In times of VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) World, when technologies and businesses evolve rapidly, it is essential for any company to implement Data Governance Solutions. With a large volume of customer information, it is necessary to improve the way the organization, strategies, and entire management of the company are carried out.
Companies can improve transparency and internal processes through data governance frameworks, increase competitiveness, and comply with laws such as the General Data Protection Law (LGPD) and Internet Civil Rights Framework.
What is a data governance framework?
Data governance is a form of management that integrates processes, obligations, policies, standards, and metrics. It is data governance that stipulates which data and methods will be used for each situation and by whom. Simply put, it is a collection of methods that seek to organize information about people, processes, and technologies in the form of precise and accurate data, which can be used to achieve goals and objectives.
In other words, information governance within a company is responsible for collecting data, defining rules, legally validating the information, determining who will be able to use this data, and deciding how. Big data consulting services are implementing this solution to create a system that fulfills rights and responsibilities regarding the use of information, whether from customers, suppliers, or internal data.
Difference between data management and data governance
The first one is Data management. This is a practice of collection, storage, processing, and retrieval of information. It will work on daily operations which aim to ensure the efficiency and accessibility of data.
The other one is Data governance. It deals with day-to-day operations and takes a strategic approach to ensure that data is managed effectively and in line with organizational objectives. It establishes policies, standards, and guidelines to maintain the quality, security, compliance, and ethical use of data securely.
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How important is the data governance framework?
One of the main goals of data governance is to generate internal and external transparency within a company. However, once data governance is implemented in a business, it begins to help several departments and, consequently, profits and results. This is because data governance links technology and business departments, for example, making it possible to automate sales, reduce costs, and increase revenue, among others.
It is important to remember that data governance generates information that can be very valid for marketing strategies, strategic planning, budget control, and even financial planning. Without data governance, it becomes more difficult to implement efficient strategies and monitor important KPIs, for example.
To make it clearer, we have listed the main benefits of data governance.
What are the benefits of data governance?
As previously stated, data governance integrates information and responsibilities and has repercussions in several areas, bringing results in the short, medium, and long term. Below, learn about some benefits.
1. Increases transparency and market confidence
Firstly, implementing well-executed data governance from the best cybersecurity services prevents scandals and corporate discussions about the company’s information security. Thus, it has the potential to enhance the level of trust that the market has in the company.
2. Generates more organization and optimizes processes
There is no doubt that data governance ensures that important and relevant information and data are easily stored and found, making processes more efficient and with a lower rate of rework.
3. Improves strategic planning and decision-making
Through data governance, managers and CEOs can identify possibilities and opportunities and identify bottlenecks and flaws. The data collected by KPIs, for example, validates the strategies used and improves decision-making.
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4. Ensures higher quality of products and services
As it is implemented, data governance allows only the most relevant information for the business to be maintained. This ensures greater security that existing information is not redundant, obsolete, or trivial.
By accessing information, departments avoid errors, as the data is reliable. Consequently, they are able to increase the quality of products and services.
5. Speeds up the compliance process
Furthermore, a comprehensive data governance system enables the company to fully comply with compliance policies and data protection laws.
Conclusion
As organizations face increasingly complex data challenges, investing in advanced data governance services from NexIT becomes imperative. As we are a leading Web3 Development Company, we implement multi-chain web3 solutions for your business.
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