Robust data governance process

Data is available on multiple sources, on the cloud, and on-premises across IoT-enabled devices paving way for an unprecedented level of attacks to breach intellectual property and data. The lack of a uniform approach to tackle both structured data and fluid data (data generated on the move) adds to this predicament faced by enterprises. Businesses cannot afford to ignore the need to implement data governance controls; progress can be achieved only if a transparent, yet systematic approach is adopted to handle all kinds of data. This will slowly set the ball rolling in favour of reusing such data to generate insights and automation of processes.

The need for "Data Governance" and how is it going to help businesses handle their data better?

Enterprise data plays a crucial role in leading a fast-paced digital transformation strategy. Further-

• Senior management requires accurate and timely data to make strategic business decisions.
• Marketing and sales professionals need reliable data to understand the needs of their customers.
• Procurement and supply-chain-management personnel need updated information to track inventory and reduce manufacturing costs.
• Compliance officers are required to prove that the data handled adhered to both internal and external mandates.

Enterprises are compelled to maintain consistent data quality to adhere to regulatory compliance mandates on digital users’ data as a priority. Businesses need to ensure data security, ensure effective data masking of personal data (using SSN, and passwords), and be compliant with up-to-date data protection and privacy laws like GDPR (General Data Protection Regulation). Data Governance manages the availability, integrity, security as well as effective usage of data based on a set of standards and policies such that data is consistent and trustworthy throughout. With an increasing influx of new data privacy regulations and businesses relying on data analytics to help optimize operations and decision-making; a robust data governance solution is a must. A data governance framework regularizes control and management of enterprise data that powers advanced and reliable analytics; minimizing the risk of using sub-standard data and enhancing data security. It is not just about storing data and securing it but also being accountable for that particular data asset along with technology.

Data Governance in a nutshell-

• Improves data quality.
• Provides stakeholders with easy and reliable access to relevant data.
• Projects data lineage and makes understanding better.
• Better cost control as data duplication is removed.
• Reduced risk of major disruptions exposing data.
• Actively assists in the adoption of Regulatory Compliance.
• Improved outcome of decisions made based on data.

https://lumendata.com/blog/benefits-of-implementing-a-robust-data-governance-process/