What are the benefits of Data Governance?
- There are clear benefits that stem from putting a data governance framework in place, as opposed to having nothing.
- For example, the reason why data governance exists as a concept in the first place is to establish a common understanding of data across your organization. This includes providing a consistent view of the information, as well as common terminology for it, across the business.
- One of the biggest advantages of implementing data governance practices is to make it possible to easily establish a single version of the truth for vendors or third parties that are relevant to your organization.
- Once you have both a common understanding in place, along with a ‘single version of the truth’ for each piece of relevant data, naturally it follows that the quality of your data (namely aspects such as the accuracy or consistency of the information) should also improve.
Other benefits of data governance include:
- Making it easier for the business to scale (especially in terms of its IT landscape and systems) thanks to consistent data
- Empowering improved and more informed decision-making thanks to better data
- Allowing your organization to use the data more effectively (thus making it a more asset automatically). After all, good data easy integration