Finance departments are under pressure to collect and leverage data efficiently to gain a competitive edge and comply with regulations. Data governance helps finance leaders use KPIs effectively, ensure data quality, and control data access for employees.
Data governance is a discipline of data management. It is about establishing and maintaining processes that govern how data is created, used, and stored. These processes address critical aspects such as data ownership and stewardship, data quality management, data security, and data change management.
Data governance ensures data quality, consistency, and security for financial teams. It defines data ownership, and establishes standards for data formats and definitions. This empowers teams to make accurate and informed decisions while protecting sensitive financial information.
Dawiso offers a comprehensive platform with various tools to support data processes – data catalog, business glossary, and data lineage.
Dictionaries that define and standardize key metrics and KPIs, ensuring consistent understanding and interpretation. This facilitates collaboration among all users.
Creating a common business glossary can bridge the gap between data and business by providing a standardized language, such as defining the term "active customer" to align interpretations across departments. Establishing a common language around "active customer" could streamline communication and align perspectives across departments, improving organizational effectiveness and decision-making.
A data catalog is like a Google for your data. Centralized repositories that provide a comprehensive overview of an organization's data assets, including their location, format, and usage. Data catalogs make it easier and faster to find the data you need.
Data lineage is simply the family tree of your data – where each number came from and what changes it went through to get to your reports. It builds trust and helps you fix errors faster, enabling impact assessments and root cause analysis. With automatic lineage, you won't waste time manually tracking changes. Manually searching the DWH to track the impact of changes can take weeks.
By centralizing metadata, streamlining data matching, investigating root causes, ensuring data consistency, enhancing data quality, and supporting regulatory compliance, Dawiso helps organizations improve their data reconciliation processes. This, in turn, benefits CFOs by enabling better decision-making, reducing risks, and ensuring compliance with regulatory requirements.
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