A Guide for Digital-Savvy Leaders
As digital transformation continues to drive innovation and growth, it has become crucial for companies to optimize the value of their data. Data is one of the most valuable assets in the digital age, and understanding its worth is essential for any organization’s success. Moreover, as a leader, you have a responsibility to ensure that your data is protected, used ethically, and managed efficiently. Being a digital-savvy leader means you influence the business to know their data and intrinsically the value of it. In this blog post, we present an overview of how to know the value of your data and the importance of doing so in today’s digital world.
Understand the value of your data
The first step in knowing the value of your data is to understand its significance. Your data is an asset that can help your organization succeed and grow. By optimizing the use of your data, you can achieve substantial benefits, including improving customer experience, boosting productivity, and increasing profitability. Understanding the value of your data is crucial for identifying its most effective applications. After that, you can determine the level of protection it requires. Having knowledge of when, where, and how to apply AI is crucial for maximizing data potential. Having a strategic plan for your data collection and uses makes sense to regulators and should make sense to your organization.
In 2020 the Spanish Data Protection Authority, AEDP wrote a landmark blog post titled “Governance and data protection policy”
“Data governance… is the strategy for the correct administration and management of the data policy in the organization. An important part of that policy must be the data protection policy established in article 24 of the GDPR and the need to adopt said policies expressed in Recital 78.”
Organizations that have not implemented data governance would have a difficult time proving accountability over any data, including personal data. Inconsistencies exist among data repositories, collection systems, and quality assurance practices. This problem can be exacerbated when multiple managers and processors process the data. Without data custodians, data stewards, and a governance framework, assuring any data in the organization is very difficult.
Recently, the prestigious Canadian firm issued a checklist on Data Governance and Privacy risks.
One of the ideas in the article emphasizes that the boards should know and periodically evaluate the strategies driving the collection and use of personal information. The organization needs to involve all levels in designing a data governance structure. Prioritizing data reconciliation helps resolve conflicts quickly and fosters a culture of support for high-quality data, its proper handling, and the protection of privacy. The commitment must come from top management.”
Data protection in the context of data management
The protection of data from unauthorized access is as critical as knowing its value. Your data contains sensitive information that can be useful in the hands of attackers. Moreover, data privacy laws require companies to safeguard their customer’s information. Failure to comply can result in significant financial and legal consequences. To ensure comprehensive data security, a protection strategy must encompass not only confidentiality, integrity, and availability but also the purpose and usage of the data. As a digital-savvy leader, you should know this and ensure you use your influence to spread knowledge. To guarantee personal data protection, it is crucial to adhere to the principles of data protection and take necessary measures while providing adequate guarantees.
Building a team-management skill set to ensure good data management
Digital-savvy leaders who wish to know the value of their data must develop a team management skill set. Data-driven decision-making is essential, and this requires collaboration between different departments. As a CTO or CIO, you have to create a culture of data-driven decision-making in your organization. This includes the correct use of data, investing in data technology, and encouraging employees to develop data analytics and interpretation skills. Providing privacy and security training to employees is crucial in ensuring appropriate handling of sensitive data. This training will help them understand when certain data sets require heightened security measures and specific rules.
Not surprisingly, regulators consider privacy and personal data protection a subset of an organization’s data governance. Leaders need to acknowledge the importance of privacy laws and regulations. By prioritizing data initiatives like governance, leaders can protect the resources of their organization while still leveraging the benefits of digital technology. No organization can succeed in the digital age without understanding the value of its data.
As a practical, digital-savvy leader, you must know your legal and regulatory obligations, as well as the necessary skills to manage and protect your data properly. Understanding the value of your data can enhance your organization’s decision-making process and improve customer experience. The Digital-savvy Leader workshop empowers leaders to gain a deep understanding of the value of their data. We discuss how it drives success and fosters connections with other industry leaders who share their vision.
At Wareness Training, we provide customized training programs to ensure organizations can make the most out of their investment. We also offer industry-leading workshops to sharpen your skills so that you’re prepared for whatever comes next! Contact us now or check out our website for more info about how we can help transform your business into an agile powerhouse!