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By Sudharshan Narva, Director, Data Analytics Internal Audit, TIAA
As we see increased use in technology, what data requirements will organizations need to consider?
Data has become the backbone for any organization to survive and perform its operations. The challenge is often not the availability of data, but is the processing of data to efficiently identify relevant information for the task at hand. According to Forbes, 90% of the world’s data was generated in the last two years. But various researchers have determined that less than 2% of the data produced by any organization is actively used. So, the question is what do we do with the remaining 98%? Do we really need it, and if not, then why are we collecting, processing and storing it? What is the cost and resources utilization of collecting unwanted data? If we do need it, or may need it in the future, then how best can it be processed, stored and used for business decisions and insights? What is the potential of the business growth from each percentage point increase data utilization? What strategies should organizations consider to optimize the data?
Just like a manufacturing company that builds workflows to move goods from raw material to finished product, organizations must move the raw data into actionable insights. This requires executive leadership support and direction to identify what results are truly actionable for the company’s benefit and the allocation of the appropriate resources to make most meaningful use of the data.