What Is Data Governance and Why Should It Matter to Your Business?
It’s no surprise that data is big business these days. The question is, is there a standard way that people keep track of their information? That’s where data governance comes in.
The data governance market is valued at $1.81 billion. Now that businesses everywhere are using more data, companies large and small are taking advantage of what it offers.
Data governance is essential if you store any data for your business. Keep reading to learn what is data governance and why it matters for every business.
What Is Data Governance?
Data governance is the process of putting together a plan for data storage and management. It ensures that the data you store is secure and follows the rules, regulations, and policies set out by governing bodies. Data governance allows companies to store confidential information in a safe environment, so there isn’t any risk of it leaking or getting hacked.
A data governance framework will also help you keep track of all the stored data in your company. It distributes tasks for storing, managing and using data throughout the entire organization. The framework allows you to have a clear plan about how your company uses your data.
Check here to learn more about what data governance tools offer.
Why Is Data Governance Useful?
Now that you know more about data governance, the question is, can your business make use of it? Below are several reasons data governance is worth setting up correctly.
1. Improve Data Quality
The last thing you want when storing data is for there to be no rhyme or rhythm to how you enter it. If everyone enters data their own way, you’ll end up with a mess that has poor quality.
Data governance tells your team how they should handle data entry. It will improve data quality and ensure there are no mistakes.
2. Comply With Laws
Data is so important today that governments are starting to take notice. It’s your responsibility to safeguard the data you store. If you don’t, you may be held liable by the government.
If you store sensitive data, there are sets of rules and regulations that you need to follow. Having an excellent data governance system will help you comply will all these rules.
3. Reduce Risk
Storing a large amount of data these days is risky. Cybercrime is more common than ever. If you don’t take action to secure your information, you’re putting your data and your company at risk.
The steps you take when creating a data governance framework will help you reduce risk. It puts your data behind walls that are challenging to access. Doing this will make it harder for hackers to access your data and expose your company’s secrets to the world.
Create Your Data Governance Framework Today
Data is more critical today than ever for businesses. You can’t avoid collecting customer data if you want to create compelling products and marketing material. Make sure you set up a data governance framework soon, so you can reduce your risk and comply with any laws passed by your government.
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Ben Stern wrote this article on behalf of FreeUp. FreeUp is the fastest-growing freelance marketplace in the US. FreeUp only accepts the top 1% of freelance applicants. Click here to get access to the top freelancers in the world.
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