Bad data governance is risky, and it could cause a business to pay out expensive penalty fees.
So, most companies are motivated by the potential financial risk to get compliant.
While data governance could be a painstaking, tedious, manual process, with automated metadata management, it doesn’t have to be. In fact, just the opposite: governance can become a driver of improving business planning and financial performance. One of the key benefits of data governance is better decision-making because you are then able to leverage the consistent data you have and get the most out of it.
Key benefits of data governance:
- Increased data quality – The high quality of the data enables better corporate decision-making.
- Reduced data management and storage costs – When going through a governance project, your business will be able to streamline, cut out duplicates and any private information, creating savings on storage expenses.
- Making data consistent, accurate, complete – The steps involved in governance take your business to a place where the data must be consistent, accurate, and complete.
- Operational Efficiency – Data is an asset in the age of data-driven business, and it can help a business to see where there are redundancy, waste, and areas of opportunity and improvement. A business will also experience greater efficiency by using processes and procedures that enable faster and simpler management of data.
- Improved Data Understanding and Lineage – Using automated lineage tools, you can better understand your data context and where it resides.
- Regulatory Compliance – Getting the business compliant is something that most companies are striving for, especially with new regulations cropping up.
- Stronger security – This is achieved by locating critical data, identifying data owners and data users, and assessing and remediating risk to critical data.
- Fewer security violations – Once you’re already working on data governance, it’s likely your company will experience fewer violations due to enhanced training on proper handling of data assets.
Sources:
https://www.octopai.com/usecase/gdpr-compliance-use-case-prove-100-pii-erasure/
https://blog.semarchy.com/3-reasons-why-data-governance-is-important
https://www.octopai.com/usecase/#governance-and-compliance
