Here if we consider In today’s complex and competitive marketplace, data management has become an essential and Complex organizational requirement. Without data that is consistent, accurate and reliable across the enterprise, an organization can easily reach misleading, faulty and potentially harmful Results and can approach wrong business decision. An organization’s success in data management begins with developing a framework to establish a successful data management process. The logical first stage of this framework is data governance.
Data governance denotes the overall management of the availability, usability, integrity and security of the data employed across the organization. A partnership between the business and technology groups and partners is essential for any data governance effort to succeed and also important to prevent wrong business decision. For this we can say IT people who “speak business” and business people who “speak IT”. It is not primarily an IT function; rather it must be owned by the business organization and should be implemented across the organization.
Progressive companies that don’t want to experience the consequences of not protecting their data are looking more attentively at what it takes to better control their policies around data management today and in future also. Safeguarding corporate information and ensuring data quality will help companies not only keep auditors and regulators satisfied, but can also play a huge role in creating new transparency for the business and driving new opportunities by improving overall data quality and business intelligence and it will give impact on Data Governance. As the role of the Chief Information Officer (CIO) changes over time, making them responsible for reporting on data quality and risk to the Board of Directors, business leaders must realize that data governance is everyone’s responsibility. A successful data governance strategy provides the policy and structure for the data standards across several communities of practice and at various levels of the organization.
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