In all companies today, the expectation amongst stakeholders is that a data-driven approach will drive competitive advantage. we’re seeing more and more businesses exploring various initiatives like AI and the need for better reporting, in their determination to become more data driven. However, for these strategies to become effective, the data being used needs to be trusted. Think of a data governance strategy as a foundational layer for decision making, AI or other digital initiatives to work. In this article we’ll explain the importance of having a robust data governance strategy in place.
A data governance strategy gives structure to your processes and a base to manage it all. Without a framework, organisations may develop policies around issues reactively and randomly, rather than in a systematic fashion. We can break it down into the following areas:
Having data governance in place helps prevent data breaches before they happen. Sharing of confidential files and deleting files by accident are just some risks that can be prevented if your data governance strategy is in good shape.
Streamlines your processes
If you’re integrating data from a separate system this is when some data issues can arise. In too many cases IT professionals take charge of the data which doesn’t always match up across the business. This leads to inefficient management and can leave you vulnerable to security threats. By streamlining your governance processes, you create one picture that provides clear information for everyone to follow.
Supports business objectives
Is your data doing what it’s expected to do? With data governance in place, your data becomes more transparent and can improve operational efficiency. This leaves you with more time to focus on other business tasks.
Supports data security
A well-defined data governance program helps deal with the challenges related to the safety, privacy and compliance of data in today’s complex business environment. For example, to pass compliance audits, companies must ensure sensitive data is defined and protected across all locations.
Without good data governance, there’s no way of knowing when inaccurate data enters your systems, where it came from, or who is using it. This leads to poor data quality, inconsistency in data interpretation and reduces your stakeholders’ trust in your data. This is why a good data governance strategy is so important. Whether you are creating a data governance program from scratch or looking to mature your existing process, Bridgeall can help.