The Data Governance Institute defines Data Governance as:
“A system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.”
While the value of data-driven insights and decisions is expanding, the adage “garbage in, garbage out” states that insights or decisions based on poor-quality data may only result in adverse effects. Bad data has a long-lasting impact on businesses since it can irreversibly erode customer and stakeholder trust.
Enterprises anticipate speedier decision-making with Data Governance-enabled BI. Industry watchdogs predict enhanced BI capabilities will eventually become more user-friendly and cost-free. According to a Forbes survey, organizations with successful DG-powered BI practices have all recorded “breakthrough ROIs” from their BI efforts. Datalogz is a BI Ops platform that can help derive the utmost value from your BI initiatives.
The ultimate objective of BI-enabled governance practices is to go beyond quality metrics and begin investigating the underlying factors that lead to systemic errors, such as identifying the sources of inaccurate data, tracking how frequently errors occur in specific systems, or determining whether and how data quality has changed over time. (We built Datalogz to help you do all this and more!)
A pre-made governance structure aids in data security per industry norms. Organizations are committed to compliance thanks to strict scrutiny and sanctions, so they shouldn’t settle for anything less while looking for BI solutions.
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