As today's businesses binge on data, we try to convince ourselves this is a good thing. After all, data can be informative and empowering. It can be used to prove or disprove theories, identify trends, and make rational business decisions. However, those decisions are only as sound as the data on which they are based. In other words, garbage in = garbage out.
It would be great to assume that organizations at large are operating with more data and therefore are automatically better informed. However we can't take that leap just yet. There is still much room for improvement when it comes to data quality and data integrity. Many businesses are realizing this and beginning to make data governance a high priority. Gartner predicts that 50% of global organizations will hire a Chief Data Officer by the end of 2017. Additionally, more solution providers are including data governance tools as part of their offering, a practice that is quickly gaining in popularity.
The proliferation of data dependence demands strict and effective data governance, especially when it comes to these three areas:
Accuracy - Businesses need to ensure the data incorporated into their business intelligence is accurate. But it doesn't stop there.
Reliable Data Movements - Effective data governance also includes secure and reliable data movements, which serve to protect data integrity as well as a business's reputation.
Compliance - Data governance is essential when it comes to compliance. As more regulations are implemented, governance becomes increasingly important.
Accuracy is Essential
Inaccurate, corrupt, or misrepresented data can quickly become a costly game of telephone, spreading warped versions of the original information throughout an organization. This can lead to misguided initiatives and ill-informed decisions.
Data must be carefully safeguarded so that only high-quality results make it into the hands of decision makers. However, multiple data migrations and exchanges can make this quite challenging. Effective data governance practices will ensure the right policies and tools are implemented to preserve data integrity.
As the amount and movement of data continues to increase, so does the need for an efficient and easy-to-use means of managing, monitoring, and automating data flows. IT managers and other business leaders need the ability to ensure data is moving in and out of an organization correctly and efficiently. Failure to do so could cause violation of service level agreements (SLAs) and an overall erosion of partner and customer trust.
The principle here is simple. Data governance effectively drives compliance. If your IT organization uses effective data governance practices, complete with controls, monitoring, and automations, you will have a highly auditable system capable of evaluating and proving your compliance readiness. Therefore, your business will be well positioned for the inevitable new regulations that come down the pike.
IT's Role in Data Governance
As data integrity comes further into the spotlight, data governance and IT's role in it take center stage. IT is tasked with the responsibility for mission-critical systems and business functions, including data transfers and data integrations.
There is an expectation now that IT will maintain a watchful eye over all things data, from large transfers to one-off migrations. Therefore IT must possess the tools necessary to maintain a real-time, accurate view of what is happening in their data environment and be able to detect potential problems.
IT needs to be empowered with the following for effective data governance:
Customized data architecture maps and views into single servers or entire organization
Comprehensive analytics to identify trends or operational issues and to provide data transfer reporting
SLA tracking and management, including visibility into partner data
Compliance and security monitoring
Policy or process violation alerts
Data transfer automation
Employing the right managed file transfer (MFT) platform is an essential component to any data governance strategy. An MFT like Globalscape's Enhanced File Transfer™ (EFT™)provides several features that enable the above functionality. Employing platforms that offer any less than this can put your organization at risk for operation inefficiencies, SLA violations, compliance failures, and security breaches.
When properly resourced, IT can provide the kind of expert oversight that protects businesses from data gaffes and keeps their operations running smoothly. This, combined with effective automation, can help decrease the likelihood of errors and breaches and lay a solid foundation of secure, high-quality data.
Learn how FTP could be putting your business at risk. Is FTP Really Enough?
Increased visibility into your file transfer platform can greatly improve your data governance. Watch the webinar to learn more: Get Real-Time Visibility into your EFT Transfers
There are many ways non-compliance can negatively affect your business. Strong data management and data governance can help: Read more in this whitepaper: Out of order! The risk of being out of compliance