What is data governance?
There’s no one formula for strong governance. Each organization will have to craft a governance strategy to suit their work and data. For example, an organization with individuals’ banking information will have to adjust its data access and retention policies as per financial regulations.
However, data governance isn't just about compliance, nor should it just be a headache for your IT teams. It’s much more — it defines how your organization uses data. Finding the right balance between data democratization and governance can help create a strong, sustainable data culture in your organization.
Why does data governance matter?
Organizations today have vast amounts of data. In a rapidly changing regulatory environment, a strong governance system is no longer "nice to have". It's crucial to keep your data safe, accessible, and reliable.
However, Gartner predicts that “through 2022, only 20% of organizations investing in information governance will succeed in scaling governance for digital business”.
Data governance matters because it helps companies answer critical questions
- How do you store data assets?
- Which assets are more valuable?
- What are the relationships between various assets?
- What is the monetary value of assets?
- How can we protect and reuse assets?
- Who has access to which asset?
An enterprise-level governance program can break data silos and build trust. It defines a unified way to govern data assets, such as building a business glossary, creating metadata, setting up data lineage systems , smart data catalogs. These help an organization derive maximum value from their data.
The benefits of data governance
There are four ways that governance will benefit your organization:
- Comply with data protection laws and regulations
- Protect the integrity and relevance of your data
- Democratize your data
- Build effective collaboration between teams
Comply with data protection laws and regulations
Regulations such as GDPR and CCPA define how organizations should store, manage, and monitor sensitive customer data. The rules are strict, and the fines for violating these rules—draconian. A strong governance system can help ensure that your organization is in line with important regulations.
Protect the integrity and relevance of your data
When you implement better governance, you get a bird's eye view of your organization’s data activities. You can manage who has access to data and monitor who has modified data to reduce potential security breaches.
Democratize your data
Data democratization empowers everyone in your organization to access the data they need to do their lives' best work. With data governance, you can safely democratize your data, prevent data silos, and create a self-service analytics ecosystem where everyone can easily explore and use data.
Build effective collaboration between teams
Collaboration is the key to winning with data. Smooth collaboration between business and IT teams helps everyone accomplish data tasks as they evolve along with changing business requirements. Data governance makes experimentation and collaboration easier while ensuring that each person only has access to the data they need.
Essentials for good data governance
Governance shouldn’t be a complicated, siloed initiative that only a few people in your organization are responsible for.
We live in a world where data governance needs to be fundamentally rethought. Think of it like Google Docs, which made it easier for teams to collaborate on files. This helped people stop sharing and downloading files, which improved security and governance.
Great governance makes data safer and easier for everyone in an organization. It’s a team sport, so it should make life easier for every stakeholder involved.
Looking to build a strong governance system in your organization? Here are five
essential features that will help you lay a strong foundation:
- Track and manage data assets with the help of a modern data catalog.
- Create business glossaries.
and mask sensitive data.
- Set clear classification and access policies to comply with regulations like GDPR and CCPA.
- Automatic discovery of PII data assets will make classification easier.
data lineage and impact analysis.
- Quickly identify the source of data and how it moves over time.
- Check the data assets impacted before making any changes.
- View the transformational logic at each step.
Grant and manage data
access control policies.
- Create granular data access policies.
- Ensure that each user can only access the data they need.
Data governance helps organizations maintain data security and privacy without slowing down data agility. Good governance can contribute to the creation of a data culture that is a win for every stakeholder, rather than just the IT team.
Ready to take our human-centric data governance ecosystem for a test drive?See the demo