Why Data Trust Can Make or Break Your Business – CMSWire

The Gist

• Risk management crucial. Data integrity issues risk flawed business strategies, regulatory penalties and reliance on unreliable instincts.
• Quality assurance vital. Continuous quality checks and data source tracking are essential for maintaining high data trust and avoiding negative outcomes.
• Collaborative efforts key. Aligning business processes, improving data governance and educating staff are pivotal for achieving reliable data trust.

Data trust aims to address the

Without question, Russell is right when he says, “The architecture and systems you select drive some of this (cloud vs on prem or regulatory like HIPAA). But also of note is the human factor. Data protections throughout your infrastructure help but it keeps going back to train and elevate employee awareness.” Friedman concludes, “CIOs should consider data one of the most valuable assets the firm has, as the strategic premise. A new catalog and access model is required based on rule of use which can apply to both data prosumer and consumers, so access is freer, but use is restricted.”

Parting Words

Navigating the complex landscape of data trust, businesses must strike a delicate balance between ensuring data quality and governance while enabling innovation and access. Experts and CIOs emphasize accountability, consistent quality checks, secure yet accessible data and ongoing education as cornerstones of high data trust. CIOs and CDOs are tasked with creating a data strategy that privileges a centrally managed catalog and defines clear roles, ensuring data is both protected and poised to generate value.

The end goal is a resilient data ecosystem where trust is synonymous with both transparency and strategic restriction, allowing businesses to not only safeguard data but also leverage it to maintain a competitive edge.

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