Data Governance is the business practice that defines and manages strategies for people, processes and technologies to ensure that valuable data assets are formally protected and managed throughout the organisation.
The impact on business of inadequate data governance (and data breaches) includes lost revenue, fines, brand damage and loss of competitive/business advantage and business value.
Good data management enhances an organisation's ability to cross-sell and up-sell to its customers.
According to 2006 figures, 35% of Amazon's sales are done through its recommendation system, which automatically suggests products to customers based on their previous purchases.
One major European bank found that 100% of customer complaints could be traced to data quality issues. Now resolved, the bank is prospering.
A major insurance company successfully reduced errors in applications from 34% to 4% of policies by reviewing and simplifying its data error process, leading to savings in data entry costs estimated at over £1.5m. The organisation also significantly reduced policy cancellations and cut claim overpayments by over £2m through better data management.
We've already highlighted the importance of having quality data that is 'fit for purpose'. If you truly understand the importance of data as a business asset you'll realise that maintaining the quality of the data is paramount to the business' profitability and long term existence. We are able to work with any business of any size to review and identify where the systemic weaknesses are in the business and thereby threaten data quality.
We will work with your business to develop a strategy and detailed plan that will ensure you move towards optimal data governance and grow the value of your corporate data assets. A robust data governance approach will mean that 'data' is transformed into 'information' and by combining experience and skills, business managers will make better well informed business decisions.
Also read about the importance of having a robust 'Data Quality' policy embedded in your business.