Data is a journey not a destination
We recently ran a LinkedIn poll
This was an interesting one. Many had internal conflict as to whether data quality or data analytics is the thing they need to do next in their organisation to improve and grow. Of course, you can’t do analytics properly without fixing the data, so one could rightly argue that by addressing analytics you also have to fix data quality. With poor data quality costing organisations 20% of revenue p.a. and data analysts only being 56% productive if data quality is poor, then there is a strong case for doing so.
Data analytics – the force is strong…
Gartner say that 80% of executives believe their organisation will lose competitive advantage if they don’t effectively use data, yet more than half don’t have a data governance framework nor allocated a budget to address it!
Add to this the fact that a large number of data analytics projects falter or fail because of poor quality data, then there is certainly a strong case for addressing data quality as a top priority and ensuring that you have effective data quality management in place before embarking upon your data analytics initiative.
Start with your data strategy…
A few respondents made the point about data strategy being the first thing that you need on your data journey. This is very true and should be the starting point for anyone seeking to embark on their data journey to improve their data management, processing and governance. We have many partners and independent consultants that can help you with this.
Compliance – no-one loves us ☹ – but why?
What was a surprise from the poll was that no-one voted for compliance. I know that this is a very real risk and issue for many organisations as they have not yet achieved data protection by design and default, i.e. effectively operationalising their data compliance activity. Worse still so many organisations are relying on manual processes for classification, retention, minimisation, servicing data subject rights – effectively building an inefficient “cottage industry” that is unsustainable longer term. Especially so, when IDC are forecasting the “global dataverse” to have grown ten-fold from 2016 by 2025 to a staggering 175 zettabytes! With over 80% of this forecast to be unstructured data, the most difficult to manage and control, then the risk of data breach and reputational damage simply because an organisation does not understand what is in their data estate is significant.
Some numbers to consider. IBM state that the cost of a data breach per record is £99. I.e. 10K records breached almost £1m!! On the plus side, Ponemon claim that increasing data audits above 5 per annum and centralising data governance reduces the costs of compliance by up to 29%. With the cost of compliance being roughly 10% of the organisation’s turnover you may have a significant opportunity worth exploring…
Your data journey
It is fundamental that executives recognise that data governance and the foundations for it, are a journey and not a destination. Your CIO knows this, they also know that working with quality and compliant data, delivering real-time data-driven insights where engagement with data is the norm is ultimately what is needed to support business strategy execution, business transformation, optimisation of business processes, data risk mitigation and improved products and services.
If you’re on this journey with your organisation’s data, then infoboss and our partners are here to help, from data strategy, through data quality, compliance, governance, analytics and AI/automation. Fundamentally, if data is important to your business, you may want to explore how infoboss can help, and with our ‘as a service’ approach, you’ll receive benefit and value for your data initiative from the beginning!