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Why Data Governance is the foundation to Data Management

It is critical to properly manage data if it’s going to be leveraged for strategic business decisions, operational efficiency, increased profitability and enhanced growth. Mismanaged data leads to data mistrust, and data utilization soon plummets. Data that could be the key to competitive differentiation can soon become wasted opportunity.

But effectively managing data is certainly difficult. As more data is ingested into an organization’s enterprise, it becomes increasingly burdensome to manage. Beyond the data deluge, matters are further complicated by the fact that from the point of creation, data is constantly in motion. As it flows through the data supply chain, it’s being used in myriad ways and frequently transformed. As data continues to move across various systems, processes, and environments, its quality is always at risk.

To realize optimal returns on data assets, it is critical to ensure organizations have a firm understanding of their data from a business perspective and can quantify its quality. When businesses don’t have easy-to-understand, high-quality, readily accessible data, it discourages data usage among business users. If business users do leverage inaccurate, incomplete, or inappropriate data, it may result in flawed and unreliable decision-making. Business decisions based on inaccurate or incomplete data can result in missed opportunities, operational missteps, angry customers, minimized profitability and reputational damage.

By incorporating a comprehensive Data Governance program into an organization’s Data Management strategy, however, businesses can ensure the ongoing accuracy and integrity of their data assets. They can also ensure that business users may easily access and understand all data assets, enabling them to simply conduct analysis, and ensuring they choose the right resources for accurate and appropriate results. In these ways, data governance can optimize data management.