Data professionals are evolving within their roles and constantly finding new ways to better guide their organizations. With massive data comes useful insights, and these insights can be leveraged in a multitude of ways.
Today, Data is powering businesses, driving innovation, boosting process optimization for industries and enabling faster & smarter decision making. Though it has become a valuable commodity, unfathomable amounts of data is as vulnerable as anything of high value. Needless to say that data security is a prime for many organizations. Data governance, therefore, is a subject of interest for everyone.
In this post, we will review 4 current and predicted Data Governance trends that you must know in 2019.
1. GDPR Fines are on the way
Since the introduction of GDPR guidelines that possess a decree to drive Data protection and compliance for the organizations across the globe, a lot of them have been lacking in fully committing to the new regulations. Till now, it was a ‘Fine-free’ period. However, organizations must be on a lookout for the new amendment in the GDPR law that will introduce heavy fines and penalties for non-complying enterprises. Since Big Data and the sensitivities associated with it came to light, authorities are concerned more than ever to stop data breaches and attacks. This can only be achieved through maximum compliance and due share of the penalties for ‘Outlaw’ organizations.
2. ‘Gig Economy’ is relying on Data Governance & Security
As the nature of employee ‘value-contribution’ to the organizations is shifting from full-time permanent to ‘contract-based’ contingence workforce, Data governance will play a key role in its efficacy. For example, in the US, one in three professionals derives the income from some sort of freelancing or contract-based work. Today, businesses are not limited to skilled professionals sourced locally. Rather, they can collaborate with teams internationally where the members work flexibly through exchange of confidential information. For this new ‘workforce model,’ Data governance will be a priority in terms of two key aspects- Seamless collaboration and Data security. Upcoming Data governance regulations in 2019 will keep these two aspects in mind to build an air-tight Data ecosystem for businesses around the globe.
3. Better Defined Roles for CDOs
As of now, the role of the Chief Data Officers or CDOs has been vague in terms of roles, responsibilities and functioning. While organizations have a well-defined agenda and functioning memorandum for CEOs, CTOs, CFOs, and CIOs, CDOs are expected to be subordinate to them. Also, until now there was a lack of consensus regarding the exact duties and key-functions of a CDO. In 2019, you can very well expect the picture to change. As data is becoming a valuable commodity that can alter the future of an organization, Chief Data Officers will have well-defined roles and will be strategically placed at the same hierarchy as that of the present CXO employees.
4. Robotic Process Automation will become a Standard Practice
With insurmountable amount of data to organize and curate, Data professionals will be compelled to find out efficient ways to do so. Robotic Process Automation or RPA tools will come in handy for such operations and will ultimately boost the productivity of CDOs and Data Analytics teams. RPA tools are particularly suited for automating repetitive tasks like Data cleaning, normalization, updating, and creation of meta-tags and labels. By the end of 2019, one can expect to see a plethora of RPA tools available in the market to aid the business cope with Data Governance effectively without being caught up in the loop of burden and mismanagement. Noteworthy news is that many forward thinking organizations are already using RPA tools currently to handle massive amounts of data.
Which Data Governance trend do you think will compel the organizations for a major shift in their Data-management processes?
Which Data Governance trend do you think will compel the organizations for a major shift in their Data-management processes? Keep the above trends in mind to keep a tab on the changes in the Records Management domain for organizations.