Data governance: Key to unlocking a firm's most valuable asset

BUSINESSES today have an untapped valuable asset sitting in their organisation: data.

The mining and analysis of data is becoming fundamental to the way companies transform business processes, and organisations that are capitalising on this information are gaining a competitive advantage over companies that have yet to figure out how to harness this asset.

In many ways, data has become the new currency.

Access to consumers' behaviours and preferences is key to building a customer-centric business model.

However, customers have grown rightfully sceptical of organisations' ability to protect their personally identifiable information (PII).

Singapore is among the nations passing legislation and creating guidelines for how organisations should handle and secure data, as well as protocol for not…