Automated data governance ensures better decision-making
Regardless of the industry, your firm is highly dependent on its data distributed across spreadsheets, content management repositories, databases and cloud-based technologies. Ensuring that your critical information and systems are safe, operate successfully and meet regulatory demands requires confidence that your internal governance procedures are effective.
The first step is making sure that management, key stakeholders and employees with access to the information know about risk exposures for key data as well as internal controls that you have established. However, governance procedures that rely solely on staff efforts are rarely effective or adhered to enterprise-wide. A manual or ad hoc approach is a time-consuming and fraught with turf issues. Instead, more firms are turning to automated data governance tools to ensure that the information that they use for forecasting, reporting and decision-making is accurate, consistent and secure across the organization.
A broader scope
Data governance solutions scan your company’s data repositories to identify critical data and look for possible errors or inconsistencies that could affect operations, financials and other areas. Governance automation tools can help address siloed data storage and the accuracy of calculations and formulas.
The governance software also reviews access and version controls that have been (or should be) implemented. With heightened sensitivity around data breaches, preventing unauthorized data access and data tampering is undoubtedly of paramount importance in many parts of your firm.
Additionally, software solutions offer flexibility to establish different processes and reporting mechanisms in different parts of the company. This allows for tighter governance of critically sensitive, highly confidential data. It also helps demonstrate compliance with regulations such as HIPAA and Sarbanes-Oxley.
Finally, automated data governance provides reports on data quality, changes made to critical metrics or calculations and other important insights into your data management.
With businesses and their accumulated data becoming more complex, data governance can no longer be reliant on human oversights. Automated solutions exist for ferreting out, managing and monitoring the security of the data that supports a company’s decision-making and daily operations.
Read the white paper “Automated Data Governance for Better Decision-Making” to learn how automated data governance can help your organization drive better decisions and reduce risk exposure.