According to research conducted by S&P Global Market Intelligence, 55% of respondents said that high-quality data and actionable insights were the primary benefits of implementing data governance initiatives. 47% said that faster access to relevant data while 37% were of the opinion that implementing data governance initiatives improved their data access governance.
That is not all, data governance can improve collaboration, ensure data democratization as well as help organizations comply with regulatory and compliance requirements. Best of all, it also enables businesses in ensuring data integrity and data relevancy.
Are you still confused about going ahead with data governance initiatives? Are you still skeptical about the value proposition of the data governance initiative? If yes, then this article is for you. In this article, Anti-Dos will learn about how data governance initiatives have added value to organizations.
Table of Contents
How Data Governance Initiatives Adds Value To an Organization?
1. Actionable Insights
2. Faster Access To Data
3. Improved Data Access Governance
4. Minimize Redundant Efforts
5. Speedy Development and Testing
6. Streamlined Compliance and Legal Capabilities
7. Enhanced Collaboration
How do Data Governance Initiatives Add Value To Organization?
Here are seven ways in which data governance initiatives add value to an organization.
1. Actionable Insights
Data governance can help your business gain access to high-quality data and extract useful insights from it. This allows them to make the most of the data and make the right decision at the right time. This gives your business a competitive advantage and helps you stay ahead of the curve. Additionally, it can help you optimize resource utilization and respond to changes in customer behavior and issues faster. Not only that, it can even allow your business to invest your money in projects that are worth pursuing. All this accelerates your business growth by turbocharging your business efficiency.
2. Faster Access To Data
Another hallmark of data governance is faster data accessibility. This allows businesses to accelerate innovation and reduce complexity. Data-driven businesses tend to outperform businesses with traditional approaches in every metric. The quicker you can access data and take the right step, the quicker you can get ahead of your competitors. You don’t want to be the last organization to jump on a trend that is already taking off. Instead, you should focus on gaining the first-mover advantage.
3. Improved Data Access Governance
Data governance initiatives can streamline every aspect of data access governance from discovering, analyzing, managing, and protecting access to all your data. This improves security. By conducting thorough risk assessments, establishing clear data policies, and classifying sensitive data, you can reduce the risk of cybersecurity attacks, data breaches, and privilege abuse. As a result, you won’t have to hire the best DDoS protection services. Defining roles for each employee will give them a clear direction about what is expected of them.
4. Minimize Redundant Efforts
IT and cybersecurity teams are guilty of performing redundant tasks. Since they are already overworked and understaffed teams, this puts extra workload, which takes them to work-related stress and employee burnout. By implementing data governance, you can reduce this burden off their shoulders and automate these redundant tasks. Once they are free from these mundane repetitive tasks, they can focus on more value-driven activities. This makes them more engaged at work, their motivation level goes up and their work-life balance also improves.
5. Speedy Development and Testing
By streamlining development workflows, faster access to data, and automation of repetitive tasks, you can cut down the time required for developing software and apps. You know exactly where each piece of data resides, access it, and incorporate it into software and apps instead of wasting time looking for different data sets. This saves a lot of your time. The same goes for testing. The less time your app takes in the development stage and testing stages, the less it will cost. This means that it can not only help you bring software faster to the market but do so at a much lower cost.
6. Streamlined Compliance and Legal Capabilities
The concerns around data privacy and security are growing on both sides of the spectrum. Businesses are deeply concerned about the security of their sensitive business data while customers and users are also finding it tough to browse the web anonymously. This has led to a growing number of data privacy regulations and laws.
Previously these regulations and laws were limited to the continent or country level but now states, provinces, and even cities are formulating and enforcing their own data privacy regulations. If your business operates in any of these locations, you will have to comply with those laws and regulations. Data governance can help you do that.
It can also be a source of building trust and creating a positive image of your business. People are willing to do business with brands that comply with local data privacy and security regulations as they know that their data is in safe hands. On the flip side, users shy away from businesses that are affected by data breaches, have a poor reputation when it comes to data privacy, and don’t make the efforts to ensure compliance with the following regulatory requirements.
7. Enhanced Collaboration
With faster and easier data accessibility and streamlined data workflows, it is much easier to improve collaboration. This creates a culture for cross-departmental collaboration, killing off data silos in the process. Data silos can put brakes on innovation, reduce transparency and collaboration, create team barriers, and negatively impact team productivity.
By eliminating data silos, you can save yourself from all these problems and improve collaboration. This can have a positive impact on your overall team productivity and increases your chances of achieving the desired results. Irrespective of how complex the problem or challenge might be, you can get over it with the power of collaboration. It creates a solid bonding between your team members and provides them an opportunity to learn from one another.
How did your data governance initiative help your business? Share it with us in the comments section below.
