Data Governance is the foundational element of your data analytics or BI platform. It is a set of policies that an organization must implement to ensure that the data is always accurate, readily available, secure, and adheres to business best practices, throughout the lifecycle of the data. Organizations typically follow a combination of automated and manual processes to enforce these policies.
If you are an organization that collects any data to add value to your business, there are numerous reasons why implementing a robust data governance strategy should be your biggest focus. First, lack of data governance can lead to error prone and inaccurate reporting which in turn could make your analytics strategy ineffective. Your data governance framework will help identify data issues such as missing data, incorrect data, or redundancies in data. Your data governance framework should also be able to identify where in your data pipelines these problems occurred. Next, robust data governance strategies can help minimize cost and complexities of managing your data lifecycle since for every kind of data you collect, your data governance framework defines how you process the ingestion of your batch or streaming the data, the transformations your data undergoes, and how it is loaded in your data store. Finally, data governance ensures compliance with legal and regulatory requirements.
Data governance is the most critical and the most challenging part of your data analytics strategy, and when done correctly, it can transform the way you ingest, manage, and capitalize on your data. It also ensures that the right people get the right access to the right data at the right time. Our technologists at ExaWise have deployed some of the most complex data governance implementations, so call us if you need to speak with an expert about setting up your own data governance platform.