Data has become one of the most important assets for businesses of every size. More and more companies are waking up to the importance of Data Governance and with the help of data management systems, they are now able to produce consistent results.
It’s very important that companies realise the benefits of a sound Data Governance strategy. According to a study published by Forbes, a sound Data Governance strategy can significantly improve returns from enterprise Business Intelligence (BI) investments.
These claims have been backed up with direct feedback from global organisations. With 75% of corporate executives agreeing that as Data Governance is enforced in enterprise BI operations, advanced BI capabilities will be easily available to mainstream business users.
What is Data Governance?
The volume, quality and types of data that are being collected by businesses are ever changing. As big data continues to evolve so too does the role of Data Governance. According to Forbes, Data Governance requires a healthy balance between consistency and flexibility.
To put it simply as it is today… Data Governance is a discipline that governs the overall management, storage, usage and protection of the organizational information.
The following are five key reasons as to why Data Governance is so important today:
1. Poor analysis of data results in poor management level decisions.
How do you know if you are headed in the right direction of your progress chart? The answer is analytics.
Businesses that don’t have data governance as a part of their company structure often face difficulties in analyzing the data at hand. The data generated in an organization keeps on growing exponentially and hence, it is important to analyze and organize data for better reusability.
Fast growing small businesses quickly outgrow manual analyses and soon find it hard to deal with larger amounts of data. Analyzing data conveniently also decreases the time taken to solve consumer queries.
2. Governance allows for data to be reused time and again.
Consider this; if you run a construction company, then it is given that there would be a lot of documents that need to be revised and reused. This includes such things as blueprints or construction plans by multiple people including the architects, structural engineers and others working on the project.
Without a data governance tool, your paperwork could be a shoddy mess with an unnecessary exchange of different versions of the same document. With a data management tool, you could share and reuse the same data frequently and notify other members about the changes made.
3. It helps to provide data sharing with ease.
Imagine a messy cupboard full of files and you are surrounded by hard copies trying to go through each document carefully to find a single file you need to send. Data governance tools and resources are very useful in quickly finding and sharing files with users in your organization.
4. It helps to keep your data safe.
Data is the most integral asset of an organization. Misuse of data or other such deliberate activities could give you serious legal woes at the worst or give you a bad name amongst clients at the least. Data Governance tools provide data security from external as well as internal members with permission sharing and file hierarchy.
5. Database backups…
Have you ever imagined the amount of damage a crashed computer hard drive can do to your business? If your data is not backed up, this risk multiplies manifold. Data governance simplifies storage and backup of data.