

Data Governance helps businesses establish a program specifically aimed at protecting the Data Assets. There are chances of breach, misuse or unauthorized access to Data. To tackle these security concerns businesses must:

• Implement technological procedures such as masking, encryption, etc.
• Establish strong and automated access controls
• Establish stringent verification protocols
• Having solidly built data classification frameworks
• Performing systematic security audits

In case you miss out on this aspect of Data Governance, it might cost you millions. A report by IBM mentions that businesses with less expertise in Data Security face about 20% increased data breach costs.

Reducing Risks

Data Governance specifies compliance with regulatory policies and requirements. This is essential to safeguard businesses from unpredicted financial and legal risks. Data integrity must be maintained through data protection measures and data retention policies for handling sensitive information. Hence, Data Governance assists Data-Driven Organisations in establishing credibility among their stakeholders.

Data Management

Data Governance enables structured planning and management of Data within an organization. It charts the line of action and the procedures regarding the key factors associated with data handling and governance.

• It helps in defining the authorities of operational members over different units of Data.
• It creates an alignment between the Data Governance Strategy and the vision of the organization.
• It also reduces friction between the business units of the organization as the data initiatives and objectives become transparent.

Data Analytics

Data-driven organizations have a competitive advantage over others- they work with reliable and consistent data to enhance data quality. Data Governance gives businesses access to precise data findings, patterns and insights. Systematic data entry processes, removal of duplicate data, and detailed data validation are the driving forces behind effective decision-making processes.

Data Analytics is an unspoken benefit of Data Governance. It uplifts the businesses’ standards in the industry by delivering informed and strategic business outcomes. Also, it benefits them in improving the user experience for the customers.?

Curated Data Governance Programs resulted in better data analytics by 57%, according to a report by Precisely and Lebow .

Operational Efficiency

Data Governance produces smooth-running operations within an organization.?

• It leverages the performance of activities like lifecycle management by providing a seamless process for the improvement of the product.
• The flow of communication gets accelerated with defined responsibilities among the employees, resulting in better executions of operations.
• There are low chances of expensive operational errors with less manual intervention.
• It helps save time spent on making assumptions instead of Data-Driven Decision Making.

Final Thoughts

Digital Transformation leaders and executives must build a stable functioning system with Data Governance for optimizing revenue benefits. For instance, adhering to Data Governance can bring advantages double the amount invested. Cisco insights see 40% of businesses experiencing assured returns on investment made in privacy.

Data Governance isn’t an ordinary policy or a set of compliances. It is a process that needs perpetual monitoring and modification in certain areas. To carry on Data manipulation, you need to keep refining the strategies and programs based around it.