6 Reasons Why Data Governance is Essential for Your Company

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6 Reasons You Need Data Governance for your
Company

• Contoural Inc

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• Data is without any doubt the most important and
  asset in an organization. In order to achieve
  organizational goals and objectives, it is
  important to manage data effectively. However, if
  you want to make the processes efficient, you
  need data governance as well.
• At times it becomes confusing for some people to
  differentiate between data management and data
  governance. They tend to take it in the same
  spirit. While both terms deal with data, it makes
  sense that they can be found confusing. But, in
  order to clearly understand them lets take
  example of a house. House management is all about
  making required items available and making sure
  all facilities are present and working. For
  example, house management includes that house
  must have good furniture, electrical appliances,
  groceries and other supplies, fuel for the car,
  and so on. When it comes to house governance, it
  is more like rules and policies that are
  implemented in a home. House governance examples
  are setting a curfew time, who will refill the
  car, what should be the protocol to do a certain
  task, and so on.

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• Based on this analogy, we can easily understand
  what data governance and data management mean.
  While data management is the process of
  acquiring, storing, protecting, and analyzing
  data data governance is set of rules and
  policies that govern this data. These rules are
  important for all employees because all
  operations on data are carried out based on these
  rules. Whether there is a need for data creation,
  storage, transmission, or preparation it must be
  done following a defined protocol and
  instructions.

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Need for Data Governance

• As the size of organization grows, and more
  operations start adding up Formal Data
  Governance Consulting becomes critical because it
  becomes complex as well time consuming to manage
  or use data. If you need to break down data silos
  and ensure consistency, formal data governance is
  required. At times it is legal and regulatory
  requirement, therefore companies need data
  governance.

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Reasons You Need Data Governance

• In the past, report generation was the task given
  to IT department because they had all the data
  with them. Managing data was their
  responsibility. As only one department was
  handling the data, there were lesser chances of
  datas mismanagement. However, as more and more
  people required data for performing various
  operations, the need for data governance became
  crucial because enforcing standards is easier if
  the user is only one department. As data is
  required by all departments, it has become
  important to devise rules and principles to
  prevent an organization from data chaos. Lets
  discuss 6 scenarios that call or data governance.

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Bad decisions Making

• Data that is being used by multiple departments
  loses credibility in the absence of rules or
  protocols. Based on bad information, manipulated
  without any protocol, the further processing can
  lead to bad decision making. Therefore, data
  governance is required.

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Time waste leads to missing of opportunities

• A chaotic data needs too much of time to access
  the required data. Productivity of resources
  cannot be tapped completely if there is too much
  time wasted in accessing the required
  information. With data governance, you can ensure
  data consistency. This can enhance productivity
  and help achieve organizational goals
  effectively.

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Inability to remain competitive

• As data cannot be accessed efficiently or in
  time, and an organizations resources are being
  wasted significantly you cannot react fast. Due
  to bad decision making, a business starts
  suffering to an extent that it is left far behind
  its competitors in the industry. Data governance
  is helpful in such scenarios as it ensures good
  data available at the right time to the right
  person.

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Unreliable Data

• In the absence of data directives, rules and
  protocols, data can be changed or altered by
  unauthorized parties, while the change remains
  un-communicated to the relevant stakeholders. The
  unreliable data presents a bad picture of the
  organization, and affects its reliability. Data
  governance makes sure that all the information is
  authentic and reliable.

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More time is spent in sorting data

• With bad data, analysts must spend more time in
  sorting and organizing data. They are
  continuously preparing and cleaning data instead
  of using it for organizational purposes.

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Increased Cost of management

• Unmanaged and bad data that needs correction and
  management every now and then, consumes a lot of
  time and resources. Since you must correct it
  frequently, the cost of data management rises
  significantly, draining your budget. This results
  in increase of management cost.

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Contoural Inc

• For high-quality and effective data governance
  consulting, get in touch with Contoural Inc. Our
  professional and experienced records management
  consultants will help keeps your organizational
  records in order so that you can use them
  efficiently and effectively, without wasting any
  resources.

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THANK YOU

• Address 335 Main St, Los Altos, CA 94022
• Number [phone]
• Email info_at_contoural.com
• Website www.contoural.com