The amount of data that is generated each year continues to increase exponentially. This can pose problems if the data is not managed effectively, but that’s where effective data management practices come into play. But what is data governance, exactly? At its core, data governance is concerned with the management of data, while simultaneously supporting the efficiency of an organization and ensuring that companies are staying up-to-date with necessary data management laws and regulations. Let’s take a closer look at what data governance is and the importance behind this concept.
What is Data Governance?
Since organizations vary in size and purpose, data governance can take many forms. However, there are basic underlying components such as data quality, security, and access, among others. Some key considerations of data governance include:
- The structures that are in place to manage data.
- Monitoring and governing data flow.
- Access to different types of data.
- Regulating user roles and permissions.
- Procedures for handling sensitive data.
- How to maintain data security.
Beyond mere data management, data governance also involves strategies for how data is used and applied. This will depend upon the company and the type of data. For example, different structures will need to be in place for internal company information, sales reporting and managing production and inventory. Regardless of the industry or use, however, effective data storage, organization and labeling are some of the ways in which businesses can set the stage for success.
Why is Data Governance Important?
With more and more emphasis placed on the ability to glean important insights from data, effective data management — or, in other words, data governance — becomes increasingly essential. Having proper structures and procedures in place will ensure that the necessary data can be found precisely when it’s needed. This opens up the potential for data mining, reporting and analysis. Access to data will also depend upon employees’ roles and assigned tasks within the company. Certain data will be relevant (or irrelevant) depending upon the person or project. Good data governance practices entail limiting a user’s access, so they can only view data that is required to perform their duties.
Additionally, it is inefficient if your team is forced to track down necessary numbers, figures and information from a myriad of sources. Data governance also includes the elimination of disparate data storage, since storing data in a number of different places can hinder one’s ability to analyze data, establish connections and glean insights to empower decision making.
It is important to have access to up-to-date information. The procedures and structures that companies use to store their data can impact the ways in which data is updated. For instance, some data stores will have a constant stream of incoming data while others will update periodically on a set schedule. Duplicate data or incomplete data sets can also hinder efficiency and analysis. A well-architected data governance plan will help businesses to manage their strategies effectively, while deriving maximum value from the available data.
Security is another important component of data governance. Data breaches can have serious consequences for businesses in terms of both credibility and cost. There are also legal considerations surrounding data privacy and breaches. For instance, the EU’s General Data Protection Regulation (GDPR) has established stringent guidelines for how to manage personal data for companies that have customers and clients in the EU.
User permissions can help limit access to sensitive information. Establishing set roles and procedures helps to minimize opportunities for data mismanagement. It’s also important to utilize encryption to prevent external data breaches. In short, businesses can focus on data governance in order to ensure that they have access to safeguarded, high-quality data that can be utilized in a way that empowers effective decision making.
How Sertics Enables Sophisticated Data Governance
7T understands the importance of effective data management and the need for businesses to have quality data governance tools. Our product, Sertics, is a powerful data lake creation tool that supports Predictive Analytics and Data Visualization tools. Before data can be utilized, however, it is important for it to be easy to access and vetted for quality. That’s why Sertics helps to consolidate disparate data silos and enables users to store raw and unstructured data as well. Sertics also helps users prep data for analysis through validation and cleansing. If your business could benefit from streamlined, data-driven decision making, the team at 7T is ready to help.
Based in Dallas, Texas, our top development team also specializes in mobile app and custom software development. We help businesses integrate emerging technology and discover the power of innovation. To learn more about Sertics or to discuss your development project, reach out to the team at 7T today.