Why every byte counts: Enabling growth with robust data governance

OF ALL the accelerated changes ushered in by the pandemic, perhaps the most impactful has been the emergence of data as an essential public good. With more and more businesses going digital overnight in the last few years, the sheer volume of data generated and processed has consistently exceeded previous limits with every passing minute. Like with any other resource that is widely consumed, data needs to be properly stored, processed, and managed, securely and efficiently in today’s digitalised reality.

However, data’s unique characteristics mean that its value is eroded when it is deemed untrustworthy. In the high stakes, highly competitive tech ecosystem that is driving the next generation of new ways to leverage data, market factors are driving up the cost for companies without a solid data governance apparatus in place. We have all witnessed the most successful company and corporate behemoths being fined hefty amounts and taking massive reputational hits – all stemming from failing to uphold the highest standards for data management and security. It has therefore become a strategic imperative for companies to ensure their data governance remains at the highest standards, yet is nimble enough to leverage data in response to market shifts.

What does good data governance look like? 

At a recent Economist Impact webinar held with National Australia Bank, FWD Insurance, AEON and Databricks, it was highlighted that particularly for industries that are evolving rapidly amidst the data revolution, robust data governance must be derived from a deep understanding of privacy, security, and operational risks, and also driven in sync with ongoing changes across the compliance landscape. Strong data governance can be built when organisations approach it as an ongoing journey instead of an objective to be reached.