Data Governance: Ensuring Your Data Works for You 

The most valuable thing a company owns is its data, which can be used to gain operational insights and provide competitive advantages. As the amount of data grows, so does the task of maintaining availability, usability, integrity, and security of the data. That’s where data governance comes in. An effective data governance program provides incredible benefits, including: 

  • Increased operational efficiency: a single source of truth for data, preventing silos and reducing duplication. 

  • Improved productivity and faster decision-making: users find high-quality data quickly with a better understanding of the data’s meaning and context. 

  • Reduced costs: less data errors and lower storage requirements means more efficient use of resources. 

  • Enhanced security and privacy: controls and processes prevent unauthorized access and misuse of sensitive data. 

  • Improved data quality & more accurate analytics: high data integrity, data accuracy, completeness, and consistency lead to better insights and outcomes. 

  • Ensured compliance with regulatory standards: including GDPR and HIPAA. 

Implementing and maintaining good data governance takes time and resources, but failure to do so can lead to data corruption, misuse, and missed opportunities. When creating your data governance program, consider: 

  • Scope: what data is covered, who is involved, and what are the goals for that data? 

  • Framework: policies, procedures, and guidelines for how the data will be gathered, stored, and used. 

  • Roles & Responsibilities: who are the custodians of the data and the data management system, and what access controls do you need in place? 

  • Data Quality Standards: defined with the stakeholders for each specific type of data. 

  • Training: ensure that all stakeholders understand the policies and procedures for proper use of data. 

  • Monitoring & Measuring: regular assessments of the system to ensure it is working as designed, and that the design is still working for the organization. 

In today's digital age, companies are inundated with vast amounts of information. Effectively managing this data is crucial for operational efficiency, regulatory compliance, and informed decision-making. A strong data governance program is the best way to keep your data working for you.