The word “governance” sounds scary. It evokes excessive formality, slow decisions, and top-down directives. And while bad governance is all those things (and more), good governance is a differentiator. All organizations today collect, generate, and process lots of data. Data governance is the union of people, processes, policies, and technology to oversee data for a company.
Sometimes, you practice data governance because you’re subject to some standard or regulation that mandates certain parts of it. In this case, data governance is a minimum necessity to meet the standard and no more. While staying clear of legal or regulatory trouble is definitely smart business, I’m going to show you the broader benefits of data governance for your company. In this post, we’ll explore the three major benefits for your firm through improved data governance:
- Lower technology and compliance risk
- Smoother technology implementations
- Higher return on investment through standardization
Let’s start by reviewing the fundamentals of data governance.
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