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Blog > April 2020 > A Decade of Building Trust in Data and Empowering Business Growth 

A Decade of Building Trust in Data and Empowering Business Growth 

In God we trust. All others must bring data.” – W. Edwards Deming, statistician, professor, author, lecturer and consultant.

The volume, velocity and diversity of data continue to grow at an exponential pace globally. Data is being consumed in real time and through multiple channels of business and enterprise interaction. In this environment, Data Trust has become the most critical element separating the successes and failures in enterprises.

Today, businesses are looking to make faster and better business decisions with insightful data, reduce risk arising from incorrect data, and become audit ready with trusted data. Customers want to know what personal data an organization has on them, how said data is processed, and whether or not it is safe and well managed. Soon, there will be a need for demonstrable evidence that any data from capture to consent and acceptance of non-use is auditable and governed. This poses a need for rethinking and rearchitecting the underlying data management frameworks that businesses need to adopt.

This is the decade of empowering business growth through trusted data. Data trust is created by knowing who is using the data, what it means, where it exists, where it came from, when it was captured and how it changed over time. Establishing data trust across the data supply chain is possible only by building platforms that allow governed interaction of people, process and technology.

India

As a nation, India has come a long way in terms of leveraging data to deliver value to clients, to enterprises or to the citizen. Now, the country is on the verge of finalizing its Data Protection Bill, which will have a far-reaching impact on how enterprises trust, protect and manage data, especially with regard to personal information and consent for data usage. The banking and financial services industry, one of the major custodians of the customer’s personal data, will need to embrace new technology capabilities to facilitate efficient and effective adoption of the bill. The Data Protection Bill accelerates and builds on the need to assess the impact of GDPR, BASEL BCBS 239, amendments to Aadhar Act, RBI reporting and many other statutes and regulations which have a potential overlap with the data protection framework.

Leading Trends Shaping Data Trust Priorities

In India, we are starting to see four areas that are shaping the data trust priorities in the financial services sector:

Cell-to-Source Traceability

There is a growing need to demonstrate system-driven traceability of data flow from a cell or a field in a report all the way to the different sources from which each contributing data element has originated. Be it a regulatory or a business report, it is becoming imperative that organizations are able to answer questions around inconsistency and inaccuracy of data in their reports. This aids in error-free regulatory reporting and giving easy answers to audit queries, thereby making companies audit ready.

Right to Forget

One of the key aspects of data privacy is the customer’s right to be forgotten. A customer could want companies to restrict or prevent disclosure of personal data and withdraw their consent for processing said data. Companies, in order to execute and demonstrate this right to forget, need to know what customer data is residing in what forms within their complex application landscape. Technology aids in automated discovery of this landscape and allows companies to do an impact analysis of this change even before it actually happens.

Data Monetization

Critical business decisions are made on the basis of data; good data leads to good decisions. Data helps in understanding the existing products and services better, which is a foundational layer on which companies launch new products, enhance existing products and services, and cross-sell to existing customers. When data trust is established, companies can use the right data for any business activity without rework, thereby saving a lot of time and money. Globally, investors give higher valuations to companies that report trusted data.

Cloud Data Migration

Today, migration of applications and data to the cloud is happening at a rapid pace. It is important, however, to be judicious and migrate only what makes sense for business. Moreover, regulations on data privacy will play an important role when considering cloud migration. Companies need to know what personal data resides in the cloud and who is using it. It is important to curate and classify data before moving to the cloud so that what does not need to be moved stays and what moves is traceable.

This is the decade of making sense of data, building trust across the data supply chain and using trusted data for business growth and continuity. As business leaders chart out their individual journeys of making their organizations ready, three ingredients will always remain the same: people, process and technology. It is a combination of these three which will make an organization future ready.

Over the last 25 years, ASG Technologies has helped companies increase trust in data and derive value from this invaluable asset, a fact that is endorsed by various analysts and independent organizations globally.

Posted: 4/28/2020 8:37:03 AM by Kaushik Bagchi
Filed under :ASG Data Intelligence, data lineage, data trust, Kotak