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Effective information management and data governance are invaluable to an organization. For this assignment, first, explain the concept of data governance and its importance within an organization. Then, identify two organizations that have benefited from implementing a technology that improved their data governance. Briefly describe both organizations and then answer these questions for each:
-First, explain the concept of data governance and its importance within an organization.
-Identify two organizations that have benefited from implementing a technology that improved their data governance (Briefly describe both organizations)
-What technology did they implement?
-Why did they choose that technology?
-What business factors were evaluated prior to implementation?
-What information deficiencies existed prior to implementation?
-What benefits were gained after implementing the technology?
-Do the benefits associated with the technology outweigh the costs?
Improving Data Governance
Name
Institutional affiliation
Date
Improving Data Governance
The concept of data governance is defined as the general management and control of the accessibility, usability, reliability, and safety of data used within an organization. Anand, Milne, and Purda (2012) assert that data is one of the most significant valuable assets in any organization, most especially during these modern-days characterized by technological advancement. Data is the most long-lasting asset in any organization considering it outlives the people, devices, and facilities. In Canada, organizations benefit from having programs on data governance because they guarantee access to data that is trustworthy and consistent. Data governance increases the access of an organization to data activation, confidence, and accessibility. Through models of governance, stakeholders are provided with valuable, reliable data that can help in the process of internal and external decision making. Data governance is imperative to the operations of an organization because it helps in boosting profitability, creating new products, optimizing productivity, and making business decisions.
Organizations using data governance
Bank of Montreal
The Bank of Montreal is one of the most significant financial services and investment bank operating in Canada. According to the Bank of Montreal (2019), the institution has been in operation for over 200 years, providing an array of diversified financial services. As of October 2018, the company has total assets of over $700 billion, supported by a team of dedicated employees who provide a range of services to more than 10 million customers.
The Bank of Nova Scotia
Operating as Scotiabank, this institution is one of the largest banks operating in Canada. Scotiabank is recognized to as one of largest bank in Canada. On a global stage, the company has operations in more than 50 countries where it provides...
