With solid data governance, users throughout your organization can find the accurate and reliable information they need to meet regulatory compliance, provide exceptional customer service, and seize opportunities for new business growth. Data governance also helps your company reduce costs by eliminating wasted time and resources spent searching for the right information.
What Is Data Governance?
Data governance creates policies and standards to ensure data is understood, trusted, documented, easily accessible, secure, and compliant. Data governance aims to increase enterprise data use, foster team collaboration, and create a data-driven culture. Data governance is necessary for compliance with laws and regulations and enables businesses to get more value from their existing data. For example, companies implementing a data governance initiative can easily understand their data and identify gaps in their current processes, systems, and tools that need to be addressed for improved analytics and decision-making.
As you develop a data governance program, there are several best practices that you should keep in mind to ensure your initiative is successful. These include setting clear, concise goals for your program, providing all stakeholders know the initiative’s benefits and communicating consistently and effectively. As you create your data governance strategy, consider your business’s unique needs and objectives. For example, if your company uses a lot of customer data, it might be beneficial to establish a separate department that is dedicated to this information. This way, you can ensure that the right people analyze and use this data to make informed business decisions.
What Are the Benefits of Data Governance?
Data governance programs can benefit your organization in several ways, enabling users to access and explore accurate, reliable data. It can help you meet business requirements and make more confident decisions about your customers, products and services. It can also improve productivity by eliminating information silos and reducing time spent searching for data. And it can help you reduce costs by allowing you to avoid unnecessary data purchases and maintain fewer data systems.
Achieving data governance goals requires the right people and technologies. For example, you’ll need the right tools to discover and classify data across all your storage systems and processes to merge and integrate this data. You’ll also need a relevant data architecture and database design to support your company’s future needs.
The benefits of data governance include ensuring that all users can find the data they need, when needed, without searching for hours or even days. It can also help you comply with regulatory and legal data policies and ensure that your employees only see the data they’re authorized to visit.
Successful data governance tools from reputable providers like Fortinet can also help you increase your revenue and profit by improving customer satisfaction, delivering more effective marketing, and gaining new business opportunities. It can also help you create a more trusted relationship with your customers by demonstrating your commitment to protecting their sensitive personal information.
How Can Data Governance Benefit Your Organization?
One of the main benefits of data governance is that it reduces operational costs by streamlining processes, minimizing redundant information, and eliminating inefficiencies. For example, data governance can help organizations reduce the cost of storing and managing data by providing guidelines for storing and organizing data. Another way that data governance reduces costs is by lowering data-related errors. By establishing policies for handling data and ensuring that all parties know these standards, teams can avoid mistakes such as duplicate records and out-of-date or inconsistent information. It helps organizations save money by preventing errors resulting in costly delays, rework, or even lost revenue.
Data governance also enables organizations to achieve greater operational efficiency by providing clear rules for changing data processes, helping them be more agile and scalable. It also allows them to optimize data storage, eliminate redundant information, and improve documenting and logging of data processes. Finally, data governance assists companies in lowering risk by ensuring that only authorized individuals have access to private or sensitive data. It is done by assigning data owners for each piece of data and providing them with tools to manage and audit access to their data. Organizations can provide all stakeholders with a single version of the truth by deploying a centralized governance process. It is especially advantageous when it comes to decision-making, as users and decision-makers will have more trust in the data they’re dealing with and will be less likely to make incorrect conclusions based on accurate or full information.
How Can You Start a Data Governance Initiative?
A successful data governance initiative starts with clearly defining your goal and the benefits you expect to reap. It will help you create a framework that produces the results your business needs rather than one driven by regulatory compliance alone. Your goal may be to improve data quality, increase the capacity for self-service data analysis or reduce pressure on your IT department. Then, define your approach. Depending on your organization’s size, complexity and project scope, you can choose from many different models. You can start with a small sample and analyze the data within your business, or you can incorporate your governance efforts into existing processes. Once you’ve defined your goals, it’s time to determine your team members and establish responsibilities for each role. It can be done through workshops, email newsletters and reports. Employee education and training are also crucial to assist them in understanding data governance guidelines, privacy laws, and their role in maintaining data set consistency. Consider implementing software that can automate aspects of your data governance effort, such as cataloging data for better organization and visualizing data in an easy-to-use interface. You can also use software that helps track data lineage so your employees always know who created the data and where it came from. It can prevent them from relying on incorrect information or using data that hackers could compromise.