10 Compelling Reasons why you need Data Governance
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For the sake of clarity, let us begin by defining data governance. In simple terms, data governance is the framework responsible for overall management (consisting of storage, usage, and protection) of organizational data. In this article of 10 compelling reasons why you need Data Governance, we will understand why businesses should invest in data governance.
Data Security
Along with being arguably the most critical asset of any organization, data is often one of the most sensitive assets as well. The data is being generated with an increase in volume and velocity. It is becoming ever more challenging to store and manage. Misuse of data or other such deliberate activities could result in loss of reputation and brand value. It could even land your business in legal trouble. And thus, it is vital to ensure this data is secure and does not fall into the wrong hands. Data governance tools provide data security and control from external as well as internal use.
Data Backup
It is a well-known fact that there involves a large amount of risk while dealing with data. This risk multiplies manifold when this data is not backed up. What’s worse than your data getting compromised? Losing your data altogether. It is essential to take precautions. This will ensure that you recover your data in the event of a cyber-attack or a server breakdown. Data governance gives you that control, visibility, and simplifies storage. It also assists you with the backup of data.
Data Organization
One of the biggest challenges while dealing with data is accessibility. With the huge amount of data available, it becomes increasingly difficult to organize them effectively to make the data easy to access and share when needed. Data governance offers tools that make it easy to own, locate, and share data within an organization. This, in turn, helps improve workplace productivity and optimization in data usage.
Data Reusability
In modern organizations, data exists in many forms. This data is often repeatedly used by many users. If the data isn’t easy to access, then it is often duplicated and sent. This not only decreases the control of your data but also increases the risks involved. Data governance helps ensure that copies needn’t be created. The accessibility of unique files can be easily restricted and controlled.
Data Reliability
By now, we’ve established the importance of data. We have also explored the various ways and purposes our data is used for. In order to deliver services/solutions effectively, it is crucial to ensure that the data used is valid and reliable. Data governance tools help identify data inconsistencies. This improves the credibility of data and could potentially save both time and revenue.
Data analytics
Analytics has now become an integral part of most organizations. They help evaluate an organization’s progress. Important strategic and tactical decisions are taken based on these data assessments. Having a good data governance model enables quick and effective analysis of data while not compromising the security of it.
Compliance
Most modern organizations, both product, and service-based must comply with almost all data use regulations. Not conforming with these regulations can have serious consequences (financial, legal, and reputation). With frequent changes, it is often difficult to update existing data. A useful data governance model addresses this and makes sure that all organization data meets regulatory standards, thereby preventing potential financial loss and embarrassment.
Unlocking secrets
Smart usage of data enables a company to gain a competitive edge over its competitors. With advancements in Machine Learning and Artificial Intelligence, discovering underlying patterns in your data, be it website usage, customer churn and other useful elements for business growth is inevitable. Investing in a suitable data governance model can help achieve this competitive edge.
The Future
Industry 4.0 technologies have advanced to such an extent that with data, they can help achieve product-associated breakthroughs (even inventing a new medicine). Moreover, the value of data along with the risks involved with them will only grow in times to come. Therefore, organizations must build an effective data governance model that helps them stay in control and ahead of the competition.
FIO Labs
If you’ve acknowledged the need for a robust data governance framework, we believe we are one more reason to reinforce your decision! We at FIO Labs, are capable and committed to serving you accomplish this. Visit our YouTube channel to take a look at what we’re up to!
Reach out to us and we can do a free assessment of your systems and provide you with a roadmap to a practical and effective data governance framework.