Beyond Data Management Like Any Asset, Data Requires Care and Maintenance!
Data governance has risen to the forefront of many companies across different industries. Still, most of them mainly adopt data governance measures due to increased government regulations regarding the collection and handling of data, along with the huge reputational risk from data breaches or other types of incidents.
However, data governance isn’t just about compliance or security, as both often create a disconnect between governance and business impact. Companies need to go beyond meeting baseline regulatory and security standards in order to translate data investments into value in their core business.
Without quality-assuring governance, companies not only miss out on data-driven opportunities; they waste resources. It was reported that an average of 30% of employees’ time was spent on non-value-added tasks because of poor data quality and availability.
Data governance is about having a common and shared understanding of data, and efficiently managing it in order to optimize business value. In practice, it’s a combination of: