Enhance Data Governance Efficiency with Datafortune — Top 5 Major Impacts

Data governance impacts your business in several ways. It covers various aspects, from compliance to data security, which is critical to every business. So, here are five ways through which data governance can affect your company.

1. Enhanced Compliance with Regulatory Laws

Data governance helps your keep your data organized. But it could be liable for compliance under HIPAA or the Sarbanes-Oxley Act based on your business and how you gather and store data. Failure to comply with these regulations can lead to severe legal and monetary consequences.

Businesses must understand that data governance isn’t that straightforward. It requires an expert to keep up with the regulatory needs and avoid penalties.

2. Prevention of Data Duplication

Data duplication wouldn’t have any regulatory repercussions. But continuous data duplication could multiply duplicate data and stress your data storage systems. So, how can you leverage data governance to avoid data duplication?

When you store data in the cloud, you can use it to fetch real-time insights. Data backups can help you analyze data and identify patterns. But managing and organizing the process requires an expert hand.

Data governance involves setting safety parameters and defining processes to safely duplicate data and establish its reasons. But it goes beyond data duplication. It can also help find the correct data to aid business growth.

3. Increased Data Consistency

Inconsistencies could result in strategic gaps. While working on the same objectives, you cannot have every department work on a different dataset. Departmental decision-makers would never come to a consensus in that case!

These problems are particularly prevalent when your business is spread across various locations, and you have millions of data sources to handle.

But a data governance policy can help bring all data sources under a single umbrella. It can help you create a single repository that allows controlled access to every stakeholder. Thus, the action can help increase data consistency and integrity for more aligned and unified decision-making.

4. Improved Data Security

Data security is an integral aspect of data governance. It involves restricting data access by setting up security measures, including multi-factor authentication, etc., to let only authorized people into the repository. Thus, data governance helps you avoid data vulnerability and keep bad actors away from it.

Furthermore, it involves assessing employee data use and its purpose and combing through files to determine if ex-employees still have access. Data governance also helps set up systems that allow the IT team to revoke data access when necessary.

5. Increased RoI

Data governance doesn’t directly contribute to your RoI. Instead, it catalyzes or, in other words, amplifies returns through various ways that contribute to enhanced data management. Those ways include the following.

• Prevention of data duplication
• Quick and secure data access
• Increased data analytical capabilities to make strategic decisions
• Enhanced regulatory compliance

In addition, a data governance strategy can also cover data automation consulting. It can help companies automate data management and get insights into trends, patterns, buying habits, sales, pain points, etc. All these aspects can aid more focused decision-making without spending too much time gathering, sorting, and analyzing data.

Enhance Data Governance Efficiency with Datafortune!

Are you a business looking to set an efficient data governance policy? Partner with Datafortune and improve the way you manage your data.

Our data governance experts specialize in setting up data governance policies from scratch or taking them up halfway through to improve your data landscape. We assess your existing data policies, understand your business’s data context and build data governance covering everything from access to use and security to overall management.

Click here to connect with us and build an impeccable data governance policy exclusively crafted for your business.

Original Content Published on Datafortune