With all the rage of the rise of big data, organizations are realizing how does an effectively maintained and managed data can affect their bottom line. This where a data governance comes into the picture. The power of data is well recognized by the organizations and the lack of data management can cause a massive repercussion to the bottom line of your business.
What is Data Governance?
It refers to the set of practices and process (planning, monitoring, enforcement) which ensures the effective management of data assets within an organization.
Why do I need one?
1. Data Security – It doesn’t matter if you are a small business or large, data is the most vital assets of any organization and the loss or mishandling can bring severe legal woes and can degrade your reputation amongst clients. Having a data governance framework can provide you data security internally and externally as well.
2. Data recovery – Imagine the loss your business could suffer because of crashed system or hardware. Data governance tools can provide you storage and backup of the data.
3. Data analytics – A poor analysis of data can result in poor decision making, having data governance at place can ensure effective data analysis.