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Value of Data Governance in technology industry

 

Data Management (DG) is the process of managing the availability, usability, integrity and security of data in business processes, in accordance with data standards and internal policies governing data usage. Effective data management ensures that the data is consistent and reliable and does not misuse it. It is becoming increasingly critical as organizations are subject to new privacy laws and rely heavily on data analytics to help make operations more efficient and business decisions made.



A well-designed data management system usually consists of a management team, a steering committee that serves as the governing body, and a data management team. They work collaboratively to create data management standards and policies, as well as implementation and enforcement processes primarily developed by data managers. Managers and other representatives from the organisation's business operations are involved, in addition to IT and data management teams.

Data management objectives and benefits

The main purpose of data management is to break down the silos of data in an organization. Such monsters are typically built where individual business units deliver unique processing systems without central integration or business data construction. Data management aims to synchronize the information in those systems through a collaborative process, with stakeholders from various business entities participating.

Another purpose of data management is to ensure that the data is used efficiently, both to avoid inserting data errors into systems and to prevent the misuse of personal data about customers and other sensitive information. That can be achieved by building common policies on data usage, as well as procedures for monitoring and enforcing policies on an ongoing basis. In addition, data management can help to strike a balance between data collection practices and privacy policies.

The Impact of COVID-19 on the Data Management Market

COVID-19 will have an impact on all aspects of the technology sector. Global use of ICT is expected to decline by 4-5% by the end of 2020. The hardware business is expected to have a major impact on the IT industry. Due to declining hardware purchases and reduced production capacity, the growth of IT infrastructure has slowed. Businesses that provide solutions and services are also expected to slow down temporarily.

In the short term, the outbreak of COVID-19 has affected the markets and consumer behavior, which has had a profound impact on the economy and society. As offices, educational institutions, and production facilities are closed permanently, sports and major events are postponed, as well as home and home business policies, businesses are increasingly looking for technology that will help them through these difficult times.

Key Market Players

IBM (US), Oracle (US), SAP (Germany), SAS (US), Collibra (US), Informatica (US), Talend (US), TopQuadrant (US), Information Builders (US), Alation (US) , TIBCO (US), Varonis (US), erwin (US), Data Advantage Group (US), Syncsort (US), Infogix (US), Magnitude Software (US), Ataccama (US), Reltio (US), Global Data Excellence (Switzerland), Global IDs (US), Innovative Routines International (US), Denodo (US), Adaptive (US), Microsoft (i) -US), Zaloni (US), Alex Solutions (Australia), Microfocus (UK) and Mindtree (US).

 Keywords:

Data Management, Security, policies, Data managers, marketing, Industry.

References:

www.marketsandmarkets.com/Market-Reports/data-governance-market

www.marketsandmarkets.com/PressReleases/data-governance.

searchdatamanagement.techtarget.com/definition/data-governance.

www.collibra.com/blog/importance-of-data-governance


Written By:

Amarbant Singh






 

Comments

  1. Prajakta Jadhav10 April 2021 at 14:47

    A well-formed data governance framework can help any business transformation willing to operate on a digital platform including the technology industry. Some best practises that can help the business.
    • Setting SMART goals. Cherishing the success of goals and using the strategy for next win
    • Taking the onus and defining ownership is very crucial. Without data governance framework success cannot be achieved.
    • Identifying responsibilities and roles related to the duties is essential. Teamwork with assigned deliverables is part of the data governance.
    • Identifying the advantages arising from data governance that are related to cost saving, compliance and growth must be taken into consideration and measured.
    • Data Governance should be implied as practice and not considered as a project

    Great Article!

    ReplyDelete
  2. Mandar Butkar10 April 2021 at 15:04

    Data governance in the future is about minimizing the risks associated with poor data management as well as maximizing the value of data for operational effectiveness, decision making, and regulatory requirements. Data governance is a fundamental capability of data management that is built on four pillars:
    • Processes, policies, guidelines, and standards
    • Roles, responsibilities, and organization
    • Tool and technology capabilities
    • Metadata information (or data catalog)
    Traditional platforms with well-established data governance capabilities are a good place to start when it comes to bringing next-generation platforms under the enterprise data governance umbrella. However, as the enterprise data architecture grows in size and complexity, it necessitates improvements to the four key data governance pillars.

    Good Content written.

    ReplyDelete
  3. Carlos Saez M.11 April 2021 at 19:09

    This comment has been removed by the author.

    ReplyDelete
  4. Carlos Saez M.11 April 2021 at 20:01

    A well-made data governance plan is vital for any company dealing with big data and explains how a industry benefits from common and consistent processes and accountabilities. Business drivers feature what data musts to be prudently checked and the predictable advantages of this effort. This approach will be the base agenda for our data governance. For example, if a business driver for our governance plan ensures healthcare-related information privacy, patient data will need to be achieved as it goes through our business. Retention necessities (for example, the record of who altered what info and when) will be well-defined to safeguard agreement with pertinent regulations, such as the GDPR. In short, it is about data access policies within the business.

    ReplyDelete
  5. Unknown20 April 2021 at 14:10

    Its good

    ReplyDelete
  6. Unknown21 April 2021 at 09:36

    Amazing concept

    ReplyDelete
  7. Sv21 April 2021 at 10:11

    Readfull blog ...really helpfull

    ReplyDelete
  8. Sv21 April 2021 at 10:16

    Nice article for readers

    ReplyDelete
  9. Unknown21 April 2021 at 11:24

    Knowledgeable content...

    ReplyDelete
  10. Unknown21 April 2021 at 19:45

    It's Awesome👌

    ReplyDelete

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