[Term of the Day]: Data Governance
Term of the Day
"Data Governance"
What is Data Governance (DG)?
Data governance is a process of identifying important data across an organization, ensuring it is of high quality, and improving its value to the business. It is like the WHO-WHAT-HOW-WHEN-WHERE-WHY of data management that ensures data meets precise standards and business rules as it is entered into a system.
Benefits of data governance include:
- Enabling better decision-making
- Reducing operational friction
- Reducing costs and increasing effectiveness through coordination of efforts.
- Making data consistent
- Improving data quality
- Maximizing profits of the organization
In the modern era, many businesses are growing rapidly and create vast amounts of new data each day. While entering the data manually or digitally there is always a possibility of entering incorrect or duplicate data and that can lead to a big data disaster for decision making and implementing new business strategies.
Organizations have started understanding the importance of big data, they realize that their data must be deterged and enriched to compete and to get the full benefit of their data. To utilize data as a strategic asset, organizations must empower their people as well as technology and processes to manage the long term quality of their data.