By Prangya Pandab - June 08, 2022 4 Mins Read
A data governance strategy allows an organization to gain greater trust and loyalty from current and future customers and provide flexibility in the cloud.
Storing company data in the cloud can be empowering, and it also allows businesses to pivot rapidly and be proactive while non-cloud enterprises must zigzag. A clear data governance strategy – data management best practices for stewardship and quality – is essential. A data governance policy can help the company earn more trust and loyalty from existing and future consumers while also providing the company with more flexibility in the cloud.
All of the Data in One Place
A cloud-based database can be highly flexible, but only if organizations don’t develop small, segregated databases that neither IT nor marketing are aware of. Organizations often shift 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 time training the workforce.
Not to add, having all of the data in one location makes it easy for team members to find the right information to use when tailoring customer experiences, which the consumers will appreciate.
Ease of Compliance
Using the cloud also allows businesses the flexibility they need to comply with stringent and constantly changing regulations such as CCPA, GDPR, and other state and local laws. This makes it easier to delete data because everything is in one location. As regulations extend, current ones adapt, and new ones are created, saving time and work.
Organizations should take a privacy-first approach to the data they gather. This can be accomplished by having documentation on various cloud systems, the data they store, and why/how organizations use the data. Organizations can quickly establish security measures for data viewing and data access. This can be accomplished via data clean-rooms or by simply establishing security groups for privileged data access.
Also Read: Three Best Data Governance Practices to Follow
Documentation is essential for understanding the data and locating it for team members. Certain data sets can be found among several instances as complex data sets increase. All data should be documented in a data dictionary that is kept up to date on a regular basis.
Having a stringent data governance policy allows companies to be more flexible while also saving money. They can save in two ways – one, by not having to pay to store data that they no longer require, and the other, by paying per query size with some cloud storage firms. Companies can save a lot of money by not paying to query outdated data.
Unlocking 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 processing changes to reach the market increases to boost productivity. As a result, it helps the company conceive big ideas, put those ideas into action through doing, and deliver those ideas via data-driven targeted marketing that generates engagement and conversion.
To begin planning, companies must first identify where they are now and what technology they are using. Then they must map out their cloud strategy by establishing objectives 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 this will be the key to unlocking the complete flexibility of the cloud.
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Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.
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