Benefits of data Governanance are-
1) Better Decision-Making: Well-governed data is more
discoverable, making it easier for the relevant parties to find useful
insights. It also means decisions will be based on the right data, ensuring
greater accuracy and trust.
One of the key benefits of data governance is better decision-making. This applies to both the decision-making process, as well as the decisions themselves.
2) Operational Efficiency: Data is an incredibly valuable in
the age of data-driven business. Therefore, it should be treated as the asset
it is.
Consider a manufacturing business’ physical assets, for example. Well-run manufacturing businesses ensure their production-line machinery undergoes regular inspections, maintenance and upgrades so the line operates smoothly with limited down-time.
3) Improved Data Understanding
and Lineage: It
also provides greater accountability. By assigning permissions, it is far
easier to determine who’s responsible for specific data.
Data governance is about understanding what your data is and where it is stored. When implemented well, data governance provides a comprehensive view of all data assets.
4) Greater Data Quality: Data quality
wants to know how useful and complete data is, whereas data governance wants to
know where the data is and who is responsible for it.
Data
governance improves data quality, because answering the latter makes it easier
to tackle the former.
As
data governance aids in discoverability, businesses with effective data
governance programs also benefit from improved data quality. Although
technically two separate initiatives, some of their goals overlap.
5) Regulatory Compliance: if you haven’t yet adopted a
data governance program, compliance is perhaps the best reason to do so. Hefty
fines with an upper limit of €20 million or 4% or annual global turnover –
whichever is greater – are nothing to baulk at.
GDPR
fines are only incentivizing something you should already be keen to do.
Data-driven businesses that aren’t enjoying the aforementioned benefits are
fundamentally stifling their own performance.
It could even be argued that to be truly data-driven, data governance is a must.
6) Increased Revenue: Driving
revenue should, in fact, be higher on the DG benefit list. However, it’s
positioned here because the aforementioned benefits accumulatively influence
it.
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