More Spending by Larger Companies to Become More Data-Driven in 2022 using Master Data Governance

 

Larger companies view master data governance as more important and have a rough data governance structure to be data-driven, making decisions based upon data analysis. While some of these data governance strategies remained mature in 2021, company culture will still be a barrier to data governance investments in 2022. 

Only one third percent of Fortune 1000 companies claim that data has transformed their business results, leading to a perception of a decline in investment return. This gives small and mid-sized businesses the opportunity to outperform larger companies in terms of data quality. 

Due to security risks and increased remote business, companies have given IT Governance a higher priority than data governance. IT grants physical access to various resources but does not manage data quality or privacy. 

You save money by tailoring your data strategy to your business and setting up ways to collaborate, cross-departmentally, about data quality. Adapt an MDM platform that can assign roles to the system for your data governance processes and create standard data by having a technical dictionary available. 

Data governance and data quality will be enhanced by an increase in data literacy. This is the ability to read and analyze data, as well as transform it and interpret it. First, users will feel more comfortable using data governance when they are more data-literate. PiLog Data Governance Suite improves data literacy by providing technical dictionary to help users use data effectively and maintain its quality.