From Data Management to Data Governance - What you must know!

From Data Management to Data Governance

Data is the lifeblood of the digital economy; it fuels algorithms and artificial intelligence (AI), drives international trade in services, informs logistics, and brings markets, communications, and politics to life. In other words, data has become a global strategic asset.

Humanity, through the use of technology and various computing systems, collects, processes, shares, and utilizes astonishing volumes of digital data (personal and non-personal, public and private) that not only generate economic benefits but also have individual and social impacts when used responsibly.

Accessing, processing, using, and reusing data are essential to address various challenges. More and more companies and businesses use data as input in their production processes because it lies at the heart of innovation in all sectors. It is in this context that the concept of Data Governance emerges - a set of principles, practices, and processes that an organization establishes to manage, protect, and optimize its information.

Historically, it has been associated with corporate governance or private organizations. However, as the amount of data rapidly increases, the notion of governance now includes government and institutional bodies as well.

Why is implementing data governance essential?

The risks and threats to information security are continuously evolving. By effectively implementing data governance, companies can access several advantages, such as strengthening the protection of confidential data and reducing the risk of security breaches, unauthorized access, losses, or leaks.

Many companies already have some form of governance for applications, business units, or individual functions, even if the processes and responsibilities are informal. However, several general benefits of systematic data governance can only be obtained after the company has established a proper data governance framework.

Some of these benefits include:

• Establishment of clear policies regarding who can access data and what type of information they can use, ensuring that only authorized personnel have access to confidential data.
  
  
• Support for making better and more informed decisions based on consistent and uniform information. Implementing processes to ensure the quality and consistency of information. Regularly eliminating duplicates and correcting errors ensures that the data is always clean and up-to-date. 
  
  
• Clear rules for changing processes and data that help the business and IT be more agile and scalable.  Increased efficiency and the ability to reuse processes and data with a centralized catalog detailing available data, its origin, meaning, and ownership. Greater confidence in data quality and documentation of data processes.
  
  
• Ensuring that data is managed in accordance with applicable regulations and laws, including GDPR, HIPAA, or PCI DSS. Data governance should be the cornerstone of your company's strategy. At ACL, we help organizations implement, develop, maintain, and enhance their Data Governance programs through our consultants.