People, businesses, and machines are generating data at a staggering pace. The business expectation is that you will use this data to gain insight, increase competitive advantage, and become truly data-driven. Data lies at the heart of this digital transformation and is underway at most organizations.
But with so much data, created so quickly and from so many different sources, it’s hard to control. Today we find ourselves in the midst of data’s perfect storm—exponential growth coupled with an expanding list of regulations (i.e., General Data Protection Regulation, the Basel Accords, BCBS 239, Solvency II, and HIPAA) that require businesses to document how they process data.
While we have made data more accessible though data lakes and self-service analytics initiatives, we have reduced the effectiveness of the insight we glean from all of this data. In a recent MIT Sloan Management Review article, research showed that the gap between access and effectiveness has expanded by nearly 50 percent from 2016 to 2017 and is now the largest it has ever been over the last six years. More data does not always mean better results.
There’s very little time and margin for error in getting a handle on all this data. So how can businesses ensure the quality and integrity of business data?