• Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Special Offers
Business Intelligence Info
  • Business Intelligence
    • BI News and Info
    • Big Data
    • Mobile and Cloud
    • Self-Service BI
  • CRM
    • CRM News and Info
    • InfusionSoft
    • Microsoft Dynamics CRM
    • NetSuite
    • OnContact
    • Salesforce
    • Workbooks
  • Data Mining
    • Pentaho
    • Sisense
    • Tableau
    • TIBCO Spotfire
  • Data Warehousing
    • DWH News and Info
    • IBM DB2
    • Microsoft SQL Server
    • Oracle
    • Teradata
  • Predictive Analytics
    • FICO
    • KNIME
    • Mathematica
    • Matlab
    • Minitab
    • RapidMiner
    • Revolution
    • SAP
    • SAS/SPSS
  • Humor

Data Reform to Drive Digital Transformation

June 29, 2017   TIBCO Spotfire
bigstock 151146176 620x360 Data Reform to Drive Digital Transformation

As first appeared in Financial IT: https://financialit.net/blog/gdpr/data-reform-drive-digital-transformation

The General Data Protection Regulation (GDPR) narrative may often be framed around security breaches, but this headline-grabbing angle perhaps overlooks the new legislation’s broader role as a catalyst to support the digital transformation agenda at many organizations.

With reforms to the handling of personal data having far reaching consequences and bringing a new legal framework to the UK, the EU and across the globe, the stakes are high. At 4% of annual global turnover, potential fines for non-compliance dwarf the usual regulatory penalties, and in turn present the very real prospect of extinction for businesses that do not get a handle on what is expected.

It’s why visionary organizations are embracing the challenge by looking beyond box-ticking compliance to capitalize on the opportunity to align legislative adherence to their broader digital strategy.

In essence, this heightened governance will demand much more when it comes to the processing of consumer data; greater responsibility, accountability, and robust evidence of privacy controls, and for many this will mean a rethink of their entire ethos towards data protection. Now, with the compliance deadline looming, the need to review existing business processes and remedy any gaps intensifies. Experts predict that even the most digitally mature organizations could still be caught napping if they don’t make fundamental changes to their data infrastructure by May of next year.

Ultimately, those that use this development as an impetus for more innovative and ingrained digitalization will be better placed to foster an organizational culture of continuous improvement to enrich their offering and stay competitive. This will be critical to serve customers whose growing power is cemented by the new legislation. Now, with greater control over their data—including the right to request its deletion if there’s no compelling reason for an organization to carry on processing it—customers have much higher expectations as to how their data should be used. As well as enhanced transparency and protection around personal information, a more value-driven data exchange fuelled by innovation has increasingly become the norm in this relationship—be they business or private individuals, or partners in the broader supply chain.

Furthermore, with the success of the reforms resting on the extent to which consumers buy into the increased sharing of their personal data—albeit in new and controlled ways—the onus is on businesses to drive their buy in. Yet while consumer trust is paramount, it remains elusive, borne out by the most recent ICO survey which found that 75% of adults in the UK don’t trust businesses with their personal data.

Overcoming an inherent suspicion means that all core processes must be underpinned by accountability, accuracy, and transparency, with a demonstrable understanding from the business of the risks that it creates for others and how these can be mitigated.

As a result, savvy organizations are turning to the solutions which help them negotiate this delicate balance between consumer data analysis, data governance, and privacy protection, without the need for compromise. It calls for the kind of astute data management which provides an up-to-date and single view of the customer with accessible reporting dashboards, while meeting the heightened security and privacy demands as their personal financial information is shared more broadly with a range of third parties.

Built-in governance features to control business process content become a critical component for auditors who require a 360-degree review of activity.  With greater visibility and control of operations, business processes can be consolidated and standardized to ensure best practice and absorb the new regulatory framework for GDPR, adhere to new policies, and ensure demonstrable compliance, all while driving a culture of continuous improvements and added value.

Other technologies and solutions aiming to drive greater collaboration internally will also reap dividends, as teams are equipped to define, simplify, share, and change their processes in minutes, not days, leave feedback, and approve changes. The result is that major operational changes around digital transformation can be communicated to the entire organization in a way that minimizes business disruption, reducing inefficiency and risk.

Furthermore, this technology plays a central role in data management and process change education for employees—steering them through the quagmire of user rights around consumer data, personal, and financial information. As we prepare for the seismic shift that GDPR represents, establishing a deep understanding across an organization is vital to facilitate the effective responses to areas of deficiency identified and actions to address them, including evidential, demonstrable progress to the regulator, when requested.

For savvy organizations GDPR can therefore unite the digitalization and compliance agendas, driving initiatives of mutual benefit for both the Chief Digital Officer and Chief Data Officer, the organization and ultimately, the consumer.

Discover more about TIBCO Spotfire‘s data analysis tools and try them for yourself, free.

Let’s block ads! (Why?)

The TIBCO Blog

data, digital, Drive, Reform, Transformation
  • Recent Posts

    • Recreating Art – the unexpected way
    • Upcoming Webinar: Using Dynamics 365 to Empower your Marketing and Sales Teams with Digital Automation
    • Center for Applied Data Ethics suggests treating AI like a bureaucracy
    • Improving Dynamics 365 Data Integrations with Alternate Keys
    • Trump’s Note to Biden
  • Categories

  • Archives

    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
    • December 2014
    • November 2014
© 2021 Business Intelligence Info
Power BI Training | G Com Solutions Limited