Artificial intelligence (AI) is gaining traction among organizations of all sizes as a critical tool for improving business operations. According to recent studies, AI can boost company productivity by as much as 1.5%, a percentage that can translate into a 30% increase in profits for companies listed on the S&P 500. It is no wonder that organizations worldwide are investing heavily in AI and machine learning.
The growing importance of data collection
With AI expected to play a significant role in boosting company productivity, organizations must collect, manage, and analyze data effectively. Consequently, data collection across the globe has skyrocketed in recent years, with market research firm IDC predicting 175 zettabytes of data generated globally by 2025. However, organizations need more than just data collection to succeed. They need to have strong data security protocols in place to prevent data breaches, ensure adherence to individual privacy rights, and comply with the varying regulatory requirements globally.
The Need for Data Security, Privacy, and Compliance
With the increasing volume of data comes the added responsibility for organizations to ensure the safe and responsible utilization of this data. Organizations need to have the necessary tools and frameworks in place to secure their data from threats, govern its usage responsibly, and comply with the different regulatory requirements globally. These safeguards are necessary for organizations to effectively leverage big data and AI to their full potential.
Unified Data Controls: A Framework for Responsible Data Governance
The safe and responsible harnessing of data requires a framework to control, monitor, and manage data usage effectively. The Unified Data Controls (UDC) architecture offers such a framework for organizations, enabling them to utilize the full potential of their data while maintaining agility and control. The UDC framework provides a clear system of policies and procedures for data governance that can be customized to meet the specific needs of any organization.
Locating and classifying data assets
Organizations that aim to protect their data must first locate data assets, including shadow data assets that may be unknown to IT teams. The process of discovering and classifying data is critically important, especially classifying data that may be deemed sensitive per internal company policies or compliance regulations. By locating data assets and categorizing them, organizations can gain better insights into their data, making it easier to manage and protect.
How to Build a Comprehensive Data Catalog
Data governance teams can build comprehensive data catalogs with discovered datasets and metadata insights. Catalogs help organizations find and access critical data faster. Data cataloging systems also allow data analysts and scientists to access the data they need, determine whether it fits their intended use, and ensure that they are using the latest versions of the required data.
Enabling Quick Access and Use by Data Analysts and Scientists
One of the most crucial aspects of UDC architecture is enabling quick and secure data access. With a comprehensive data catalog in place, data analysts and scientists can find the data they need faster, which can boost their productivity. The permission-based UDC framework ensures that teams across various functions, including data security, privacy, governance, and compliance, have access to data based on a common source of truth. In turn, this ensures that only authorized individuals can access particular data assets, reducing the risk of data breaches and misuse.
The Importance of Having a Common Source of Truth for Data Governance
The UDC framework provides organizations with a common source of truth for data governance. From data access and usage policies to data classification guidelines, organizations that develop their UDC architecture can ensure that all teams across various functions work from one central point, reducing inefficiencies and the risk of human error.
Automating Data Access for Faster and Safer Value Generation
An effective UDC system manages data access rights automatically. The automation of data access and usage processes minimizes human intervention, increasing speed and safety. When individual or team access rights are automated, they are granted or revoked automatically. This streamlines the data access process and makes organizations more agile and efficient.
The right balance between data utilization and control is critical to maximizing the value of data. Responsible data governance through the UDC architecture framework is necessary for organizations that wish to harness the power of big data to the fullest while also protecting their data. By locating and classifying data assets, building a comprehensive data catalog, and automating data access for faster and safer value generation, organizations can use data to drive innovation and growth, while maintaining strict control over data usage. With the UDC framework in place, it is possible to achieve the right balance between data control and utilization to drive business growth with minimal risks.