Data is a highly valuable asset that is shared within the organization. Data governance helps in implementing the right policies, processes, and responsibilities. A strong data governance strategy offers better control and visibility to deliver the best business value.
With an increase in proliferation and complexity of data as well as cater to a data-driven economy, businesses need to design a powerful data governance program. EWsolutions are the best data governance consultant that offers guidance to develop a strong DG program to address the gaps as well as protect enterprise resources from sprouting data security threats.
Why data governance is needed in an organization?
Today, businesses are growing fast and every day thousands of transactions are conducted involving a vast volume of new data including new clients, material, payments, vendor, debits, and credits.
Manually adding this increases the chance of incorrect or duplicate data entry. This can cause a huge data issue that can damage core business decision-making. Businesses are realizing this and the solution is to cleanse the data and leverage the past and present data.
To create and make their data valuable, businesses are empowering their employees, technology, policies, and processes for long-term data quality management.
Data governance –
- Removes inconsistent data silos across different business units and departments
- Allows sharing an understanding of common data definitions.
- Helps to implement policies that prevent data misuse and errors.
- Enhances data quality via efforts to detect and fix errors in the data sets.
- Ensures compliance with the data privacy rules and regulations.
- Increases analytic accuracy and offers reliable data consistently empowering businesses to make critical decisions with confidence.
- Enhance external and internal communication.
With a sound database, an organization will confidently make effective decisions. Besides, business operations can be improved in multiple areas. Marketing and promotion strategies can be planned monitored and adjusted.
The marketing and sales budget can be targeted better. Understanding product lucrativeness helps to weed the underperforming product lines and add the budget on promising ones. Business process analysis reveals improvement opportunities, but only when the data used is reliable.
Even other business operations can be tackled in an informed manner. Data governance makes it possible because end users have access to correct data essential for business intelligence and strategic planning.
In sectors like finance and healthcare, there are huge penalties for lack of regulatory compliance. Therefore, without strong data governance and security programs can lead to lawsuits and fines in the billions.
What is included in an effective data governance initiative?
- Regular audits of data quality
- A clear process to resolve disputes
- Risk register that documents data-related risks
- Detailed documentation of processes
- Roles and responsibilities of people who will enact and maintain the data governance framework
- Policies to limit the access to sensitive and critical data
Consistently providing accurate data makes it easy for an organization to scale! An essential trait of an effective DG framework is an agreement, clear definition, and cooperation.
Data governance consultancy services can help you gain more control and visibility over your business data. They can strengthen access control methods for data protection. Keep track of data movement from end to end, enforce rules, and measure success. Data governance training is also provided to stakeholders, which is crucial in this data-driven economy.