Data governance is critically important in the context of digital transformation. Digital transformation involves leveraging technology to fundamentally change how an organization operates, serves its customers, and creates value. Central to this transformation is data—how it’s collected, managed, analyzed, and used.
With the opportunity to leverage new forms of data and analytical techniques comes significant complexity in terms of data governance. Balancing the opportunities and challenges from the digital economy requires having sound data governance frameworks.
Digital transformation often involves the integration of data from multiple sources and systems. Effective data governance ensures data’s accuracy, consistency, and reliability. Poor data quality can lead to erroneous decisions and inefficiencies in digital processes.
In a digital transformation, data needs to be accessible to the right people at the right time. Data governance defines who has access to what data, under what circumstances and for what purposes. This helps prevent unauthorized access and misuse of data.
A well-defined data governance strategy ensures that data initiatives align with the organization’s overall business goals and objectives. It helps prioritize data-related projects and investments to achieve maximum ROI from digital transformation efforts.
Data has depth and layers. Its value, meaning, and protection requirements shift depending on the circumstances in which it is obtained and used. At the end of the day, however, data is only as valuable as the insights that can be extracted from it.
Trust in data is crucial for decision-making. When data is well-governed, stakeholders have confidence in its accuracy, which leads to more informed decisions and a smoother digital transformation process.
Data governance is a foundational element of digital transformation. It ensures that data is treated as a valuable asset, enabling organizations to derive maximum benefit from their digital initiatives while managing risks effectively. Without robust data governance, digital transformation efforts can be hindered by data-related challenges, leading to missed opportunities and potential pitfalls.
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Melody K. Smith
Sponsored by Access Innovations, the intelligence and the technology behind world-class explainable AI solutions.