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Why Data Strategy and Governance Matters for SMEs

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Why Data Strategy and Governance Matters for SMEs

In today's fast-paced digital world, businesses must establish effective data management. A data governance framework paves the way for data-driven decision-making and contributes to a sustainable business model by reducing your company's digital footprint. This blog covers the critical components to implement an effective data strategy. 

Eliminating Duplicate Systems and Data

Duplicate systems and unmanaged data can wreak havoc on a company's efficiency, leading to wasted resources and confusion on the data ‘source of truth’. By eliminating multiple tools that perform the same tasks with potentially conflicting data sources, businesses can remove miscommunication and save time. Furthermore, addressing duplicate data maintains consistency and accuracy, strengthens business decisions and fosters customer trust. 

The Responsibility to Protect Stakeholders' Data

Data security is paramount for businesses of all sizes. A robust data governance framework ensures stakeholders' sensitive information is protected, establishes trust, reduces legal risks, and helps to preserve a company's reputation. The framework should comply with data protection regulations such as the General Data Protection Regulation (GDPR) and industry-specific requirements. You must also have a defined and tested incident response plan to address any data breach to limit the damage to the business and stakeholders.

Data governance in Action: Controlling Data Access

Managing employee access to sensitive information is a crucial aspect of data governance. Clear data management procedures, regular access control reviews, and comprehensive training on data handling and security best practices all help businesses prevent unauthorised access. An example of how crucial this can be is the exposure if a disgruntled employee with access to social media accounts leaves your business without the proper revoking of access to systems and data. 

Data Governance to Enable Business Strategy

Developing a comprehensive data governance framework positions a business to achieve strategic objectives. This includes defining data standards, quality requirements, architecture, compliance, analytics and reporting. The framework is underpinned by procedures, guidelines, the tools required and skills across the team members. Data is a key differentiator in the market and when the capabilities are defined and utilised, can empower service delivery. 

Assigning Accountability for Data

Data governance also entails designating accountability for data quality, accuracy, and security. Clear lines of responsibility empower team members to uphold data integrity and enable businesses to identify and address issues promptly. For instance, a company might assign a Data Governance Manager or Data Steward to oversee specific data domains and ensure compliance with internal policies and external regulations. In the event of a data breach or non-compliance, businesses without clear accountability could face financial penalties, reputational damage, and a loss of customer trust. On the other hand, those with well-defined responsibilities can quickly address the issue, mitigate the damage, and demonstrate their commitment to data protection and transparency.

Prioritising Security in Data Strategy and Governance

A robust data security strategy is crucial to protect your organisation from potential breaches and create stakeholder confidence. Employing measures such as encryption, multi-factor authentication, and routine security reviews to safeguard sensitive data are all important steps to take. Moreover, emphasising employee training and awareness to reduce human error and preserve a data protection culture. By embedding security into the fabric of your data strategy and governance framework, businesses can mitigate risks and uphold a reputation for data protection.

Reducing Your Digital Footprint: A Sustainable Business Practice

Adopting effective data strategy and governance practices streamlines your operations, and contributes to a sustainable business model. By efficiently managing data, companies can reduce their digital footprint thereby decreasing energy consumption. It’s a key step in your sustainable tech journey, demonstrating commitment to responsible business practices.

Choose Klyk: Your Trusted Partner for Data Strategy and Governance

Klyk is the perfect partner for businesses seeking to implement cutting-edge data strategies and governance frameworks. With a proven track record and years of industry expertise, Klyk transforms companies by streamlining their operations, protecting their data, and ensuring they stay ahead in the digital landscape. Speak to us today!

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