What is Data Governance?
Data governance is a principled approach to managing data during its life cycle, from acquisition to use to disposal.?
Every organization needs data governance. As businesses throughout all industries proceed on their digital-transformation journeys, data has quickly become the most valuable asset they possess.
Senior managers need accurate and timely data to make strategic business decisions. Marketing and sales professionals need trustworthy data to understand what customers want. Procurement and supply-chain-management personnel need accurate data to keep inventories stocked and to minimize manufacturing costs. Compliance officers need to prove that data is being handled according to both internal and external mandates.
Data governance defined
Data governance is everything you do to ensure data is secure, private, accurate, available, and usable. It includes the actions people must take, the processes they must follow, and the technology that supports them throughout the data life cycle.
Data governance means setting internal standards—data policies—that apply to how data is gathered, stored, processed, and disposed of. It governs who can access what kinds of data and what kinds of data are under governance. Data governance also involves complying with external standards set by industry associations, government agencies, and other stakeholders.?
What are the benefits of data governance?
Make better, more timely decisions
Users throughout your organization get the data they need to reach and service customers, design and improve products and services, and seize opportunities for new revenues.
Improve cost controls
Data helps you manage resources more effectively. Because you can eliminate data duplication caused by information silos, you don’t overbuy—and have to maintain—expensive hardware.
Enhance regulatory compliance
An increasingly complex regulatory climate has made it even more important for organizations to establish robust data governance practices. You avoid risks associated with noncompliance while proactively anticipating new regulations.