Why data governance is so important for marketing

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Data Governance in Marketing: Meaning and Procedure. Katrina Neal 04-27-2023 An effective data governance strategy is essential in our modern marketing world. Data governance best practices include formal policies, processes, and procedures—enabled by technology—that govern how data is processed within organizations. A reliable data governance strategy should allow silos to be broken down, standards for data formats, storage and processing to be defined and, ideally, a single source of truth to be created. Read on to learn what marketers and marketing data analysis professionals need to know about data governance.

Then check out our latest guide, Data, Insights, Actions: Machine Learning and AI for Marketing Analytics , to learn more about customer data and marketing analytics in the machine learning era.  #1: Compliance. Let’s start with the cle Job Seekers Phone Numbers List rest benefit of good data governance: legal compliance. Laws such as the European Union’s General Data Protection Regulation (GDPR) require companies to pay close attention to consumers’ data preferences. Fines for violations can be staggering.

The highest fine imposed to date was 746 million euros. For companies that have data silos, adequately managing permissions and privacy is next to impossible. Customers may have communicated their preferences to customer service, but the marketing department continues to use their data - without knowing that customers have withdrawn their consent in another system. No. 2: Customer trust. Aside from avoiding fines, there is a far more valuable business resource at stake here.