In 2021, data is the most valuable asset to any business and must be managed effective and efficiently. This is where data governance comes in.
According to IBM, data governance consists of policies, processes, and an organisational structure to support enterprise data management. Effective data management policies and procedures lead to improved decision making and subsequent business outcomes.
Global businesses, in today’s time, are collecting staggering amounts of data, whether coming from inside or outside the company. Due to this, effective data governance is a must to use data effectively, manage risks, and reduce overall operational costs.
Data governance is a booming market and rightfully so with all of the cyber risks and data storage issues that can land businesses in hot water with clients and regulators. According to Mondor Intelligence, the data governance market is projected to reach a value of $5.3 billion by 2026, which is a compounded annual growth rate of 21.44% from 2021 to 2026.
As businesses take a closer look at the processes and procedures for collecting, storing, and managing data, data governance structures will provide the guidance needed to promote compliance, trust, and order with all of the droves of data being accumulated by businesses on a daily basis.
This article will look at three ways businesses can unlock hidden powers of their organisation’s IT environment through the implementation of a data governance structure.
One of, if not the main objective of data governance, is to ensure data is secured from unauthorised access.
Cybercriminals are always on the lookout for paths into internal IT systems to access sensitive data such as PII, PHI, or PCI. If these documents are accessed by unauthorised parties, a great number of unwanted issues can occur for the organisation.
From regulatory fines to third party credit monitoring costs for impacted customers, the slow burning effects of a cyber incident can create a major headache for any business, no matter their size. Furthermore, cyber-attacks can also tarnish the reputation of a business which may not be able to survive a public relations crisis like a cyber event.
With a data governance structure in place, businesses can ensure they have the framework and processes to keep cyber-bad-actors outside the business where they belong.
Data governance structures provide overall transparency into how data is processed by users within the organisation. This documentation also supports the organisational structure revolving around data management and clarifying roles and responsibilities pertaining to managing and maintaining data.
Data management allows users to have easy access to data and know where to look to find what they are searching for. This order, created by data governance, allows businesses to reduce costs by getting users what they need in a timely fashion – so they can focus on more complex tasks.
Data that is not managed properly cannot turn into valuable knowledge that improves decision making processes. Data governance structures can provide the solution to helping data’s value soar to new heights.
Trust and security go hand in hand when data governance is implemented within the business. With consumers willingly giving up personal data to companies, a relationship of trust is automatically established in terms of data protection.
Data governance structures provide the processes and procedures to ensure customer data remains safe and always protected from cyber criminals.
The social trust between the consumer market and any organisation is an underrated asset more business leaders should pay attention to, because if this social bond is lost the company can end up fighting for their survival.
Cyber breaches turn customers into innocent victims who played no part in having their personal information out there for illicit use. To protect customers and the organisation’s reputation, businesses need to take a hard look at how data flows into and out of the enterprise. Any vulnerabilities could come back to haunt the organisation for many years to come.