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In today's data-driven world, organizations rely heavily on the quality and accuracy of their data to make informed decisions, drive innovation, and stay competitive. However, the rapid growth of data from various sources has created a plethora of challenges that can hinder business success.
In many organizations, data is often incomplete, inaccurate, or inconsistent, which can lead to poor decision-making, wasted resources, and even legal problems with could eventually lead to reputational damage. Without a single source of truth, different departments may use different data sources, leading to inconsistencies and mistrust. This is a major hindrance in building secure and trusted data culture.
As organizations grow, they often experience exponential increases in data volume from all functions of business. This complicates the job of data owners as it is difficult to keep track of data moving across systems. Organizations are subject to various regulations and laws that govern the collection, storage, and use of personal data. While keeping the data ecosystem complaint with regulations it is important that we democratize the data access for continuous business growth.
Data governance is solving numerous challenges that are critical to organizational success. By addressing issues of data quality, security, compliance, scalability, and silos, organizations can ensure that their data assets are reliable, trustworthy, and accessible to all who need them with compromising the security.