No Match Found
Strengthening organizations’ data governance, discovery and protection
Data-driven innovation and emerging technologies are having a significant impact on businesses and society. Data has the potential to help improve health outcomes, lower costs for services and drive economic development and innovation. But while data use creates opportunities, it also introduces risks.
Increasingly stringent regulations around the world (like the European Union’s General Data Protection Regulation and Canada’s Consumer Privacy Protection Act) and shifting market expectations are making it harder to unlock value out of data. And some organizations are losing touch with how their customers truly feel about data protection. According to the PwC US In data we trust report, 55% of business leaders say consumers have more trust in how companies proactively protect their data now than they did two years ago—but only 21% of consumers actually report increased trust.
Using data to unlock the full value of data responsibly, while also focusing on its secure and ethical use, must be a priority. The answer to this challenge is a data trust strategy: one that simultaneously maximizes data’s ability to create value and minimizes its capacity to destroy it. Organizations that want to manage, govern and unlock data value securely and ethically must treat it as a strategic asset.
With advances in technology, data processing and storage, trust has become something companies must provide to their clients and employees. According to our Global Digital Trust Insights 2021 survey, 40% of executives say they’re accelerating digitization. To establish trust today, companies must transform how they navigate everything, from customer experience to third-party relationships, regulations and an expanding cyber threat landscape.
Creating and fulfilling this strategy will take a new approach: a team with cross-functional expertise in finance, lines of business, data science, ethical data use, security and privacy. And they must do it all while being innovative, finding new opportunities, delivering value and staying competitive.
Advancements in data storage and analytics have allowed organizations to scale their data footprint and get value from their data, but there are some challenges that limit organizations from achieving those goals:
Organizations should view data trust as an ecosystem that allows them to create, use, share and retire data securely and transparently.
To do so, there are four key areas to consider: