Data & Infonomics
As we put 2020 behind us and look forward to 2021, we reflected in an interactive virtual discussion forum on the key IG learnings from the past 12 months and the insights and actions we now need to be taking to make the most of the opportunities and challenges on the road to recovery in 2021.
We’ve seen the different ways governments have responded to the COVID-19 pandemic and the results in managing the pandemic. Similarly, organisations have had to adapt to the changes and, in particular, to faster digital transformation. Robust governance of organisations and of information has never been so important. Increased cyber risks and the importance of access to real-time and accurate data for decision-making, both at the board level and throughout the organisation, are now critical issues.
Our expert panel included InfoGovANZ Intenational Council member Richard P. Kessler, who is a pioneer and thought leader connecting people with ideas in the fields of information governance, data governance, legal operations, eDiscovery and infonomics. As the CEO of Dilijint, Richard leads with a vison focused on bringing innovative solutions to complex data challenges.
Prior to taking the leadership role at Dilijint, Richard was a Director at KPMG in Cyber Security Strategy and Governance as part of the U.S. Information Governance and Privacy practice. In this role, Richard created the Data Value Model innovation comprising the ideation, design, development, expansion, and integration across multiple data and information disciplines. Richard was pivotal in orchestrating integration of governance across pillars leading to a new way of thinking about data.
- Despite trends like these, many companies continue to use ‘traditional’ approaches to eDiscovery and have done little to put in place powerful and effective information governance functions. Although many innovative capabilities within the eDiscovery process have been invented and applied, firms have not yet been able to check their own organisations’ explosion of data through the operationalisation of data minimising strategies.
- In addition, many firms simply can’t measure their total storage or corresponding actual data requirements because so much data is in the cloud and/or part of their actual supply chain or data supply chain. Although relied on very heavily for day-to-day operations, it is with seemingly minimal financial impact until a data breach occurs or significant costs are involved in a large document production for litigation or regulatory inquiry.
Action for leaders
- Unsustainable growth and proliferation of your data across the supply chain and across a sea of clouds challenges you to identify and protect the most important data and to distinguish your more important assets from your junk. Without knowledge of where to direct investment for protection and reuse, for example, to pivot your business model out of COVID-driven necessity using your data, you are ‘flying blind.’
- You need to operationalise information governance and give laser-like focus to critical asset identification to radically simplify and reduce eDiscovery costs and help unlock and unveil your most important data assets for reuse (after de-risking), repurposing, monetisation and other such revenue and value generating activities.
- Start thinking more strategically about data or succumb unwillingly to chaos, potentially exposing critical assets to unnecessary threats and leaving tremendous value untapped.
You can read the insights from the rest of our expert panel in our InfoGovANZ Key Learnings from 2020 – Action and Insights for 2021 Report. The report was developed from a virtual forum discussing the impact of COVID-19 and IG implications for organisations on data, access to information, trust, transparency and accountability, cybersecurity, global privacy regulatory developments, eDiscovery, ethics and artificial intelligence.
You can also watch the recording of the 28 January 2021 webinar here.