Data governance is the strategic framework and practices that govern the management, usage, and security of data assets within an organization. Just like any valuable asset, efficient data governance is necessary to extracting the maximum value from data.

This involves implementing repositories like Master Data Management (MDM), managing data quality with Data Quality Management (DQM), and ensuring data traceability through Meta Data Management. These key components are integral to a robust and effective data information system, enabling the organization to make effective decisions and achieve optimal outcomes.