A recent Gartner report spotlights the importance of having sound data governance in place. Learn more about data governance and what your company can do.
A recent Gartner report highlights some of the noted concerns and issues that arise internally and regulatorily for organizations that don’t have a clear focus on data governance.
Focusing on data policies helps reduce risks related to the collection, storage, security and transfer of data. Here’s a closer look at what data governance is and how to use it to benefit your business.
Data governance is the collective policies and processes an organization uses to manage data assets. It includes issues that include stewardship, security, privacy, integrity, usability, compliance, availability and integration. In addition, data governance addresses the roles and responsibilities of staff and others regarding data and the management of data flows internally and externally.
There are several core advantages to having sound data governance. One of the most opportunistic centers around the changing role of data itself.
Data today is more than a means to an end. It is unquestionably a valuable tool that can be used to drive better decision-making and insights. But today, smart organizations are also looking at how data can be a commodity, packaged, presented and sold to supplement existing business streams or create new ones.
Among the other most crucial benefits are:
As businesses generate, collect and value data more than ever, government agencies are passing strict guidelines that control how that data is used. Domestically, the most sweeping state data law is the California Consumer Protection Act, which went into effect on January 1, 2020. It gives state residents the right to know what data is collected, how it’s used, with whom it’s shared, to whom it’s sold and have it deleted if requested.
In 2018, the General Data Protection Regulation (GDPR) was enacted, providing similar protections to those living in the European Union.
Increased regulatory scrutiny is a direct byproduct of the growth in data creation and use. More states, provinces and regions are likely to follow the EU’s and California’s lead. Having different guidelines, requirements and consequences for noncompliance are a big reason why data governance should be at the forefront of your business strategy for 2020.
The Gartner report focused on four key themes related to technology and data. While the report is geared towards audit preparation, the four areas are salient for businesses looking to firm up data governance and be ready for auditor questions:
Nexus IT helps companies with IT consulting, assessment, project management and managed services. Let our experts help your company develop, test and improve your data governance and related solutions. To learn more, contact us today.