In today’s data-consuming world, where people consume more than 118 zettabytes of data, the need for governing data increases with each moment. According to Big Data Facts, 80-90% of today’s data is unstructured. The constant collection of unstructured data creates a potential hindrance to business performance. Therefore, it is crucial to govern data efficiently. In this blog, we will delve into how efficient data governance can transform a firm. 

The need for data governance implementation 

Data is arguably one of the most important assets of an organization. Despite being the heart of most business operations, 40% of enterprise data is considered inaccurate, incomplete, or unavailable. The inaccuracy and mismanagement of data have led to an annual loss of approximately $14 million. This has created a vital requirement for data governance and its various implementations.  

The lack of data governance in an organization is easily recognizable due to the consequences created by it. In the absence of efficient data governance implementation, the power of decision-making resides with the staff who own the system. These variations in ownership result in data inconsistencies such as: 

  • Unavailability of data 
  • Improper collection of data 
  • Inefficient use of data 
  • Lack of data integrity and security.

A glimpse at the data Governance framework 

Data governance, even with its set of challenges, is still considered to be efficient and beneficial to organizations. The data governance framework generates a set of rules and processes to collect, use, and store data. And it also covers a lot of ground when it comes to a firm’s data management systems. An efficient data governance implementation can make a huge difference to an organization. The Insights generated by the data governance rules and standards aid organizations in: 

  • Reducing risks 
  • Minimizing operational costs 
  • Optimizing workflows 
  • Improving the data quality and much more. 

Use cases of Data Governance frameworks 

Data governance is not a complicated concept; however, it is still important to understand it clearly to make use of data governance frameworks. Here are some use cases that can be of help to improve data initiatives: 

  • Protection of personal information 

Sensitive data comes with the importance of understanding the process of personal data being captured and stored. In the case of an unfortunate event such as a data breach, it is vital to assess the overall impact created by the data breach and to notify the owners of the data impacted by the breach. In such circumstances, data governance comes into play. Data governance comprehends data accountability and sets the use and access policies accordingly. The processes are defined in a manner that the issues are resolved with data through the aid of data governance. 

  • Management of master data 

Successful master data management requires maximum engagement and a high cadre of decision-making across data silos. In the case of failure in the master data management creation, implementation of technological solutions would be rendered impossible. Data governance allows the master data management completion in making the master data projects easier. 

  • Self-service business intelligence 

Data governance can be of great use when it comes to self-service business intelligence. Business intelligence with a self-service aspect has become a priority for various organizations. A well-governed environment avails ease of access to information such as data sets and reports. Data governance will facilitate decision-making procedures aiding in the success of the self-service BI program. 

  • Digitalization of customer experience 

As more businesses start adopting digital channels, the requirement for data collection increases. Data governance is well-known to aid data management by making it efficient. Efficient data storage can create more positive experiences by simplifying data collection, optimizing data storage, and analyzing client data. 

Transform Data chaos into an Organized Brilliance

As businesses navigate to an increasingly data-rich landscape, the transformative impact of efficient data governance cannot be overstated. The ability to harness the potential of one’s data asset has become crucial to attain success. As we move forward, data governance will continue to evolve, and so will its role in shaping the future of data analytics. Therefore, it is crucial that firms harness data governance as an indispensable cornerstone of modern business strategies. One of the best ways to embrace data governance would be by opting for enterprise data analytics services that offer analytics-based solutions and services to resolve issues and enhance operations. By utilizing enterprise data management services, firms can position themselves to adapt to changing landscapes and seize growth opportunities that were previously considered unattainable.

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