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Data governance is the process of quality control for data. Governance ensures that data that was entered and collected meets specific standards, integrity constraints, and the rules and regulations to which the organization is bound.
It is estimated that the size of the global data governance market is $863 million and will grow to $2.2 billion by 2021, based on a study by ReportsNReports. Driving a lot of the growth in governance has been the desire by organizations to more strategically manage their risk and to help them comply with regulations and deadlines.
Nick Inglis, president of Information Coalition, told CMSWire that “it’s time for a call to arms. We are seeing continued struggles and there hasn’t been a lot of leadership that has been effective around information governance, especially compliance and security Then there is risk and value. The last 20 years have been focused on risk, the value hasn’t hadn’t received a lot of attention. That has to change… With highly publicized security failures, all attention is focused on information security these days. However, while many organizations are spending heavily on security, they are still neglecting information architecture. The two elements — security and architecture — need to be developed together.”