Benefits of DG

There are many benefits of Data Governance and I believe it is a requirement in todays business world not just a nice to have. I have been asked by business owners as well as C Level executives can they afford to implement Data Governance in their business? My response back to them is can you afford not to do implement data governance in your business? Cost is almost always the reason businesses do not implement data governance and that is why I developed the Mindful Data Governance Initiative, to get them over that first hurdle. Alright lets jump into the benefits of data governance.

Benefits of Data Governance

  • Improved data understanding. It really gets the entire business on the same page with the data. Data governance provides a consistent view of, and common terminology for, data, while each department retains the appropriate flexibility.
  • Better decision making. Another enormous benefit of data governance is better decision-making. This applies to both the decision-making process, as well as the decisions themselves. Data governance is more discoverable, making it easier for the entire business to find useful insights. It also means decisions will be based on the better quality data, ensuring greater accuracy and trust.
  • Regulatory Compliancy. This is another huge reason to implement the Mindful Data Governance Initiative in your business, there are hefty fines related to not following the guidelines and specifications around business process and data within different industries.
  • Huge improvement on data quality. As data governance helps in discoverability, businesses with effective data governance initiatives also benefit from improved data quality. Although technically two separate initiatives, some of their goals overlap. Data quality wants to know how useful and complete data is, whereas data governance wants to know where the data is and who is responsible for it.
  • Gain revenue. Driving revenue up happens because of all the benefits that are above. All the benefits above all the business to be more data driven, have better data quality, and allow the business to treat their data to what it actually is an asset of the business.
  • To be truly a DATA DRIVEN business DATA GOVERNANCE is a MUST

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