Manage Data and Enhance Business Operations with Data Governance

Manage Data and Enhance Business Operations with Data Governance

Data governance is the framework for how a corporation or organization manages its data. It is a critical policy of businesses worldwide, and how well it is implemented can make enormous differences to a company’s bottom line.

In this blog, I am going to enlighten you about why should put a robust data governance policy in place for your business through the following subtopics:

What is data governance?

Data governance is the management and control of data to ensure it is of the right quality to serve business needs or regulatory requirements. It also helps brings clarity, accountability, and protection to data operations within and between organizations.

Why do you need data governance?

Applying data governance in your daily operations will ensure every process pursues the organization’s goals. Here are the main reasons to apply data governance:

Improves communication

Data governance improves communication within an organization. When departments are able to access data that is clean and easy to work with, they can quickly engage in data-intensive tasks like analytics and reporting for the department itself, other departments, and even the executive suite of the company. Managers committed to thorough data governance have greatly enhanced communication at all levels of their business.  

Encourages teamwork

Data governance promotes teamwork by allowing teams to work on a data-centric task without difficulty. Being able to work on a cross-departmental project immediately without spending time tidying the data between teams can move up deadlines and production targets. Removing this data friction around projects also facilitates business growth by capitalizing on newfound speed and ease.

Enables reliable, quick decision-making

Data governance makes the data that informs decisions reliable. Administrators who advocate clear data governance protocols are able to solve business challenges across all aspects of the enterprise, including production targets, delivery deadlines, operational funding, and more. With proper data governance, such challenges can be addressed in sufficient time to minimize impacts to the business as a whole.  

Attracts investors

Data governance practices have helped businesses grow immensely by attracting more investors. When pursuing outside funding or reassuring current stakeholders’ confidence, the implementation of robust data governance shows that the business is serious about competing on a global scale. The business takes its data seriously and is able to utilize it in analytics and other areas to support business goals. When the perception of the company is good, investors believe in it, and its value goes up. With increased funding, the company can further develop its departments or launch entirely new ones. With more investment, the company can capture a larger share of its market.  

What is a data governance framework?

A data governance framework is the set of rules by which data is collected, stored, and maintained. In the running and management of your business, ensuring the data governance framework is followed is essential. Not only will data operations within the company run smoothly, data will meet any external regulatory requirements unique to the industry.

What does a data governance framework look like?

These are the elements to clearly define in a data governance framework:

Data structure

The data structure dictates the proper way of organizing data. The data can be structured, unstructured, or a mix of both, especially in big data contexts. Following the structural rules allows the business to use its data successfully.

Data collection

Data must be collected using the methods prescribed by the governance framework. Collecting data the right way gives authenticity and credibility to the data.

Data storage

The framework should detail how data is stored, such as clearly defined relational databases or a data lake that must undergo ETL before the data can be used.

Data sources

The data governance framework ensures the data provided to the users is from the right source. It also ensures the right people use the data for the right purposes, such as sales, production, or technical assistance.

Data quality

Data quality tests the data for credibility. Teams ensure the data provided is worthy of use, whatever the project or purpose.

Data security

Protecting data against inappropriate or unauthorized access is essential to a data governance framework. The network team ensures data is not given to any third party without the authorization of the data owner (we will discuss what a data owner is in a bit). This helps in working efficiently and improving transparency to the data users to have quality work.

Who is involved in data governance?

Data governance is enforced by teams that ensure data is usable and secure. These teams are:

Data owners

These are the people that possesses the data. It protects the data and gives access to authorized individuals, teams, or other organizations to use the data. The team also oversees and provides approved guidelines on utilizing the data. Without data owners, there is no data for governing.

Data managers

In data governance, data managers, or data stewards, oversee and plan how the organization will use its data. They work diligently to ensure all users follow the proper procedure.

Data operators

These are the people who use the data. They follow established workflows and processes around the data and ensure the data being utilized is available to achieve business goals.

Data committee

This team is the base of data governance when it comes to final decision-making for every data activity. The team plays a key role in adapting the company’s data governance to every new task, project, business goal, or even regulation.

Benefits of data governance

Creating a committee to govern your data is the key solution for effectively using your business data. It is highly advantageous to have clearly defined and closely followed data governance policies. Let us get down to the key benefits of having data governance in your business:

Improve data transparency

Improve data transparency
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Data transparency is a core benefit of deploying data governance in a company. Clear, accessible data builds trust within and between teams to use their data to grow the business. When facing new challenges, the business can rest assured that its data will be at hand to help things continue smoothly. Transparency also encourages teams to work together and deliver projects on time. This boosts company operations efficiently.

Provision high-quality data

Provision high-quality data
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There are different types of data for various purposes. With data governance, your data becomes operational toward any business goals. Throughout industries, businesses use quality data to pursue higher returns, and that data would be inferior if it were not for sound data governance. Data owners work diligently to produce quality data to enhance its usability and profitability among users. With data governance shaping the process, the data provided is tested before being delivered to users.

Improve your business’s reputation around data

Improve your business’s reputation around data
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Branding your business does not lie in the hands of the sales team alone. You can help establish your reputation by how your data governance compares to competitors in the industry. When your data governance is top-notch, the business runs smoothly, and it will show within teams, between teams, between companies, and ultimately on the company’s bottom line. The company’s data committee considers every issue and piece of feedback and uses it to inform future data governance policies, allowing the company to constantly improve.

Define data security

Define data security
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In data governance, security is key. Governance policies minimize the instances and effects of improper data distributions and data breaches. Securing your data gives you stable ground to run your business on and utilize your data.

How Bold BI assists in data governance

Bold BI helps you easily embed an analytics solution into your business application to improve data comprehension and usability. It enables complete utilization without any expertise or technical requirements.

Key features of Bold BI relevant to data governance:

Designed for embedding

You can collaborate with your colleagues on data analytics within your website or portal. Bold BI’s embedding capabilities include frame embedding, JavaScript embedding, and white labeling. Setting up Bold BI within your enterprise means you can stay within any data governance boundaries.

Data connectivity

You can connect to different data sources to enrich your work. Bold BI supports files from various sources, databases, warehouses, and big data integration, wherever your data governance framework states data must be stored.

Data preparation

Bold BI offers many data preparation features that make your work easier. There is no requirement to bring all your data into one store. You can connect to any data store of your choice and use visual data modeling, calculated fields, and advanced data preparation techniques.

Visualization

Visualizing your well-managed data in nearly endless combinations of dashboard widgets is easy to do in Bold BI. Present your data just the way you need to the right people.

Data security

Bold BI is precise when it comes to the safety of your data. Your data is under your complete control. Manage and grant access to users by configuring access settings and authenticating any new user. You can also integrate your security infrastructure seamlessly.

Bold BI helps you create dashboards with many interactive features such as filters, drill down, drill through, customizable tooltips, linking, and export options. To learn more about Bold BI and its various features, refer to this link.

Conclusion

I hope you have a better understanding of data governance and how Bold BI is the perfect complement to managing and utilizing your data to drive business success.

Bold BI helps you visualize your data to see all your important metrics and KPIs in real-time. It helps you integrate dashboards in applications written in ASP.NET CoreASP.NET MVCASP.NET, and Ruby on Rails. You’ll save time by avoiding redundant work. To learn more about embedding dashboards into your application, refer to this blog and our documentation. You can create a dashboard any way you like with Bold BI’s 35+ widgets and 130+ supported data sources.

Get started with Bold BI by signing up for a free 15-day trial and create your own interactive business intelligence dashboards. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support question.

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July 20, 2022 8 min read

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