If you run a business and collect data it’s important to know what is data governance.
According to Tech Target data governance is defined as:
Data governance is the overall management of the availability, usability, integrity and security of data used in an enterprise. A sound data governance program includes a governing body or council, a defined set of procedures and a plan to execute those procedures.
Profisee shares how the data governance framework can move a business to a digital platform at different levels in a business:
Management: For top-management this will ensure the oversight of corporate data assets, their value and their impact in the changing business operations and market opportunities.
Finance: For finance this will safeguard consistent and accurate reporting.
Sales: For sales and marketing this will enable trustworthy insight into customer preferences and behavior.
Procurement: For procurement and supply chain management this will fortify cost reduction and operational efficiency initiatives based on exploiting data and business ecosystem collaboration.
Production: For production this will be essential in deploying automation.
Legal: For legal and compliance this will be the only way to meet increasing regulation requirements.
Benefits of Data Governance
Dataversity shares the following benefits:
- Lower costs associated with other areas of Data Management.
- More accurate procedures around regulation and compliance activities.
- Greater transparency within any data-related activities.
- Help with instituting better training and educational practices around the management of data assets.
- Increase in value of an organization’s data.
- Ability to provide standardized data systems, data policies, data procedures, and data standards.
- Better resolution of past and current data issues.
- Improved monitoring and tracking mechanisms for Data Quality and other data-related activities.
- Overall enterprise revenue growth.
The very first step to data governance is to assign the role of data stewardship to an individual. This position manages and has oversight of all the data assets that a business or organization collects. As the data steward assist business users with information that is readily available.
This role additionally defines how the data will be stored, archived, and protected from being stolen or from cyber-attacks.
In today’s ever quick-moving digital society data breaches are becoming more and more common making data stewardship an important role in business.
Of course, you’ll want to gather the highest quality data. Having accurate and complete access to data sources is key to quality data. To keep high-quality data, data scrubbing should be performed on a regular basis.
Data scrubbing is often used to find and remove duplicated and incomplete data from the database keeping the database clean and accurate.
Challenges of Data Governance
Starting a data governance program comes with its own set of issues. Many companies are simply afraid to start one because it can feel overwhelming or they simply don’t understand how it should be started.
Some issues businesses might encounter include:
- Organizing data governance
- Acceptance of the plan by employees
- Communicating the plan
- Finding the money for data governance
- Standardization of data collection
- Flexibility to create the best data governance plan for your business
The importance of data governance shouldn’t be overlooked in the business community and is important to implement for businesses to move forward in the digital age.