3 Reasons Why Data Governance Is Important

In the project management world, data is everything. In order to handle that data correctly, data governance is used across all industries. Data governance is the process of managing the data and information in an organisation. It is a set of policies and procedures that are used to control data quality, integrity, and security. But why is it really that important? Let’s explore.

3. Data Accuracy

The first reason why data governance is important is that it ensures all data is up to date, accurate and reliable. Without it, there would essentially be no way to ensure that all data is correct. Data governance policies and regular audits help maintain accuracy throughout an organisation’s lifecycle. This is done by following a plan that defines the types of data the company wants to collect and how they want to store and use it.

2. Compliance

The second reason why data governance is vital is that it plays an essential role in regulatory compliance. The data management process ensures that organisations and their members of staff are always compliant with all degrees of regulatory requirements. This is fundamental for minimising risks like fraud and compliance violations as well as reducing operational costs.

1. Data Security

Data governance is an important part of the data security process. It maintains secure control over data by managing the storage and retention of data, as well as preventing unauthorised access. With a data governance plan, companies can be sure that their data is safe and secure. They can also make sure that their employees are following the company’s policies and regulations, as data governance ensures that the company has a set of rules to follow in order to protect its sensitive data. It also helps keep your business safe from cyberattacks and data breaches, which is undoubtedly important in today’s world.

Final Thoughts

Data governance is the cornerstone of any company’s data management strategy. It’s clear that its importance can’t be underestimated as it helps maintain a high level of data accuracy, reduce the risk of data breaches and ensures that companies are meeting their regulatory obligations.

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