Introduction

In today’s data-driven world, major players across industries such as Healthcare, Banking, Insurance, Telecommunications, and government are recognizing the importance of enterprise data governance tools. Despite existing investments in IT-centric data management tools, many organizations are turning to business-friendly data governance solutions to revitalize or initiate struggling data governance programs.

Understanding Data Governance

Data has become the lifeblood of businesses of all sizes, with advancements in Big Data storage, processing, and analysis technologies. However, managing data has become increasingly complex, especially for larger corporations, due to data complexity, regulations, and growing concerns about data privacy and security.

Data governance acts as the essential process and management layer for effectively utilizing data.

It empowers organizations to comprehend the meaning of their data, its storage locations, internal and external data flows, assigned responsibilities, automated review and approval processes, policy and quality rules specification, and regulatory compliance assurance. Essentially, data governance is to data assets what IT Service Management is to IT assets and processes in an organization.

Business-Friendly Data Governance: Why It Matters

The success of data governance heavily relies on business buy-in, making it crucial to have an easy-to-use business application that automates data-related processes for enterprise users and knowledge workers. This means going beyond data stewards and Chief Data Officers to involve all relevant stakeholders.

As a Leader in the IDC MarketScape: Data Catalog Software 2022 Vendor Assessment, Precisely provides an end-to-end solution with integrated data catalogue, data quality, and data integration capabilities. Their modern user experience ensures efficient implementation of data governance.

The Perfect Storm for Data Governance

A convergence of multiple factors is creating a perfect storm for data governance adoption:

1. Big Data Initiatives and Cloud Technologies: The mainstream adoption of technologies like Databricks, Snowflake, Hadoop, and AWS in large enterprises has significantly increased data volume and complexity.
2. Regulatory Compliance: Industries such as financial services and healthcare must comply with regulations like BCBS 239, IFRS 9, HIPAA, PoPIA, GDPR, and CCPA, making data governance essential.
3. Privacy and Ethical Concerns: Public and regulatory pressure to handle personal and private data ethically is growing. Data governance provides the foundation for data privacy.
4. Competitive Advantage: Organizations implement data governance to gain a competitive edge, ensuring clear data definitions, certified KPIs, and improved processes like data ingestion.
5. Data Monetization: Data governance plays a crucial role in leveraging data to create new data products and opportunities, directly supporting data monetization efforts.

Conclusion

Investing in business-friendly data governance is no longer a luxury but a necessity for organizations across various industries. Unlock the value of your enterprise data, gain a competitive advantage, comply with regulations, and ethically manage data by embracing the power of data governance.