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Big data and data analysis are revolutionizing the business landscape, creating a more urgent need for digital transformation and data science experts. As organizations continue to embrace big data, the concept of data governance becomes more relevant.
Data governance generally refers to data handling within organizations - combining a focus on data quality, data management, and data policies with business process management and risk management. With proper data governance in place, organizations can reap many benefits, further enhancing the decision-making process.
Here, we provide a brief overview of key concepts and insights on data governance, allowing business professionals to better understand the role data governance plays in driving success.
Data governance can be viewed as a system that delineates who has access and control over specific data assets, detailing the actions, methods, and circumstances of how they can use this information. This system produces a governance team, a group of individuals who regulate the use and storage of these data assets. They also create data policies and procedures that are then carried out by “data stewards,” a term that describes members who are responsible for specific aspects of the organization’s overall data.
Many aspects of data management play a big role in data governance. This includes everything from data architecture and quality to data storage and security. The goal is to keep data consistent and trustworthy, allowing business executives to rely on accurate data analytics in order to optimize operations and drive business growth. With an MBA in Digital Transformation, professionals can learn more about data governance and how to generate value through its efforts.
Companies that work heavily with data can significantly benefit from creating a governance system. That’s because well-structured data governance programs centralize information and break down data silos that build up when business units manage their data separately. In doing so, they increase productivity and agility, allowing business executives to make better and faster decisions.
Data governance policies also have a direct impact on business operations. Effective data governance programs ensure the proper usage and security of data assets. By regularly monitoring these assets, businesses can maintain high-quality data and better guarantee regulatory compliance. This can help ensure that information remains accurate—a crucial requirement of successful business analytics, which can be used to ultimately boost revenue and drive success.
By taking business courses in digital transformation and data science, students can learn how to successfully implement data governance—exploring current data trends and developments from a business perspective in order to produce business value.
The key to creating effective data governance programs is to focus data management policies on the desired business outcomes. This can be accomplished by introducing quantifiable metrics. For example, records that clearly show how data governance is streamlining operations, cutting costs, or boosting revenue can prove the positive impact of a data governance program. These efforts can also be applied on an ongoing basis, allowing businesses to continue maximizing efficiency as they grow and take on new priorities.
Are you interested in learning about data governance at an MBA school?
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