With the proliferation of data being produced, there should be no surprise that companies today are overwhelmed with data. The real-time connectivity provided by digitalization has created a business environment where every enterprise is more closely linked to its customers, partners, and suppliers than ever before. This interesting information came to us from Enterprise Innovation in their article, “The need for intelligent data governance.”
One of the biggest downsides of big data is the necessity of complying with growing government and industry regulations. The most recent being the European Union (EU) General Data Protection Regulation (GDPR) which requires compliance with strict privacy regulations when managing any data related to EU citizens. Failure to comply means penalties of up to 4% of a company’s annual worldwide turnover or 20 million Euro.
Beyond government bodies, certain industries, including finance and health care, face especially stringent oversight. Because they’re operating under a high level of pressure and scrutiny, businesses often over-invest when first implementing a data governance strategy. Some organizations respond by over-implementing data control processes, which can stifle the organization’s innovation, productivity, and flexibility. Striking an appropriate balance is key.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.