Data governance
1. Data governance
In the last decade, the amount of data produced has increased exponentially, and the cloud has made it easier to collect, store, and analyze it at a lower cost. Organizations are now challenged to democratize and embed data in every decision, while they also ensure that it’s secure and protected from unauthorized use. An effective data governance program can help implement data directives to achieve this. But what exactly is data governance? 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 certain data and what data is under governance. It also involves complying with external standards set by industry associations, government agencies, and other stakeholders. Data governance focuses on making the data available to all stakeholders across the full lifecycle of the data, in a form that they can readily access and use, in a manner that generates the desired business outcomes through insights and analysis, and if relevant, in a way that conforms to regulatory standards and compliance needs. Data governance brings several benefits. It makes data more valuable. Data governance implements processes to ensure high quality data, and provides a platform that makes it easier to share data securely with stakeholders across the organization. It helps users make better, more timely decisions. Through data governance, users throughout an organization get the data they need to reach and service customers, design and improve products and services, and seize opportunities for new revenues. By democratizing data, organizations can embed data in all decision making. It improves cost controls. Data helps organizations manage resources and operate more effectively. Because they can eliminate data duplication caused by information silos, they don’t overbuy—and have to maintain—expensive hardware. It enhances regulatory compliance. An increasingly complex regulatory climate has made it even more important for organizations to establish rigorous data governance practices. They avoid risks associated with noncompliance and proactively anticipate new regulations. It helps earn greater trust from customers and suppliers. By being in auditable compliance with both internal and external data policies, organizations gain the trust of customers and partners. It helps manage risk. With robust data governance, organizations can reduce concerns about exposure of sensitive data to individuals or systems who lack proper authorization, security breaches from malicious outsiders, or even insiders who access data they don’t have the right to see. It allows more personnel access to more data. Strong data governance provides confidence that the right personnel get access to the right data, and that this democratization of data does not negatively impact the organization. It's possible that organizations without an effective data governance program will suffer from compliance violations. This can lead to fines, poor data quality–which generates lower quality insights that impact business decisions, challenges in finding data–which results in delayed analysis and missed business opportunities, and poorly trained data models for AI–which reduces the model accuracy and benefits of using AI. Every organization needs data governance. As businesses throughout all industries progress on their digital transformation journeys, data has quickly become the most valuable asset they possess.2. Let's practice!
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