The Manila Times – THROUGHOUT the pandemic, companies across the world struggled to keep operations afloat in the midst of fewer physical customers, stalled supply chains, rising inflation and depressing economic conditions. These events have highlighted adaptability as a key trait for surviving in today’s volatile markets.
A recent IDC survey found that 83.2 percent of banks in the Asia-Pacific region, including the Philippines, are looking to increase their technology budgets to some degree. Security and data transformation have become the primary drivers of this trend, with 80.4 percent of banks planning to increase investments in identity and access management. This is followed by big data and analytics at 68.4 percent and artificial intelligence (AI) and machine learning (ML) solutions at 64.6 percent.
Furthermore, the two largest pain points for banks trying to modernize are operational consistency (47.8 percent) and minimizing migration risks (43.7 percent).
The Bangko Sentral ng Pilipinas (BSP) looks to onboard more customers onto digital payments, data governance is a key pillar in ensuring this transition is seamless. To that end, a new policy is in the pipeline to cover ethical handling of data passing through different digital channels. The policy would also incorporate globally recognized Basel Committee on Banking Supervision (BCBS) principles that would guide users in managing risk effectively.
This would undoubtedly have an impact on financial inclusion, which would raise competition. And with it also grows the need for businesses to be agile and resilient. While digital transformation is essential to that equation, so is the ability to govern data, be it at rest or in transit. By ensuring each data point is accurate and secured, C-suite leaders would be able to make effective decisions and drive innovations that would push businesses forward.
With digital channels permeating every facet of society, organizations need to be able to analyze large volumes of data from various sources. They also need full visibility into all their data to drive growth, while also staying compliant with local and global regulations. With the need to deploy solutions and deliver services quickly, automation is key to enabling employees to focus on translating insights into outcomes.
There are four key features organizations should keep in mind when choosing the best automated governance solutions to get the most out of their data.
Identification
Businesses that handle a diverse range of content need to be able to identify and analyze those that are necessary for certain operations quickly. This is best achieved through flexible and scalable solutions that provide automated classification for data on arrival, ensuring that important information would not be missed. More importantly, organizations could also gain awareness of the sensitive data they have in their possession and take steps to prevent theft or misuse at the hands of cyberattackers.
Action
Compliance with data regulations hinges on businesses getting privacy and retention right. Not only does it help them avoid ruinous fines or penalties, but it also strengthens customer trust. This, in turn, also attracts more investors. Automation is crucial in this regard, as it helps users determine archival periods for sensitive data and manage the security levels of content-rich processes. By eliminating the burden of mundane and repetitive tasks, data teams would be able to focus on strategic decision-making and reporting while also eliminating the risk of human error.
Access
Accessibility could provide employees with the convenience to harness data to its fullest potential. However, this also creates security issues, as the more easily accessible data is, the more vulnerable it is to hackers. If not handled effectively, organizations would lose the ability to drive data operations seamlessly. The best solution for controlling data access while still empowering employees is a platform that enables managers to set time- and location-based restrictions and enterprise-wide redactions.
Lifecycle
Managing the entire content lifecycle requires businesses to place content on legal hold, handle documents that reach the end of their retention period, and ensure data accuracy for current and future use. By integrating a content services platform, users could harness unified data management capabilities that are necessary for meeting business and compliance requirements. For example, leaders could benefit from automated error correction and audit history tracking to eliminate false information while also preventing data tampering for legal reasons.
With digital transformation continuing unabated and data becoming central to business operations, governance tools are necessary to maximize utility and compliance.
The right tools could position businesses to deliver unique and personalized services that would push them ahead of the rest. Simultaneously, they are also foundational to ethical business practices as they protect the investments and privacy rights of stakeholders, including customers.
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