Data Governance is a business issue as much as it looks entirely like a technical challenge solely for the IT team.
Data governance is about changing the hearts and minds of your company to see the intrinsic value of information quality.
It is a process, or set of processes, that mature an organization by ensuring that important data assets are formally managed throughout the enterprise, making it more efficient and valuable.
These are the essential prerequisites of Data Governance:
- Formulating policies
- Optimizing information
- Secure information
- Leverage information
- Treat information as an enterprise asset
- Align the objectives of multiple functions
Pillars of Data Governance
Master Data management - This is a discipline where data governance establishes a master reference to ensure consistent data management across organizations.
Data quality - This is the force behind most data governance activities e.g accuracy, completeness and consistency.
Data stewardship - Promoting accountability for various portions of data.
Data governance is a particularly important component of mergers and acquisitions, business process management, legacy modernization, financial and regulatory compliance, credit risk management, analytics, business intelligence applications, data warehouses, and data lakes.