Businesses want to harness as many insights as they can from data. Be it structured or unstructured, data comes from various sources today. And every bit of this data contains information that can be of value to any business, anywhere in the world.
In order to protect privacy and ensure businesses play a fair game in the collection of data, governments and regulators around the world have come up with various rules to ensure data sets are not compromised, processed and stored according to regulations and standards set geographically. Be it Europe’s GDPR or the various data regulations in Southeast Asia, organisations have to ensure they adhere and have data compliance.
However, the increasing growth of data can be challenging for businesses to keep track of compliance. Adding to that, industries that deal with highly sensitive personal and financial data, such as the Financial Services Industry (FSI), are looking for modern applications to cater to customer demands. Banks, for example, need to be able to offer increasingly varied and advanced services online for customers. While they upgrade their services, these digitally transforming banks need to ensure they meet all data compliance regulations as they implement new applications and systems.
Another huge challenge that businesses in all industries are struggling with in today’s multi-cloud era comes in the form of data integration. Integrating customer data, for instance, involves the extraction of information about each individual customer from disparate business systems such as sales, accounts and marketing. This is then combined into a single view of the customer to be used for customer service, reporting and analysis. Due to the complexity of the whole process, as well as the sheer volume and variety of the data involved, organisations tend to struggle to deliver trusted information for mission-critical business initiatives.
According to IBM, there are four best practices that businesses should adopt in order to achieve better governance and have an end-to-end business-ready foundation that enables them to address their complicated data-related challenges:
Establish a robust business taxonomy – This means businesses need to significantly improve their capability for content categorisation and data relationships in order to accelerate how data can be found, accessed or reused, while increasing efficiency of data stewardship and collaboration across stakeholders.
Have in-depth knowledge of data – Organisations have to enable their governance teams to meet ever-changing demands and comply with regulatory requirements, communicate and enforce policies and standards, and incorporate metadata management guidelines for data security. That means having the management of data has to be complete, applicable, and accessible everywhere.
Create a trusted data environment – Above all else, the data that is used has to be trustworthy, secure, clean, and easy to find to encourage trusted self-service access. Businesses that cannot trust their data have no way of knowing if they’re making the right decisions.
Consume and share data across the enterprise – By delivering business-ready data, you’ll be able to provide timely value to the business, make better decisions, and improve productivity through faster model development and deployment.
Data governance is essential for the management of data availability, relevancy, usability, integrity and security. For businesses hoping to deploy AI and ML at scale, a data governance platform with an integrated data catalogue can help them find, curate, analyse, prepare and share data more effectively, while ensuring data compliance is met. All this enables the different areas of the organisation to have access to data they can trust, which, in turn, provides them with valuable insights to drive the whole business forward.
IBM Cloud Pak for Data is a fully-integrated data and AI platform that modernises how businesses collect, organise and analyse data to infuse AI throughout their organisations. Be it for data management, DataOps, governance, business analytics and automated AI, IBM Cloud Pak for Data helps eliminate the need for costly and often competing, point solutions while providing the information architecture businesses need to implement AI successfully.
The built-in data governance responds efficiently to changing regulations with embedded, sophisticated governance capabilities. These include:
Automated discovery and classification of data
Masking of sensitive data
Data lifecycle management
To ensure your business does not fall foul of data compliance, it’s best to have an integrated system that is able to do it automatically with minimal disruption to your business. IBM business intelligence partner, BPI Technologies, has the expertise and experience to help you achieve your data governance goals. To find out more, click here.