The Importance of Data Governance
With over 2.5 quintillion bytes of data collected each day, the ability to quickly transform and analyze data is more important than ever. Data governance is an intricate internal structure that defines the collection, standardization, and deployment of data to ensure that all users have the same accurate and usable data when they need it. A proper data governance program allows for companies to efficiently find value from the data they collect while simultaneously maintaining proper security measures. Decisions need to be made quickly in order to remain successful. Implementing a process for efficient data analysis can be the difference between your company and a competitor. In this blog, I will discuss four major benefits of employing proper data governance procedures.
- Quality of Data
An effective data governance program establishes confidence that data is usable and accurate. Clean data allows for easier analysis and enables companies to determine what metrics are the most important, what gaps they have in data collection, and view current trends that may affect future performance.
- Data Sharing
Information sharing within an organization is made much easier with proper data governance. Data governance helps ensure that the most up to date files are easily accessed and shared to all key members of a project. It also helps ensure that data is presented in a consistent view to aid users. Reports automatically update allowing end users to spend more time analyzing and acting, and less time tracking the most recent version of a file.
- Data Reusability
When a database is governed correctly, data models are accurate and up to date without conflicting data models. There is one single version of the truth that companies can be confident in: reusability helps companies maintain a level of consistency across functional units efficiently.
- Overall Efficiency
When data is readily available and users have confidence in its accuracy, more time can be spent finding useful data insights. Storage and costs will be decreased of proper data governance. Less time will have to be spent creating new reports.
These benefits highlight the value that a proper data governance program can offer to a company. Having a program in place to handle the sheer size and variability of data collected in the future will be essential to maintaining company existence