There is a strong likelihood that you’ll be asking customers, vendors, and others for a significant amount of information. You’ll also likely ask employees and others associated with your company for sensitive data such as social security numbers, home addresses, and more. If you expect people to hand over this important data, they need to trust that you’ll take care of it. This article will explore the role data governance plays in a company’s success and why every company could benefit from utilizing it.

Create a Robust Data Governance Policy

Data governance is simply the protocols put in place to oversee data that is acquired by the firm. Your governance plan could include the use of private servers, network encryption, or the use of passwords to limit the number of people who can access your network. You may also opt to require employees to use computers, phones, or other devices issued by the company so that you can maintain device and network security standards.

Win Customers Over with Good Planning

Customers may be hesitant to provide their credit card numbers to a company that does not demonstrate a commitment to protecting their personal information. They may also hesitate to share their address, phone number, or any other details that could potentially be used in an identity theft scam.

Therefore, having a robust privacy and security system in place could make it easier for people to want to buy from you. Remember, you’ll need a privacy and security system in place whether orders are being made in person or online. This is because credit card information or other data can be stolen from a point-of-sale (POS) terminal.

Keep Your Trade Secrets Secure

Data governance can benefit your company because it reduces the likelihood that your own internal records will be leaked. These records could be anything from how a product is manufactured to an application for a patent on an upcoming product. You may also have records that you are legally required to retain, or simply have documents that you don’t want the public to see for any reason.

Keeping an eye on your records helps ensure your company is less likely to be exploited by a former employer or a competitor. It also means that your company is less vulnerable to losing out on sales to competitors who find your market or product development plans and use them for their own benefit.

Data Governance Is Good Governance

Companies that have quality data governance plans in place are more likely to have quality governance plans elsewhere. Ultimately, the company is less prone to make hiring, firing, or other errors that expose the business to lawsuits or other damage to the brand. It also means that shareholders and other key stakeholders might be less likely to withdraw their funds or otherwise turn away when times get tough. Instead, they’ll be more inclined to trust that you have a plan in place to turn things around quickly.

Ideally, your company includes a data governance plan as part of its overall business plan. Otherwise, there is no better time than now to be proactive in creating one and reaping the benefits it could provide for your firm.