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Issue 9, September 2012

Why execs should heed need for data governance

High-quality data is essential to timely and effective decision making, and it’s critical to ensuring regulatory, legal and financial compliance. Yet maintaining such data and knowing it can be trusted is a challenge—one exacerbated by the proliferation of “big data” streaming in from mobile devices, social media, sensors and other data sources.  An even bigger challenge is analyzing and acting on all that data in real time. To address it, companies are making considerable investments to manage and integrate this information so they can gain much needed insight into their business performance and ensure that proper fiscal and legal controls are in place. According to a report published in June 2011 by management consultancy McKinsey & Co., “Simply making big data more easily accessible to relevant stakeholders in a timely manner can create tremendous value.”  As this demand for data increases, the costs to access it are also increasing. There must be some way to harness this data in a manageable, efficient way.  Get It Right the...

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