Data Governance Software Companies

What is Data Governance?

Data Governance includes both organizational policies and processes that are related to the management of data. Data governance ensures that a company's data is accurate, audited, managed, secured, and documented (in terms of which data the organization holds). And, a data governance program is a set of policies and processes that help organizations manage data.

Data governance software can lead to a decrease in data management costs, improvements in data quality, and better access to all data for the stakeholders. For example, a good data governance program defines a company's master data model (i.e. a clear definition of customers, products, etc.), details the data retention policies, and delineates who will be assuming the roles and responsibilities of data authoring, curation, and access. The most common models in data governance include:

• Centralized Data Governance and Decentralized Execution.
• Centralized Governance for Single and/or Multiple Business Units.
• Decentralized Execution for a Single Business Unit.
• Decentralized Execution for Multiple Business Units.

Features of Data Governance Software

Data governance software gives organizations the ability to effectively manage, organize, and protect all of their sensitive information. It can also automate data capture and audits while also proving compliance and improving workflows. Data governance software can also offer businesses a framework for making sure that the data is always available, consistent, secure, and usable. This should include the creation of data standards as well as the basic processes for providing accountability for ensuring the overall data management is highly effective.

How to Create a Data Governance Program

Setting up a data governance program requires the following:

• Defining your data domains.
• Establishing data workflows.
• Establishing data controls.
• Establishing policies and standards.
• Identifying authoritative data sources.
• Identifying the specific roles and responsibilities.

Benefits of Data Governance Software

There are clearly numerous benefits to businesses using Data Governance Software, including:

• Improving business planning.
• Improving financial performance.
• Improving overall data quality.
• Making data more consistent.
• Making data more complete and accurate.
• Maximizing the data usage for making decisions.
• Maximizing the profits of the company.

What is the impact of poor (or a lack of) data governance? There are both short-term and long-term impacts. Data that is of poor quality can ultimately lead to a marked decrease in the level of trust in the system’s data, which can, in turn, lead to a business abandoning its data system.