5 key benefits of a comprehensive data governance plan
Adopting a proper approach to data governance is an imperative for your business’s data-driven growth
In the first part of our series on data ownership, we dug into the importance of taking true ownership of your company’s data. There, we discussed the idea that to ensure true ownership and authenticity of the data you collect, you need to have a clear focus on what’s referred to as data governance.
The main goals of data governance are to:
- Develop and follow uniform processes for data collection—and to know exactly what you’re collecting and ensuring all collected data meets the same standards set by your organization
- Store data in a safe, secure, and centralized location that allows for accessibility, while also ensuring data is never improperly changed or lost
- Allow access to data only as necessary to both internal teams and third-party users
- Use data in such a way as to ensure that the actual data remains intact—and that you maintain ownership of this data as you use it
In this article, we’re going to dig into the key benefits of adopting a proper approach to data governance. In doing so, we’ll set the foundation for a discussion on how to implement a data governance plan into your organization—and how to continually strengthen this plan as time goes on.
Let’s get started.
Five key benefits of data governance
While the overarching benefit of proper data governance is that you gain and maintain true ownership of your data, let’s take a moment to discuss the more underlying benefits of governing your data sufficiently.
1. Data mapping and centralization
One of the main goals of data governance is to create a systematized process for collecting and storing data.
(The opposite of this would be to haphazardly collect and store data—which, inherently, is an inefficient way to approach the whole ordeal.)
In creating these standardized processes, you’ll ensure that incoming data is always mapped consistently and accurately across your various platforms—and that each platform remains in-sync with one another.
2. An organization-wide focus on data
Part of systematizing your data governance initiatives is getting your entire team to buy into the fact.
By getting all team members and stakeholders on-board in this regard, you’ll enable your organization as a whole to become more focused on data—to the point that your team will become truly data-driven in every decision you make.
3. Improved data quality
Of course, if you’re going to be basing your various business decisions on what your data tells you, you’ll need to ensure said data is 100% reliable and accurate.
The good news:
A proper approach to data governance inherently involves building in processes that allow you to verify your incoming data. If you’ve adopted a systematic and comprehensive approach to data governance, this will all come as a matter of course.
4. A holistic, 360° view of the customer
As we discussed in the first part of this series, a lack of true data ownership essentially means you’re at the mercy of your third-party tools when it comes to the data you have access to.
Unfortunately, this may mean that you don’t get everything you need to know about your customers—you’ll merely have the data the third-party entity believes is important.
In contrast, taking ownership of your data, and your data governance processes, will put you in control of the breadth of data you collect on your customers. On some level, this means collecting every piece of info on your customers that you can—but you’ll also be better able to pare down this data into the specific data points that matter most in a given situation.
5. Data security and compliance
One last major benefit of having a comprehensive data governance plan is that it provides you full control over the accessibility and security of your data.
With increasingly-strict regulations (i.e., GDPR, HIPAA, etc.) being rolled out and updated on a continual basis, it’s become not just suggested, but mandatory, for companies to ensure that the data they hold never ends up getting leaked, stolen, or otherwise tampered with.
While this isn’t to say that third-party solutions aren’t to be trusted, the fact is that taking 100% ownership of your data will remove any doubts you may have in this regard.
Wrapping up and moving on…
Now that we’ve made clear the benefits of ongoing data governance, we’re prepared to move into a discussion on how to actually make it happen.
Which is exactly what we’ll do throughout the third part of this series on data ownership. Be sure to check back next week—and be prepared to dig deep into the “ins and outs” of data governance.