Three Ways Data Quality Can Supercharge Data Governance Programs
Using Data Quality to Improve Data Governance
This paper examines the breadth of what people mean by data governance and then explains that in many ways, a critical foundation to data governance is data quality, because data quality can supercharge data governance.
With growing regulations and greater public concern over data privacy, companies are increasingly focused on data governance. Yet there’s no single way for a business to approach data governance that will ensure perfect results.
Instead, companies can adopt a number of different strategies, all of which can be made more effective when bolstered by key data quality capabilities and processes.
Data governance has become a primary concern of companies everywhere. And with good reason – businesses must have strong data governance in order to mitigate risks as thoroughly as possible.
These risks are both inward facing and external. On the compliance front, businesses now face more regulations than ever before. Regulations like the EU’s GDPR are mandatory rather than elective – if companies do not comply with these and other new laws, they can face severe fines. To avoid these types of compliance costs, companies must have strong data governance practices. These practices begin with an understanding of how well the business is mitigating risk at every level.
Additionally, risk mitigation involves protection of brand reputation. Sometimes compliance issues may not break a law, but the exposure can so alienate customers that the company suffers severely whether in direct revenue loss or loss of customer loyalty. This risk mitigation also extends to cybersecurity and the prevention of security breaches. Companies must protect their data and their networks so if an attack is successful, they have response strategies in place to limit their exposure and provide immediate notification to anyone affected.
But data governance is not just about risk mitigation and prevention. It can be used offensively as well. It is now playing a larger role in businesses as companies recognize that the data used to fuel robust data governance can be leveraged to aid other parts of the organization as a tool that increases revenue and reduces costs.
Explore three ways that data quality can supercharge your data governance program, both now and in the future.