While many organisations will be anxious about the upcoming GDPR regulations, some are eagerly awaiting them and the prominence they will give to data governance.
For the most proactive it’s an opportunity to change the data conversation and develop new capabilities.
Patrick Dewald, senior director, data governance at Informatica describes GDPR as a “blessing” because of its ability to drive regulation and elevate the data conversation. The “compliance stick” is forcing organisations to take data governance more seriously which in turn produces a more business lead approach.
“With GDPR it’s important to understand the usage of the data within the firm,” Dewald told Which-50.
“That means you can’t just have the data people or the compliance people work it out. You really have to meaningfully engage with those running the firm and using the data. And that has allowed for the data governance practise in those firms to be truly business-led.”
According to Dewald, data governance and a better understanding of how data is being used puts organisations in a better position to adapt to change – a critical ability in fast changing markets.
Knowing data’s application is more important than data “rules” or “frameworks, according to Dewald, who argues data’s value comes in it’s application not in the possession of it.
It means GDPR should be approached as an opportunity rather than a burden, and those who have been proactive “are in a far better position going forward”, he said.
The GDPR Opportunity
Jonathon Wetton, Director Insights & Data, Capgemini, also views GDPR as an opportunity, provided organisations are proactive.
“[GDPR] offers an opportunity for the people who care most about the data in an organisation to interact with a different way with the people who care most about making decisions with the data,” Wetton said.
His advice to the organisations preparing now? Count on preparations taking longer than expected, but also take the opportunity to turn compliance into capability.
“Design a different way for business and IT stakeholders to work together and find a better path to business value as well as regulatory compliance.”
Joseph Brookes is a writer for the Which-50 Digital Intelligence Unit of which Informatica is a member. DIU members provide their insights and expertise for the benefit of our readers. Membership fees apply.