Data-driven organizations make better decisions, acquire more customers and keep their customers longer. As a result, they drive more revenue and profits than businesses that make decisions based on speculation. Unfortunately, the inability to quickly find digital assets is a core problem that prevents many organizations from gaining a competitive advantage. Open Access Government brought this interesting information to our attention in their article, “Finance, foes and failure: The risks of neglecting data governance.”
Data governance refers to the set of laws, policies, regulations, authorities and decision-making structures that guide how enterprises collect, share and use data to inform decisions. Effective data governance grows out of data management maturity.
A big part of data governance is around compliance. The processes and policies lay out who can take what actions with what information, when, under what circumstances and using what methods.
Data is becoming the core corporate asset that will determine the success of your business. Digital transformation is on the agenda everywhere. You can only exploit your data assets and do a successful digital transformation if you are able to govern your data.
Melody K. Smith
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