Data governance is the set of processes surrounding the management and usage of data, including how it is used, stored, accessed, and kept secure. While data governance rules and definitions should be unique to meet the needs of each organization, its standard framework is centered around the people, process, and technology required to make data fit for its intended purpose.
As businesses look to become data-driven and to leverage data insights, data governance will be critical to managing trusted data with confidence to drive operational excellence, compliance and regulations, and exceptional customer experiences. In fact, 79 percent of organizations either have data governance initiatives underway or it’s on the horizon.
Think about data governance as your gatekeeper responsible for setting up definitions, rules, and thresholds around what your data should look like and how it should be leveraged. But what happens if you’re working off invalid values, gaps or duplicate information? The first step to a successful data governance program is data quality—meaning data that is accurate, relevant, and complete. Cleansing and standardizing your data so you’re confident it is valid, trusted, and formatted correctly will ensure reliable data is ready to abide and be maintained by your data governance rules.
Data quality lays the groundwork for building a truly effective data governance strategy.
of companies feel they have some level of inaccurate data.
of companies have a data governance project planned in the next 12 months.
of companies have seen a return on investment from their data quality solutions.
If you think of data as water, data quality is the process to purify the water. Data governance helps ensure the right resources are responsible for the right aspects of the collection, purification, and distribution of the water. By focusing on the quality of your data first, you reduce the risk of half-baked data governance efforts that leave you chasing unnecessary issues or making inaccurate decisions. Starting with data quality gives you a strong foundation for you to have confidence in monitoring, auditing, and accessing your data.
To ensure your data is high quality, focus on making sure it is accurate, standardized, and fit for purpose. This way it can be used for governance initiatives, which supply the practices and tools your organization will use to ensure that you have data you can trust. Together, they help you maximize the value of your data and strengthen your competitive edge.
If you’re looking to advocate for data governance at your organization, you can follow our five-step blueprint to get your team on board. Check out our tip sheet for how to get started with data governance and best practices.Get the data governance tip sheet
Data is growing and diverging constantly, which results in an increasing urgency to implement a data governance framework. But the backbone to data governance is data quality. Governance programs and initiatives don’t work without data that is accurate, usable, and relevant.
Talk to our data experts today to see how we can improve data quality and help you and your business achieve success with your data governance program.