Data governance is more than just having a strategy – it is about establishing a culture where quality data is achieved, maintained, valued, and used to drive the business. Modern-day businesses are supported by data and information in many ways and forms. In recent years, data has become the foundation for competition, productivity, growth, and innovation. We are seeing successful organizations shift their focus from producing data to consuming it, and data governance strategies becoming increasingly important to support their crucial business initiatives. Executives and shareholders are starting to realize that data is a strategic asset and data governance is a must if they want to get value from data.
Data is the most valuable asset for most businesses today. Or at least it has the potential to be. But to realize the full value, organizations must manage their data correctly. This management covers everything from how it’s collected to how it’s maintained and analyzed. And a big component of that is data governance.