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What is data governance and why is it important?

About 95% of companies say their inability to understand and manage unstructured data is holding them back. 

In a world where data is the new gold, managing it correctly is crucial to the success of any organization. 

But how can we ensure that the data we handle is accurate, accessible and secure? The answer to this mystery is “data governance.” 

However, what exactly does this term mean and why is it so relevant in today’s business environment? In this article, we will discuss what data governance is, its advantages, uses, and why it is essential to implement it in any organization.

What is Data Governance?

It is a rigorous approach that aims to maintain the quality, availability, integrity, and security of data within an organization. 

Through the establishment of policies, procedures and standards, it ensures that data is correctly managed throughout its life cycle.

Data governance is essential in all software development services or in all sectors, since data has become the most valuable resource and, therefore, the most sought after objective by cybercriminals.

The key importance of Data Governance

The importance lies in the fact that it helps organizations take advantage of the benefits of information. 

Data is a crucial asset for businesses , but only if it is managed effectively and efficiently. This provides a framework to ensure that information is high quality, secure and accessible to authorized users.

Data governance is not simply a good practice, but a necessity in today’s business environment. It allows them to maximize the value of their data, while ensuring its integrity, security and regulatory compliance. But what are the advantages? Let’s see below:

Standardization and Data Quality:

With information governance, it is possible to establish standards that guarantee the quality and consistency of data. This is crucial to avoid errors that can affect decision making and, ultimately, the performance of the organization.

Normative compliance:

Regulations on data handling are becoming stricter. Good data governance helps you comply with these regulations, thus avoiding potential legal and financial penalties.

Data Security and Privacy:

In an era where cyberattacks are the order of the day, ensuring data privacy is vital. Data governance establishes the policies necessary to protect sensitive information.

Operational Efficiency:

By having firm control over data, operations become more efficient. This translates into a reduction in costs and an increase in productivity.

Data governance uses

  • Data-Driven Decision Making: With accurate and reliable data, organizations can make informed decisions that drive business success.
  • Innovation and Competitiveness: Good data governance enables innovation by facilitating access to quality information, helping companies stay competitive in the market.
  • Interoperability and Collaboration: Facilitates collaboration and the exchange of information between different departments or even custom software development company, which is crucial in an increasingly connected world.
  • Development and Maintenance of Data Infrastructures: Establishes a solid foundation for the development and maintenance of robust data infrastructures, thus ensuring efficiency in the management of data systems.

Why data governance is necessary

The need lies in your ability to transform data into a valuable and trusted asset. Furthermore, in a world where data regulations are increasingly strict, having good data governance is essential to avoid sanctions and strengthen trust with stakeholders.

Data as a fundamental part of companies

Data governance is a central piece in the effective management of an organization’s information assets. Its implementation not only guarantees the quality and security of data, but also facilitates informed decision making, innovation and regulatory compliance. 

We understand the needs of modern companies to safeguard, process and distribute information appropriately.

That is why investing in this matter is investing in the sustainable and successful future of any organization. We invite you to request a free consultation on data governance with our experts to find together the best solutions for your organization.

Author Bio:

Glad you are reading this. I’m Yokesh Shankar, the COO at Sparkout Tech, one of the primary founders of a highly creative space. I’m more associated with digital transformation solutions for global issues. Nurturing in Fintech, Supply chain, AR VR solutions, Real estate, and other sectors vitalizing new-age technology, I see this space as a forum to share and seek information. Writing and reading give me more clarity about what I need.