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Is your organization Octopied?

With effortless onboarding and no implementation costs, Octopai’s data intelligence platform gives you unprecedented visibility and trust into the most complex data environments.

What are the benefits of data governance?

Bad data governance is risky, and it could cause a business to pay out expensive penalty fees.

So, most companies are motivated by the potential financial risk to get compliant.

While data governance could be a painstaking, tedious, manual process, with automated metadata management, it doesn’t have to be. In fact, just the opposite: governance can become a driver of improving business planning and financial performance. One of the key benefits of data governance is better decision-making because you are then able to leverage the consistent data you have and get the most out of it.

Key benefits of data governance:

  • Increased data quality – The high quality of the data enables better corporate decision-making.
  • Reduced data management and storage costs – When going through a governance project, your business will be able to streamline, cut out duplicates and any private information, creating savings on storage expenses.
  • Making data consistent, accurate, complete – The steps involved in governance take your business to a place where the data must be consistent, accurate, and complete.
  • Operational Efficiency – Data is an asset in the age of data-driven business, and it can help a business to see where there are redundancy, waste, and areas of opportunity and improvement. A business will also experience greater efficiency by using processes and procedures that enable faster and simpler management of data.
  • Improved Data Understanding and Lineage – Using automated lineage tools, you can better understand your data context and where it resides. 
  • Regulatory Compliance – Getting the business compliant is something that most companies are striving for, especially with new regulations cropping up.
  • Stronger security – This is achieved by locating critical data, identifying data owners and data users, and assessing and remediating risk to critical data.
  • Fewer security violations – Once you’re already working on data governance, it’s likely your company will experience fewer violations due to enhanced training on proper handling of data assets.