For several reasons, data governance is a key concern in the modern world. Organizations are struggling to manage and make sense of the growing volume of data that is being generated.
IDC research predicts that by 2025, there will be 175 zettabytes of data on the planet, up from 33 zettabytes in 2018. Because of the huge amount of data that enterprises must manage, data governance is essential to ensuring that the data is reliable, consistent, and safe.
Data governance is essential for businesses to follow laws like the CCPA and GDPR. Organizations must follow these standards to protect personal data and guarantee that it is accurate, comprehensive, and current. Organizations that violate these restrictions risk paying hefty fines. The total fines for GDPR violations in 2019 totaled €56 million, according to a PwC analysis.
Organizations must make sure that their data is secure and that they have procedures in place to spot and address any breaches given the rise in cyberattacks. A Cybersecurity Ventures analysis estimates that by 2021, cybercrime will cost the world $6 trillion yearly. Organizations must make sure the data is reliable, consistent, and thorough given the growing amount of data available in order to make wise decisions. According to a Gartner report, businesses that manage their data well may expect to see a 23% increase in revenue and a 12% increase in profit.
Due to the growing volume of data being produced, the requirement for compliance with numerous rules, the significance of data security, and the necessity for enterprises to make data-driven decisions, data governance is a major concern in the modern era. Businesses that manage their data well can anticipate considerable gains in revenue, profit, compliance, and security.
But Where Do We Even Begin?
Reevaluating your data governance policy is a crucial step in ensuring that the data in your business is reliable, safe, and consistent. When reviewing their data governance strategy, firms need to pay particular attention to a number of conditions, but some of the most overlooked and unusual ones are as follows:
Data ownership is one of the most underappreciated aspects of data governance. Organizations should be very clear about who owns the data and is in charge of ensuring its security, accuracy, and completeness. Organizations may encounter difficulties assuring data quality and regulatory compliance in the absence of unambiguous data ownership.
Data Lineage: Organizations should concentrate on comprehending the data's lineage, or how the data was produced, where it originated, and how it moves within the business. This can assist firms in locating and resolving any problems with data security, accuracy, and completeness.
Data Security: Businesses should put a lot of effort into making sure that their data is secure and that they have systems in place to spot and handle any breaches. This entails putting in place monitoring systems, access limitations, and data encryption.
Data Privacy: Organizations should concentrate on making sure they abide by data privacy laws like the CCPA and GDPR. This entails putting procedures in place for data subject access requests, requests for data deletion, and data breaches.
Organizations should concentrate on employing data analytics to obtain knowledge and make fact-based decisions. This entails putting data modeling, machine learning algorithms, and data visualization and reporting tools into practice.
Data Quality: Organizations should concentrate on making sure that their data is precise, comprehensive, and current. Implementing methods for data validation, data cleaning, and data profiling is part of this.
Organizations should concentrate on developing an efficient data governance system. This entails establishing a data governance council, selecting data stewards, and putting data governance principles and guidelines into practice.
When reviewing their data governance plan, organizations should concentrate on these neglected and distinctive aspects of data governance. Organizations can guarantee that their data is precise, consistent, and secure, that they adhere to rules, and that they get insights and make data-driven decisions by concentrating on these areas.
A plan for data governance that is unique to a given business is one that is adapted to meet those demands. The organization's industry, size, and level of data management maturity should all be considered.
The creation of a data governance council is a crucial component of a special data governance strategy. Representatives from the IT, finance, marketing, and legal departments, among others, should be included in this council. The council should be in charge of establishing data governance policies and practices and making sure that they are implemented.
The appointment of data stewards is a crucial component of a special data governance plan. These people ought to be in charge of making sure that data is accurate, full, and up to date as well as that it is used in accordance with data governance policies and rules.
Organizations should concentrate on putting data security safeguards in place to guard against cyber threats. This entails putting in place monitoring systems, access limitations, and data encryption. By putting in place procedures for data subject access requests, data deletion requests, and data breaches, organizations should also concentrate on maintaining compliance with data privacy laws like the GDPR and CCPA.
Concentrating on data analytics and data-driven decision-making is another crucial component. Businesses should concentrate on employing data analytics to obtain knowledge and make fact-based decisions.
This entails putting data modeling, machine learning algorithms, and data visualization and reporting tools into practice.GE is a prime illustration of this. A data governance council made up of members from various GE departments, has been put into place. The council is in charge of establishing data governance policies and practices and making sure they are implemented.
To ensure that data is accurate, complete, and up to date as well as that it is utilized in accordance with data governance policies and regulations, GE has engaged data stewards.
Organizations must have a strong data governance structure in place given the growing significance of data-driven decision making. We'll now look at the top 5 data governance programs your company should consider.
Data cataloging, data lineage, and data quality management are just a few of the many capabilities Collibra, a top data governance software, provides for data management. It is a fantastic option for enterprises of all sizes due to its flexible layout and intuitive user interface.
Informatica: Informatica is a recognized leader in the field of data governance. Data integration, master data management, and data quality are just a few of the services that its program offers. For businesses with complicated data infrastructures, it's a wonderful option because of its flexibility to interact with other systems.
Alation: An extensive set of capabilities is available in Alation, a data cataloging and discovery tool, to assist businesses in managing their data. It's capacity to automatically find and catalog data assets make it stand out, making it simple for users to locate the information they require.
Data profiling, data lineage, and data quality management are just a few of the many functions offered by SAP Information Steward, a data governance program. For businesses that use SAP as their enterprise resource planning system, it is a wonderful option because of its ability to interact with other SAP systems.
Data quality, data integration, and data governance are just a few of the many functions offered by Talend, a software program for managing and integrating data. Its open-source nature makes it a perfect option for businesses looking for a low-cost solution.
The best data governance software for your company will rely on a number of variables, including its size, the complexity of its data environment, and its financial situation. It's critical to compare the features of each piece of software and select the one that best suits the requirements of your company. When choosing a choice, it's also crucial to take scalability, usability, and compatibility with current systems into account.