Why is good data governance so important? Consider what might result without it: data that’s poor in quality, difficult to use, lacking integrity, vulnerable to cybersecurity threats, inconsistent, and not always available to business users.
In other words, from a business standpoint there is almost no point in having data without data governance.
As defined by the Data Governance Institute, an organization that provides best practices and guidance in the discipline, “data governance is a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.”
The digital transformations under way at so many organizations have rendered strong data governance even more vital for enterprises, because so much of business success depends on data being reliable, secure, and available to the right people at the right time.
Not surprisingly, demand for data governance products and services is on the rise. Research firm Markets and Markets estimates that the global data governance market will grow from $2.1 billion in 2020 to $5.7 billion by 2025, at a compound annual growth rate (CAGR) of 22% during the forecast period.