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Due to the disruptive nature of the digital natives who survived the dot-com bubble and are thriving, business leaders are under constant pressure to sustain the business and explore new growth opportunities. And then the digital landscape collapsed, followed by a pandemic that disrupted the way the world worked. These events mostly favored the digital natives who are thriving with technology to become dominant players in their segment.
As corporate leaders worked through the pandemic, the ongoing geopolitical tensions in Eastern Europe had a surprising impact on the global economy, which before the conflict appeared to be recovering well from the impact of the pandemic.
In fact, business leaders have to deal with such random events every now and then. For example, McKinsey estimates that every 3.7 years, companies experience supply chain disruptions lasting a month or more. That’s a lot more manageable, so how can business leaders be prepared to respond and remediate the impact of such events?
The answer lies in data-driven decision-making and strategic execution. Achieving this is easier said than done: it requires a change in the way business leaders think about data and how it is managed.
Here are five compelling data requirements for business leaders to think about.
Too much data collection is expensive
It is crucial to understand which data points are collected and how they are processed and stored. The old-school thinking that too much data can’t be bad for business is proving wrong: As data volumes grow exponentially, the cost of effectively managing and securing data becomes time-consuming and expensive. Therefore, it is important to consider what data points to collect and how long to store them.
Centralize data systems
This implies having a single source of truth and avoiding redundancies that work out of sync. Centralizing data systems and methodically selecting which data points to collect helps different departments seamlessly access the data they need and work at their best – for example, understanding customer journeys across products and services to deliver highly relevant content and experiences. In addition, it simplifies the processing of data protection requests and helps to reduce compliance risks.
Manage data as a product
Different teams in a company often build data pipelines and process data according to their individual needs. This makes it difficult for another team to use the processed data; Instead, they would have to process the same raw data according to their specific needs.
To derive more value from the data system and programs, business leaders should plan to manage data as a product as the next step in centralizing data systems. This helps manage data in a way that serves multiple purposes and adds value to the entire organization.
Leverage technology for compliance
Companies already have to deal with a number of regulatory requirements. In addition, the regulatory landscape surrounding data management has evolved rapidly. Imagine, among other things, the regulations on the storage and processing of health data, payment data or children’s data. And then there are regulations designed specifically to protect consumer privacy, such as: B. the GDPR.
Positively, as the regulatory landscape has grown, so has regtech, which helps companies manage compliance. Business leaders should actively explore regtech platforms that are well aligned with compliance needs and business priorities. For example, at LoginRadius we balance business needs for identity management with compliance needs.
Data protection as a competitive advantage
Nowadays, a proactive approach to data protection is a competitive advantage. One example of this is the emergence of privacy-focused alternatives to popular services like Google Search, Microsoft Outlook, and Dropbox.
When business leaders are well-equipped to meet today’s data management and privacy requirements, they should consider how to ensure their data programs are future-proof across the enterprise. This is vital as the future of business will increasingly consist of combining industry specific expertise and technical know-how with data management skills.
Deepak Gupta is LoginRadius co-founder, tech strategist, cybersecurity innovator and author.
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