The Business Value of Data Governance
Companies of all sizes benefit from effective data governance. Defined simply, data governance is the framework an organization uses to manage data. Governed data is essential to ensure compliance, adherence to legal regulations, and to manage risk. The structure of a data governance program can consist of employees and their specific roles within the organization, business processes, and the technology that assists in managing and securing data.
The Benefits of a Data Governance Program
Digital technology is evolving and building a thoughtful program will bring order to the chaos of burgeoning data sets during this era of emergent innovation. This well-planned system allows teams to make data-informed decisions that streamline processes and grow business. Data governance processes also facilitate the usability and integrity of data. The system endeavors to ensure companies have reliable data sets to assess business performance and make informed decisions.
Effecting a comprehensive data governance program guarantees that these business priorities are always top-of-mind:
- Maintaining regulatory, legal, and financial compliance
- Providing superior customer service
- Securing a lead over competition
- Developing new product lines and services
- Supporting better management decisions
With a shifting remote workforce, it’s more important now than ever that organizations secure their growing data and deploy a comprehensive data governance program. Businesses must scale their data governance programs to deal with additional data sets and a variety of users, while simultaneously considering more regulatory requirements.
Beyond regulation, providing a centralized location for all data enables enterprise-wide collaboration—which is especially important in remote environments. Securing this data and the privacy of its collaborators is essential to keep business processes running smoothly.
Data Governance is a Sound Investment
Investing in a sound data governance program is necessary to protect your organization but also to provide future growth opportunity and reach outlined business goals. It will propel your business to deliver better products, secure a competitive advantage, and provide more value to your customers and internal constituents.
Once implemented, a data governance program should be revisited regularly and will need to evolve to match fluctuations at the company, changes within your customer demographic, and transitions within your industry. Keeping pace with these changes will dynamically transform your business and will ultimately deliver better outcomes. As a trusted technology partner, On-Demand Group can consult with your business on a data governance project. Contact us today to learn more.