A data governance strategy enables an organization to earn greater trust and loyalty from current and future customers and to provide flexibility in the cloud.
Storing business data in the cloud can be empowering, and it also allows businesses to quickly pivot and be proactive while non-cloud businesses must zigzag. A clear data governance strategy – data management best practices for stewardship and quality – is essential. A data governance policy can help the business gain more trust and loyalty from current and future consumers while providing the business with more flexibility in the cloud.
Here are some important data governance considerations and benefits.
All data in one place
A cloud-based database can be very flexible, but only if organizations don’t develop small, separate databases that neither IT nor marketing are aware of. Organizations often transfer data to other cloud environments for reporting and analysis using various tools. Since all data is kept in the same cloud environment, the business can save money on licensing fees and labor training time.
Not to mention, having all the data in one place makes it easy for team members to find the right information to use when personalizing customer experiences, which consumers will appreciate.
Ease of compliance
Using the cloud also gives businesses the flexibility they need to comply with strict and ever-changing regulations such as CCPA, GDPR, and other state and local laws. This makes it easier to delete data because everything is in one place. As regulations expand, current regulations adapt and new ones are created, saving time and labor.
Organizations should take a privacy-first approach to the data they collect. This can be accomplished by having documentation of various cloud systems, the data they store, and why/how organizations use the data. Organizations can quickly establish security measures for viewing and accessing data. This can be accomplished through data clean rooms or simply by establishing security groups for privileged data access.
Read also : Three data governance best practices to follow
Documentation is essential for understanding data and locating it for team members. Some datasets can be found across multiple instances as complex datasets grow. All data should be documented in a regularly updated data dictionary.
Having a strong data governance policy allows companies to be more flexible while saving money. They can save in two ways: one, by not having to pay to store data they no longer need, and the other, by paying per request size with some cloud storage companies. Companies can save a lot of money by not paying to query outdated data.
Unleash the full flexibility of the cloud
It may start slowly, but the flexibility, speed, and scalability are limitless once implemented and documented. The time it takes for changes to go to market is increased to boost productivity. As a result, it helps the business to conceive of great ideas, put those ideas into action, and deliver them through targeted data-driven marketing that drives engagement and conversion.
To start planning, companies must first identify where they currently are and what technology they use. Then they need to craft their cloud strategy by setting goals for what they want to accomplish, where they want to go, and who they want to become in the future. They must remember to prioritize privacy and keep it at the forefront of their cloud strategy, as it will be key to unlocking the full flexibility of the cloud.