So, what exactly is Data Governance?
Essentially, Data Governance is the management of data, its use, integrity, and security within an organization.
Data governance often includes concepts such as data stewardship, data quality, and so on to assist an organization to have better control of its data. With the rules such as the General Data Protection Regulation (GDPR) in place, proper data handling is something most organizations have a keen eye on.
The data governance stewardship is fast-growing, and it’s becoming more and more challenging to find the best solutions for the data needs of various organizations. In this article, we take you through seven data governance solutions we felt are best suited for the financial services industry players such as banks and credit unions.
Let’s get started!
1. Collibra Data Governance Tool
Collibra is a data governance solution meant to provide powerful tools for data management and stewardship. The application suits a wide range of an enterprise’s needs including writing data solutions that meet business governance goals.
Collibra provides forms of data lineage information that assists organizations to find, comprehend, and trust their data.
- The software contains a business glossary that helps users build and manage an organization’s business vocabulary.
- Collibra incorporates a data mapping feature to enable its users to create data element mapping between separate databases.
- The application contains a catalog that allows you to annotate, document, and tag datasets to eliminate data silos and instead keep the vital information up to standard.
- The Collibra Connect feature helps you to connect other useful business applications so you can automatically detect and apply data policies and system updates.
2. Infogix Data3Sixty Data Governance Tool
Infogix Data3Sixty is a collaborative business solution that provides organizations with a platform to gain a broad understanding of their data.
This cloud-based data governance solution enables you to achieve efficiency and effectiveness in both customer satisfaction and productivity—it’s achieved through detection and eradication of bad data at early stages.
- Infogix can evaluate the quality of your data through monitoring and profiling. This ensures that you have the best quality of data in the organization, and up-to-date.
- It features a data analytics tool that enables its users to train, score, and evaluate sets of data to come up with better insights.
- The application can communicate data access methods and usage restrictions to the various stakeholders in an organization.
- Infogix contains a business glossary which provides definitions, synonyms, and essential business attributes.
3. Informatica Axon Data Governance Tool
Informatica Axon Data Governance Tool is another data governance tool that connects people to the right data for better business decisions across an extensive assemblage of industries including the financial sector.
Known for being the industry’s first fully integrated enterprise data governance tool, Informatica offers an intelligent solution to data governance and compliance. Informatica is a key player in addressing risks, compliance, and regulatory measures such as the General Data Protection Regulation (GDPR).
According to Informatica president of products and strategic ecosystems Amit Walia, the platform is set to mark a disrupting phase as far as data governance in organizations is concerned.
- Informatica breaks down data into smaller and easy-to-understand pieces through a set of common facets that end users should be familiar with.
- The data governance software classifies data to allow you to identify and record key sources and details that help highlight risks or trust in the information sequence.
- Informatica makes it possible for users to connect the dots to be able to build an end-to-end view of information as business connections increase.
- It measures the quality of data against business processes, regulations, and projects to enable users to make use of the best possible information available in their databases.
4. Alation Data Governance Tool
Alation data management applicable offers a quicker and easier way for users to find the exact data they need at any given time.
The system monitors a database and its usage and records the information needs of the organization at each level. It significantly saves the times and resources spent by data users in sifting through tons of data.
- The search and find functionality in this software enable users to search and discover information in their databases in a faster and convenient way.
- Alation can connect various business intelligence tools thus eliminating the need for additional applications to have a compatible data management platform.
- Its data collation ability makes it possible for users to maintain high-quality data that allows them to derive great insights and can be reused across a wide spectrum.
5. DATUM Data Governance Tool
This cloud-based and on-premises data governance tool assesses how data impact processes. DATUM helps organizations to identify and use data to solve their problems, as well as create opportunities.
The application identifies and avails critical data that matters most to the enterprise to enable users to make the right choices more effectively.
- DATUM features a data measuring tool that evaluates the effectiveness, impact, and risk of certain data to the organization.
- The business glossary features in this application come in handy when it comes to formulating a common business language that can be used to connect organization members.
- The software allows for the linking of business goals to data to see the relationship between the two, and the progress against set goals.
6. Global Data Excellence Governance Tool
Global Data Excellence provides a mechanism for maximizing efficiency in business processes as well as reduces risks associated with organization data.
The software measures and avails the impact of non-compliant data in monetary terms. This approach seeks to close the gap between technology and business data by aligning business objectives with data governance processes.
Data Excellence Management system provides a data governance structure that is sustainable through a lasting business impact and value to the quality of data.
- This platform can do a root cause analysis based on data hierarchies and provide an approach for the response.
- Data Excellence measures and visualizes the impact non-compliant data has on the business and its operations.
- Its data integration functionality makes it possible to combine a number of metadata structures from different databases and provide easier access to the intended users.
7. IBM InfoSphere Information Governance Catalog
IBM data governance tool provides organizations with a workflow intended data governance platform that helps to identify, store, and manage data assets that are key to the daily operations of the enterprise.
This cloud-based application enables users to explore, comprehend, and analyze business information. With the rise in technological advancements, most organizations have found the need to analyze data fast and accurately to make timely decisions on a day-to-day basis.
- The application is capable of evaluating many databases and come up with an in-depth analysis report.
- IBM’s InfoSphere Information Governance Catalog contains a search and visualizing mechanism to help organizations to understand their data better.
- With this tool, users within an organization can easily monitor and report on various metrics as well as the adoption of new governance structures.
- IBM InfoSphere Information Governance Catalog enables organizations to set ownership of data and documentation at all levels of data usage.
There you have.
In conclusion, data governance denotes upgrading the mechanism for gathering and handling data in an organization. This means data governance tools need to serve exactly that in your organization and technological portfolio.
Vendors offer a wide range of licensing and deployment options—however, you should always consider trying out an application via some form of subscription first before bringing it on board.