Imagine trying to view the entire night sky by looking through a straw. It’s impossible. Yet for many business leaders, that’s how they view their organization’s data — in pieces and largely incomplete. These disparate, piecemeal views can prevent organizations from realizing data’s value and identifying underlying risks.
Many industry leaders already understand that data is foundational for an enterprise to function effectively, communicate, make strategic decisions and ultimately help drive revenue. The marketplace already expects companies to use data for those purposes — and to do so holistically, safely and wisely, with an articulated strategy. But it’s not often happening.
- A chief data officer may be focused on data governance and quality.
- A chief financial officer may focus on reliable data to inform planning and decision-making.
- A chief risk officer may be concerned about data integrity and the accuracy of risk reporting.
- A chief information security officer may be concerned about classifying, encrypting and preventing the loss of sensitive data.
- A chief compliance officer may focus on data privacy and protection but also needs to think about how to marshal multiple departments together to help address various data management and compliance requirements.
What these corporate leaders may be missing: Their siloed views mean that their data is functionally at a dead end. When it’s not incorporated into one ecosystem, data can undermine the foundation for business operations, transformation and growth.
That could mean anything from endangering large-scale migration from legacy systems, hindering the adoption of artificial intelligence (AI) capabilities, inhibiting the ability to expand a product portfolio, or diminishing reporting, intelligence and innovation. If data cannot be protected and collected in a safe manner, a lack of focus on these risks can also affect regulators and consumer trust.