Data Governance

What is Data Governance?

Data Governance is a framework of processes and policies governing how data is controlled, maintained and authorized in order to keep it accurate, compliant, secure, and accessible across a company. To have a successful data governance program, an organization must outline clear ownership and standards with consistent architecture and technology.

How does Data Governance work?

Data governance outlines and defines the strict rules and responsibilities of correctly managing the data lifecycle, especially around cybersecurity, compliance, and regulatory policies. Organizations must set up procedures that accurately track how data is stored and shared, ensuring that all stakeholders have access to the same consistent and trusted information. 

What are the business benefits of Data Governance?

• Provides for a consistent and transparent understanding of the rules and practices of data management across the organization
• Ensures regulatory and security compliance standards are met, especially in highly regulated industries like healthcare, financial services, and manufacturing
• Minimizes the risk of errors, inconsistencies, and misinformation in data handling, helping companies to build customer, investor, and employee trust
• Facilitates faster and more reliable decision-making based on reliable and accurate information, rather than guesswork
• Supports business growth, innovation, and competitive advantage as companies are better able to tailor product offerings based on customer behavior, engage in more reliable sales forecasting, develop more targeted marketing strategies, and more accurately track inventory and supply chain operations