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Innovation
WHY NOW IS THE TIME TO INVEST IN YOUR DATA
Manish Sood
Forbes Councils Member
Forbes Technology Council
COUNCIL POST
Expertise from Forbes Councils members, operated under license. Opinions
expressed are those of the author.
| Membership (fee-based)
Aug 4, 2022,07:00am EDT|
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Manish Sood is CTO, founder and chairman of Reltio, a cloud-native, SaaS modern
master data management (MDM) platform.
getty
Data has become every company’s most valuable asset, a reality that hit home
during the pandemic. If an organization wasn’t already “digital-first,” the
benefits of doing so quickly became clear. Customers, vendors, employees and
suppliers expect a seamless, “Amazon-like” experience in nearly every
interaction. As organizations continue to play catch-up on the digital front,
however, recent market challenges and a slower growth outlook are adding more
complexity to these efforts.
That’s why there is no better time than now to invest in your enterprise data.
In these challenging times, there are two critical reasons for investing in your
data—improving organizational efficiency and managing risk through enhanced data
protection and compliance.
Gaining Efficiency And Reducing Costs With Unified, Trusted Data
The key to any successful digital transformation is generating high-quality,
trusted information—the kind that transforms your data into your most valuable
asset. High-quality, trusted information about your customers, products, vendors
and assets is the essential ingredient for successfully transforming operations
and driving business value. Poor data quality, on the other hand, costs
organizations an average of $12.9 million annually.
Treating data as a strategic asset eases this pain. Cloud-native master data
management address this by collecting data from hundreds of internal and
third-party sources and fueling operational systems with unified, real-time,
high-quality data. With an API-first approach, high-quality trusted data can be
made available to every business application, digital business process,
automation pipeline, analytics and data science solution without replacing
legacy systems, potentially saving money. With adaptable and smart processes,
employee productivity can increase as there are typically fewer manual tasks.
Decision quality and business speed increase because higher quality data is
being fed into analytics systems, resulting in better and faster decisions. It
also reduces the need for a manual review of recommendations before acting on
them, reduces costs (digital self-service is cheaper than a call center) and
increases the speed of M&A integration as connecting systems is easier with
trusted data across them.
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I’ve worked closely with many large organizations on modern MDM solutions and
have seen how they have improved efficiency and reduced their IT spending. For
example, an IT customer of ours saved $12 million over a five-year span by
replacing a legacy MDM system with a modern MDM solution. A multinational life
sciences customer saved over $3.6 million in infrastructure costs. The business
impact or benefit of such data is a much larger return on investment across
growth, efficiency and compliance functions.
Addressing Data Security And Privacy Regulations
With more organizations moving to the cloud, data security must be as good or
better than on-premise-based systems—whether it resides on public, private or
hybrid clouds. Data breaches continue to be a grim reality in today’s digital
age. In fact, data breaches set a record in 2021, rising a whopping 68% year
over year.
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Organizations also need to integrate support for growing and increasingly
tighter global compliance regulations like the General Data Protection
Regulation (GDPR) and the California Consumer Privacy Act (CCPA). New privacy
laws, the demise of third-party cookies and the new “opt-out of tracking”
feature on Apple’s iOS are all creating significant challenges for companies
that use digital footprints for marketing and other customer activities.
A modern MDM solution can help organizations manage these risks by creating a
universal ID.
The fragmented and siloed nature of customer data makes it difficult to get a
complete picture of the customer relationship. There are many examples of
potential fraud that sometimes go undetected. For example, a healthcare company
may be reimbursing claims for a person who has died. Modern MDM technology can
identify anomalies in customer data to detect and prevent fraud. Having the
“single source of truth” that modern MDM provides helps uncover fraud patterns,
while also improving visibility into potential threats by cross-referencing and
continuous learning.
Modern MDM tech also simplifies privacy compliance with built-in support for
GDPR and CCPA with collaborative workflows for consent changes across all the
systems. Compliance and privacy are at the forefront of customer engagement to
maintain consumer trust and avoid fines. Inaccurate information could cause a
pharmaceutical company to unknowingly continue delivering drug samples to a
physician’s practice, for example, even though the physician no longer holds a
valid state license.
You can build customer loyalty by respecting and engaging based on their consent
while ensuring legal compliance and delivering personalized experiences in a way
that is accepted by customers. Modern MDM tech also helps improve security
processes by capturing and maintaining privacy and consent preferences in a
single customer profile for all channels of engagement.
Make High-Quality, Trusted Data The Hero Of Your Digital Transformation
Companies that view data as a corporate asset are more likely to reap the
benefits of data in their strategic decision-making, according to industry
expert Doug Laney. So how does a company create a culture where data literacy is
ingrained in its DNA and the organization embraces data-driven decision-making?
There are three areas where companies can focus to get started:
• Culture: Ensuring data policy is well understood, promoting data literacy and
encouraging employees to find ways to use data in their decision-making all
contribute to a strong data culture.
• Strategy: Having an internal advocate, such as a chief data officer, helps
drive data into corporate strategy, ultimately drives the direction of the
company and enables new policies, products and customer engagement models.
• Innovation: Data provides the enterprise a view into what has worked, how it
has worked and the impact decisions have had on the bottom line. A combined
approach—including internal and external data sources—should drive improvements
in everything an organization does.
With a connected, accurate and real-time view, your organization can effectively
drive the business processes needed to implement transformational initiatives
such as delivering an omnichannel experience, launching new products and
services or seamlessly complying with data privacy preferences. A good data
foundation is critical to enabling transformational business initiatives. And
now is the time to invest in data.
--------------------------------------------------------------------------------
Forbes Technology Council is an invitation-only community for world-class CIOs,
CTOs and technology executives. Do I qualify?
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Follow me on Twitter or LinkedIn. Check out my website.
Manish Sood
Manish Sood is CTO, founder and chairman of Reltio, a cloud-native, SaaS modern
master data management (MDM) platform. Read Manish Sood's full executive profile
here.
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