What Are the Benefits of Data Governance in An Organization?

What Are the Benefits of Data Governance in An Organization?

From the strategic insights of a Data Governance Manager implementing Alation for enhanced data accuracy to the additional six answers reflecting a spectrum of experiences, our experts and contributors weigh in on the pivotal role of data governance. These seasoned professionals, including a Chief Data Officer, provide real-world examples and benefits, illustrating how well-crafted policies and frameworks can lead to informed decisions and strengthened security. Discover how organizations are navigating the complexities of data governance to harness its full potential, from reducing legal risks to boosting operational efficiency.

• Implementing Alation for Data Accuracy
• Custom Plan Yields Four Key Benefits
• Policies Ensure Informed Decisions
• Data Governance Reduces Legal Risks
• Streamlined Data Boosts Operational Efficiency
• Data Governance Strengthens Security
• Strategic Planning with Quality Data

Implementing Alation for Data Accuracy

Three years ago, my organization acquired the Alation Data Catalog, which has been instrumental in resolving disparities in siloed data. Key datasets migrated to AWS Redshift can be accessed in Alation. Alation enables users to access and view data, ensuring they work with the most accurate version, which in turn is utilized to create Tableau reports linked to Alation. Additionally, we've integrated a new data quality tool, Anomalo, with Alation, further enhancing our data quality capabilities. Notably, Data Stewards receive data discrepancy alerts via email or Teams messages, even without direct access to Alation, highlighting the product's versatility.

Custom Plan Yields Four Key Benefits

We created a custom implementation plan so it could fit the organization that we were in. The data governance at my company was dealt with from end to beginning. But what do I mean by 'from end to beginning'?

We would track down the project performance at the end and break it down into policies, procedures, and data management.

Policies and procedures would streamline how things should be done. Data management would create the skeleton of how information is captured, how to use it, and how to distribute it, so it supports policies and procedures.

It took about nine months for us to start reaping the fruits of the implementation, and we expect to deal with it as an ongoing process since we need to adapt to the company's growth.

It never stops!

There are four main benefits that we are being impacted by the most:

1- Enhanced Compliance: With the proper system and training in place, we were able to level up our game regarding regulations and requirements for our projects, simultaneously mitigating the amount of staff hours invested in it.

2- Streamlined Processes: Establishing clear guidelines and SOPs for managing data throughout each project's lifecycle. The SOPs relate to data collection, storage, analysis, and usage, increasing our projects' accuracy, efficiency, and productivity.

3- Improved Decision Making: One of our biggest goals has always been to eliminate bottlenecks in the company. By properly using data, we are able to empower multiple stakeholders to make better-informed decisions.

4- Cost Savings: Once the organization with proper data governance is fed with good-quality data, delays, rework, and wasted results tend to decrease. On the other hand, the accuracy of estimates, resource utilization, and project-scheduled deliveries tend to increase.

Policies Ensure Informed Decisions

Effective data governance ensures that an organization's information remains accurate and consistent, which is foundational for making informed decisions. This accuracy is achieved through policies, procedures, and standards that control the entry and management of data. Consistency across various departments enables a unified view of information, hence reducing confusion and errors that can arise from data discrepancies.

Such a streamlined approach to data management helps in maintaining the integrity of an organization's data assets. To benefit from such accuracy and consistency, start implementing strong data governance policies today.

Data Governance Reduces Legal Risks

An organization with strong data governance policies is less likely to face legal complications or regulatory fines, as it ensures compliance with applicable laws and standards. By closely monitoring data practices, companies can quickly adapt to new regulations and maintain protocols that meet industry requirements. This proactive approach to regulatory compliance can save an organization from costly legal battles and fines, which can tarnish its reputation and drain resources.

Moreover, maintaining good data practices showcases an organization’s commitment to lawfulness and ethical handling of information. Work towards reducing legal and regulatory risks by reviewing your data governance framework now.

Streamlined Data Boosts Operational Efficiency

Data governance enhances operational efficiency by streamlining the handling of information within an organization. When data is managed well, it reduces the time employees spend searching for information, correcting errors, or duplicating work. Efficient operations driven by standardized data processes can significantly increase productivity and allow staff to focus on more strategic tasks.

In addition, better data management often results in faster and more reliable reporting which is crucial for operational decision-making. Consider ways to improve your operational efficiency by optimizing your data governance strategies.

Data Governance Strengthens Security

By focusing on data governance, an organization bolsters its data security and respects the privacy of its customers and employees. Establishing clear guidelines on data access, storage, and transfer helps prevent unauthorized use and potential breaches. These safeguards are essential in building trust with stakeholders who are increasingly concerned about the security of their personal information.

As privacy laws continue to evolve, robust data governance is not just a benefit but a necessity. Take the first step towards enhanced data security by reviewing your organization's data governance policies.

Strategic Planning with Quality Data

Data governance plays a pivotal role in strategic planning as it provides a reliable framework for data analysis. With high-quality, well-governed data, business leaders can forecast trends, identify market opportunities, and make evidence-based decisions that drive the organization forward.

This foresight is invaluable in today’s data-driven business environment, where long-term planning can be greatly enhanced by insights drawn from accurate data. To harness the advantages of data-driven strategic planning, ensure that you have an effective data governance system in place.