Data governance is the process of managing and controlling data throughout its lifecycle. It is essential for revenue operations because it helps to ensure that data is accurate, consistent, and secure. This can help to improve decision-making, reduce costs, and increase revenue.
There are many benefits to having a good data governance program in place. Some of the benefits include:
Improved decision-making: Data governance can help to improve decision-making by providing access to accurate and consistent data. This can help to reduce the risk of making decisions based on inaccurate or incomplete data.
Reduced costs: Data governance can help reduce costs by reducing the time and money spent on manual data entry and processing. It can also help prevent data loss due to errors or security breaches.
Increased revenue: Data governance can help increase revenue by improving the accuracy of sales forecasts and identifying new sales opportunities.
There are many steps leadership can take to improve data governance in revenue operations. Some of the steps include:
Defining data standards: The first step in improving data governance is to define data standards. This means identifying the types of data that need to be collected and how it needs to be stored and processed. A data dictionary is a great place to house such information and processes.
Building a data dictionary for data classification: Improve data literacy, protect PII, and make smart decisions faster by building a data dictionary. (A solution like Sonar's dynamic data dictionary can automatically integrate and apply context to your Salesforce metadata for your business's master data management program)
Implementing a data management system: A data management system can help automate the collection, storage, and processing process. This can help reduce the time and money spent on manual data entry and processing.
Training employees on data governance: It is essential to train employees on data governance so that they understand how to collect, store, and process data in a way that complies with the data governance standards.
Implementing security measures: It is important to implement security measures to protect data from unauthorized access, use, or disclosure.
Data governance is an integral part of revenue operations. By following the steps above, you can take the first step towards better data governance in your organization and reap the benefits of improved decision-making, reduced costs, and increased revenue.
Written by: Darren Fay