As we learned in our infographic, Top 7 Benefits to Enacting a Data Governance Program, business, and IT professionals are looking for accurate, secured, and organized data and processes for faster analytics and rich insights. An effective data governance program can bring just that. Unfortunately, some misconceptions stunt the productivity of teams and the success of a data governance initiative, which I’ll get into in this blog.
Data Governance is Not:
- A single list of rules
- A set and forget initiative
- Internal-only regulations
- A political initiative
- A year or more implementation
- IT’s project
Most of these misconceptions branch into reality because, historically, IT has managed data-related initiatives. However, anywhere that data is being used and transformed needs to have proper governance initiatives in place. Similarly, the leaders for those projects need to be involved in setting regulations and standards for the use and disposal of data.
The benefit of an effective data governance program? A study by Harvard Business Review notes 74% of businesses attribute reduction of cost associated with data breaches and regulatory fines with good data governance. Reduction of risk, cost savings, and peace of mind are top reasons to ensure you avoid these data governance misconceptions.
Want to learn how to get started with a data governance program quickly? Read our blog, How to Get Started with Data Governance Initiatives in 60 Days.
Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.