What Does Your Data Mean In 2019, And How Do You Make Sure You Protect It Like Crazy?

Data is becoming the ¡®new fundamental¡¯ for tomorrow¡¯s businesses; in the future, an organisation¡¯s capacity to access relevant data in a secure, actionable manner will be as important as its cash flow, balance sheet, or market share strategy and traditional indicators of business performance.

This is because the availability, quality and use of data has become the single biggest source of competitive advantage for organisations whose performance is increasingly defined by their ability to deliver individual and personalised experiences.

The latter are fueled by insights and intelligence provided by data spread across the organisation ¨C and beyond ¨C so ongoing, real time access to such data has become a business fundamental.

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A firm¡¯s value is, in part, determined by the manner in which cash reserves are managed to mitigate risk, leverage market opportunities, and ensure full compliance. Today, this value is equally dependent on the way an organisation uses its data.

Additionally, data security is at the core of all data strategy. It helps combat increased complexities such as data thefts and scams, prying, cyber-harassment, raising concerns on the invasions of citizens¡¯ privacy, worldwide.

In India alone, between April 2017 and January 2018, over 22,000 Indian websites, including 114 government portals, were hacked, according to Indian computer emergency response team data (CERT-In). Further, in Q3 2018, Indian enterprises alone witnessed 2.6 crore cyber threats; this translates to nearly 2.8 lakh threat, every day (Seqrite India). Thus, it is evident that the ownership to mitigate risks and safeguard every stakeholder¡¯s interest lies with the organisation.

Organisations of all sizes now are having to completely rethink their data protection policies to cope with multiple sets of ever-changing international data privacy regulations.

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Organisations are now assessing/building systems to effectively manage the entire lifecycle of personal data, right from data discovery to storage, transfer, retention and finally disposal. All in order to have highly effective data that can drive and transform businesses.

¡°I have data, therefore I am . . . .¡±

Effective use of data can not merely generate competitive advantage, it can re-define a company¡¯s very proposition; how its products are produced or used, how it engages its audiences, even, what it sells. Sport in the US, for instance, has been completely re-defined by the use of real time data; NFL, MLB and NHL have experimented with Twitter live streams, and the Facebook Watch video platform now enables fans to watch live events in a community setting.

Another example is the 360-degree live video concept at the 2017 Singapore F1 Grand Prix that put viewers right in the heart of the action, enabling them to choose precisely how to follow the race, from on-board Lewis Hamilton¡¯s car, or amongst his pit crew strategizing and celebrating in the pit lane.

The array of content motorsports can draw on, whether it¡¯s racing clips, under the bonnet features, data stories or interviews with the people involved with and behind the scenes, makes social media a bountiful avenue to explore in the future.

A similar story is fast emerging in the banking and financial services industry. The rise of FinTech in a digitized world is creating new waves. New models are quickly emerging in the chase to efficiently and effectively satisfy consumer needs.

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In other words, creating that exceptional differentiated user experience to enable convenience, personalization, and flexibility.

According to PWC, mainstream financial institutions are rapidly embracing the disruptive nature of FinTech and forging partnerships in efforts to sharpen operational efficiency and respond to customer demands for more innovative services. In fact, 82% of financial institutions expect to increase FinTech partnerships in the next three to five years.

Sectors as diverse as sports and financial services provide plenty of examples of data enhancing a product or experience. The potential of the Internet of Things (IoT) on the other hand, is to use data to create entirely new products and services; a market set to be worth in excess of $9 billion by 2020 according to IDC .

IoT services will range from individual entertainment devices, to collective smart traffic management systems reducing emissions, accidents and noise pollution; but they¡¯ll all be defined by (and dependent on) access to relevant, current data.

From ¡®latent¡¯ to ¡®active¡¯ fundamental

In addition, the idea of a set of less tangible ¡®fundamentals¡¯ have long defined and under-pinned certain business models ¨C from the availability of capital (banks/financial services), and access to large volumes of specifically-skilled, employees at comparatively low cost (IT services/call centres), to a proven environment for alternative and disruptive thinking (Silicon Valley), or the development of commercial soul music in the 60s and 70s (Detroit).

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In each case, the presence of such less tangible fundamentals contributed to the definition and emergence of a business model; in effect, they represented ¡®assets¡¯ which added value to these organisations and sectors.

Today, data is playing a similar role across organisations and sectors. In the examples described above, it wasn¡¯t simply the presence of certain characteristics within a certain market that made them assets, it was their identification and exploitation in a business context.

Prior to then, such fundamentals could have been regarded as ¡®latent¡¯. Precisely the same is true of data. Today, organisations generate and have access to unprecedented volumes of data; without a clear vision and strategy this potential business fundamental risks remaining latent.

Data is in the foundation of every new age technology. It¡¯s a critical factor in nearly every business function empowering organisations to make insightful decisions and lend themselves a competitive edge in the market

An agile, self-service and effective data management strategy along with a comprehensive data protection framework is thus, undoubtedly a must have to evolve with the current needs along with having a pragmatic eye on the future.

Finally, in common with traditional fundamentals, data alone does not constitute a business fundamental; in the same way that neither do idle cash or proximity to a pool of qualified recruits that remains untapped. It¡¯s the validation, management and exploitation of that data that transforms it into a genuine business fundamental.

About the author: Sumeet Walia is the Executive Vice President & Head for Sales, India, Middle East & APAC at Tata Communications