There is a trend happening right now and that trend is to manage data by remembering the importance of finance, law, and technology. By remembering the importance of finance, law, and technology data can be managed with reduced costs, mitigated risks, and increased revenue. Once a company remembers the importance of finance, law, and technology the company can begin to integrate finance, law, and technology into data governance. In other words, finance, law, and technology are involved with each other during the data governance process. This integration of finance, law, and technology can manage enterprise change to ensure the enterprise change reduces costs, mitigates risks, and increases revenue. Following this trend can also improve the quality and security of the data being managed.
Stop thinking of data monetization as a means to make money off a company’s data. It is more than that in today’s economy. Data governance can increase revenue by sharing or selling data electronically. Data governance can reduce costs by optimizing existing processes and company policies. Data governance can mitigate risks by establishing the responsibilities of systems to a trained employee. Data governance can mitigate risks by reducing impacts for non-compliance with laws, such as the Gramm-Leach-Bliley Act (GLBA). The GLBA ensures that customers of financial institutions understand what is happening to their data and that the customer’s data is protected.
Moreover, we have also seen in the corporate world, people hire Chief Monetization Officers to partner with the finance department to help reduce costs. Then the Chief Monetization Officer (CMO) partners with the companies’ legal team, which is lawyers, or the Chief Compliance Officer (CCO). This partnership ensures that the company is acting within the law and mitigates risks of legal trouble. This possible legal trouble includes fines or lawsuits. This partnership between the CMO, CCO, and company lawyers reduces costs and increases revenue.
Only by integrating the legal, technology, and finance disciplines within data governance can the business truly quantify cost reductions, revenue increases, and risks mitigated. Furthermore, it is only through this level of integration that an enterprise can truly manage enterprise change from the point of data governance while at the same time protecting the data from internal and external threats.
Data monetization accomplishes three things. What is the focus of the company? Is the company focus reducing costs, mitigating risks, or increasing revenue? Vala Secure can help you with all three!
