The systematic oversight and execution of policies, procedures, and standards surrounding data assets is a critical organizational function. It encompasses the comprehensive approach to ensuring data quality, security, accessibility, and usability throughout its lifecycle. For instance, a financial institution might implement stringent controls regarding customer data to comply with privacy regulations and prevent fraud.
Effective management of data resources yields numerous advantages, including improved decision-making, reduced operational costs, enhanced regulatory compliance, and increased competitive advantage. Historically, the need for such practices has grown alongside the increasing volume and complexity of digital information. Properly implemented, it provides a foundation for reliable analytics, optimized business processes, and ultimately, greater organizational success.
