Why is data governance important within Workday?

Data governance is crucial within Workday because it establishes a framework for managing organizational data effectively, ensuring its accuracy, consistency, and reliability. Maintaining data accuracy is vital for making informed business decisions and improving overall operations. By implementing audits and validation processes, data governance helps to identify discrepancies, rectify errors, and ensure that the data remains trustworthy over time. This assures stakeholders that the information used for reporting, compliance, and strategic planning is accurate, ultimately supporting better business outcomes and enhancing organizational credibility.

While preventing unauthorized data access and ensuring compliance with financial laws are key responsibilities of data security and regulatory compliance, respectively, they don't encapsulate the broader value of data governance focused on data quality. Evaluating employee performance, on the other hand, is a specific use case that relies on accurate data but does not fully encompass the essence of data governance itself, which is more comprehensive and foundational to the integrity of the entire system.