Data governance is the process of managing the usability, security, availability and integrity of data within an organization using internally established and enforced rules and policies. Effective data governance ensures that data is consistent, accurate, secure and not misused.
The value of Big Data comes from its ability to make better and faster decisions. Choices made must be based on reliable information. Therefore, it is necessary to have a process in place to govern the information as it is analyzed. Data governance policies ensure that the right people have access to the data they need and that the data is not misused.
“The value of Big Data comes from its ability to make better and faster decisions.”
Why is it important?
Data governance is a must for any business that wants to use its data for analytics. It creates an environment in which data can thrive as a source of actionable insights that enable the business to prosper. Without it, data cannot meet the quality standards required to extract actionable insights, or it could be subject to security threats that compromise its integrity and expose organizations to the risk of legal action.
Data governance improves reliability in all business areas of the organization and enables efficient data integration. For example, a distributor’s name may be mentioned differently in the purchasing office and in the database. Analysts who have never interacted with the supplier can present a challenge with data integration.
Governance ensures that there is consistency and that the analyst does not have to consult the departments that generate the data to understand it, it goes beyond information extraction and security by controlling who within the organization has access to the data and how. Therefore, it is important to understand what data each individual employee needs before establishing data access rules or policies internally.
Data governance is a must for any company that wants to use its data for analytics.
Objectives
The goal of data governance is to process and manage data resources. Data resources are used to drive decision making and improve productivity. Data governance ensures that everyone in an organization uses the same set of data for different tasks, avoiding potential duplication and confusion that can lead to errors. It also provides a systematic approach to review and authenticate data sources.
A key objective of data governance is to break down data silos in an organization.
2. Ensure data is put to good use.
3. Improve data quality.
4. Ensure compliance.
Benefits
The benefits of data governance are many. It can successfully maintain privacy, prevent data leaks and prevent potential lawsuits. Companies cannot afford not to have a plan in place for the management and use of their data because the potential risks of data loss and the consequences of data misuse can have serious legal and operational implications.
Data governance benefits a company in several ways. For one, it provides an overarching policy for managing the organization’s data so that it can comply with government mandates and industry standards. It also allows the enterprise to have better visibility into data sources and create greater transparency. Data governance is responsible for several tasks, such as setting up formalized data retention policies, training employees on how to use the information, and monitoring vendor updates.
Data protection regulations such as GDPR, PCI DSS and US HIPAA are very strict in the way data must be managed. Failure to comply with these laws can result in heavy fines and damage your reputation. Data governance takes enforcement into account from the outset, protecting organizations’ data.
Strong governance ensures that all data creation points operate with data quality as a priority, leading to an overall improvement in data quality within the organization.
Data governance functions as an address book for all data in the organization. This ensures that there is no data isolated by errors of commission or omission of the organization’s general rules and policies.
The code of conduct and rules established by governance ensure that data management is easier. Enables data security management and legal compliance.
Strong governance ensures that data is secure and orderly when it is accessed and of better quality when it is created. Governance is important for an organization that intends to use its data for analytics because it ensures the consistency, integrity and security of the data. By improving data quality and the proper use of data, it increases efficiency within the organization and saves users a lot of time.
To implement it successfully in an organization, data users must be trained on governance policies to ensure they understand what will be required of them. There are a number of tools and services that help companies and organizations establish robust governance, providing a comprehensive framework to ensure that the value of data is enhanced and compliance is ensured.
Finally
Data governance is the practice of managing data assets in an organization to ensure that they are built, managed and used responsibly. Data governance ensures that you will be able to meet current and future business needs while maintaining compliance with privacy laws. To do this, it is critical to establish policies and procedures that govern how data is collected, accessed, protected, shared, retained or disposed of. This process will provide a framework to better understand your company’s data needs and identify solutions that align with your strategy.
At XALDIGITAL we help develop a culture focused on data quality control, implementing the necessary policies and tools in the work team to maintain its value over time and optimize its performance.
