What Is Data Governance And Why Is It Important?
Data governance is organisation combined with knowledge. It is the process of managing the availability, usability, integrity and security of data. This data includes the information created within a business; from employee files to accounting records, websites, client data, emails, social media posts, etc.
Data governance also involves the control of data regarding the policies, procedures, and structures that organisations must comply with when they create, manage and share information both internally and externally. Effective data governance ensures that data is consistent and trustworthy and doesn’t get misused.
Many organisations have failed due to improper data management and analysis, not a lack of funding. And although some people had the necessary data, they lacked data governance.
Data governance will help you determine the information to keep in your business, how long you should keep them, and where to store them. By implementing data governance, your company can prevent work from piling up, boost employee productivity, and make work more enjoyable.
Data governance also ensures that you have cleaner data, which will help you make better business decisions, which, in the long run, means better business results and higher profit margins.
But like any other business strategy, data governance needs to be implemented properly. Let’s take a look at the steps that you can take to set up effective data governance in your business.