A Guide for Digital-Savvy Leaders
As digital transformation continues to drive innovation and growth, it has become crucial for companies to optimize the value of their data. Data is one of the most valuable assets in the digital age, and understanding its worth is essential for any organization’s success. Moreover, as a CIO or CTO, you have a responsibility to ensure that your data is protected, used ethically, and managed efficiently. Being a digital-savvy leader means you influence the business to know their data and intrinsically the value of it. In this blog post, we present an overview of how to know the value of your data and the importance of doing so in today’s digital world.
Understand the value of your data
The first step in knowing the value of your data is to understand its significance. Your data is an asset that can help your organization succeed and grow. Knowing how to optimize the use of your data can bring significant benefits, such as enhancing your organization’s customer experience, improving productivity, and increasing profitability and even when, where and how AI can be used. Understanding the value of your data is vital in identifying areas where it can be used effectively, and to what level it needs to be protected. More and more having a strategic plan for your data collection and uses makes sense to regulators and it should make sense to your organization.
In 2020 the Spanish Data Protection Authority, the AEDP wrote a landmark blog post titles “Governance and data protection policy”
“Data governance… is the strategy for the correct administration and management of the data policy in the organization. An important part of that policy must be the data protection policy established in article 24 of the GDPR and the need to adopt said policies expressed in recital 78.”
Organizations which have not implemented data governance would have a difficult time to prove accountability over any data, including personal data. This is because there are inconsistencies between the different data repositories; or the systems in which the data are collected and the quality assurance level as a requirement. This problem can be exacerbated when the data is processed by multiple managers and processors. Without data custodians and data stewards, and a governance framework it is very difficult to provide assurance over any data in the organization.
Recently, the prestigious Canadian firm issued a checklist on Data Governance and Privacy risks
One of the ideas in the article emphasizes that the boards should know and periodically evaluate the strategies driving the collection and use of personal information as an imperative to business objectives.
“The data governance structure must be designed in such a way that it includes the participation of all levels of the organization to reconcile priorities, expedite the resolution of conflicts and encourage support for the quality of the data, its treatments and the protection of privacy. Commitment must come from top management.”
Data protection in the context of data management
The protection of data from unauthorized access is as critical as knowing its value. Your data contains sensitive information that can be useful in the hands of attackers. Moreover, data privacy laws require companies to safeguard their customer’s information, and failure to comply can result in significant financial and legal consequences. Your organization’s data protection strategy should consider all aspects of data security, including confidentiality, integrity, and availability but also what data is being used and for what purpose or reason. As a digital-savvy leader you should know this and ensure you use your influencing power to spread the knowledge. The processing of personal data must be supported by the effective implementation of the principles of protection of personal data, taking the appropriate measures and offering sufficient guarantees.
Building a team-management skill set to ensure good data management
Digital-savvy leaders who wish to know the value of their data must develop a team management skill set. Data-driven decision-making is essential, and this requires collaboration between different departments. As a CTO or CIO, you have to create a culture of data-driven decision-making in your organization. This includes promoting the correct use of data, investing in data technology, and encouraging employees to develop data analytics and interpretation skills. Privacy and security training are as important to ensure that your employees recognize when data sets need to be surrounded by more specific rules and security due their sensitivity.
Conclusion: It is not surprising that regulators think about privacy and personal data protection as a subset of organization’s data governance. Digital-savvy leaders need to understand that privacy laws and regulations cannot be ignored and find ways to preserve the resources of the organization by championing data initiatives such as data governance. No organization can succeed in the digital age without understanding the value of its data. As a savvy digital-savvy leader, you must be aware of your legal and regulatory obligations and have the necessary skills to manage and protect your data properly. Understanding the value of your data can enhance your organization’s decision-making process, improve customer experience, and ultimately increase organizational growth and prosperity. Our Digital Savvy Leader workshop offers leaders the chance to understand the value of their data in-depth, learn how it leads to success, and forge relationships with other industry leaders who share their views on digital business transformation. Visit us at Wareness!