The concept of organizations managing master data is nothing new. More and more companies are making it a priority to manage data to increase efficiency and reduce costs. Luckily there are technologies that exist to create Master Data Management solutions and to support a Center of Excellence for Data Governance, where data stewards and analysts evaluate and discern rules to define their master data.
In order to maximize the benefits of data governance, one must require more than just technology. Successful data governance also requires a foolproof process and expertise to get the job done. The challenge today is not whether companies can create data governance solutions but, rather, if these solutions can address the rapid changes in business. Data governance solutions are expected to help raise the value of business data. They should help an organization create, deliver and maintain accurate data. If there is no time component in this, then how valuable is that data once it’s become out of date? . . .
Read the full article here: How to Maximize the Benefits of Data Governance through a Data Stewardship Platform