In today’s booming digital economy, data has become the most important business , small-scale or large-scale, across the world. With the plethora of data available, it has also become easier to breach the privacy of businesses and hack into confidential and sensitive business information.
Major names such as Facebook, Sony, Yahoo, LinkedIn and many more have been the victim of major data breaches and cyber-attacks in the past decade, leading to leaks of user’s private information all across the internet.
This has led to the birth of the concept known as “Data Governance”. Data Governance deals with all aspects of protecting and enabling the correct use of business data.
These include a wide range of terms such as policies, processes, standards and other such metrics that help create a structured approach to the effective handling of data and eliminate misuse in any way, shape or form. It can be said that Data Governance goes one step further than Data Management by bringing certain laws and regulations into the picture.
A solid data governance model helps businesses understand the flow of information, the gaps as well as opportunities to improve upon, delivered to you in the form of reliable and actionable insights.
IGT’s Data Governance strategies are essential while identifying the roles and responsibilities of key personnel who have access to sensitive business information, ultimately making for sound data protection and better data analysis.
Key benefits include:
1) Giving a system, structure and order to your business data
2) Maximising data accuracy and ensuring
3) Organised approach to a profitable business model
4) Amplified quality of business decisions
5) Improves overall financial performance
To reiterate, data governance is an essential part of every digital enterprise in today’s fast-paced scenario since data is at the heart of every business decision, and protecting your sensitive business information is of the utmost importance, it also helps in making wiser decisions from the management perspective as the roles and responsibilities are strictly classified, leading to significant reduction in leaks or errors in data privacy.
This, in turn, gives enterprises the competitive advantage, which leads to the main objective of every business, better productivity and higher profits.