Although early on in my journey as a business owner and CEO, having only established eXate 5 years ago with Sonal Rattan, I have quickly learnt there are three things all businesses need to focus their time and resources on in order to ensure sustained and continued success. These are:
Revenue
Cost
Risk
Whereas each of these three play a part in the grand scheme of running a business, they each have their own dynamic and their own Accountable Executives:
Sitting over each of these are the individuals within the organisation whose role and responsibility it is to ensure all three elements are addressed: usually the Chief Executive Officer and the Chief Operating Officer. They are responsible for making sure that each Accountable Executive meets their obligations, typically via a Risk Management Meeting, or a Risk Management Committee.
Through my many years in business and senior management, and more so now than ever in the age of a global pandemic where businesses are constantly seeking out ways to innovate in order to gain that all important competitive edge, the one key thing that all C-level execs turn to is information…and in the digital age the best form of information is data.
The Big 3 - Data, Data and more Data
Data allows organisations to acquire the most useful, pertinent information and knowledge of the company itself, its competitors, its customers, and so on – and those who are able to best share and utilise that data will reap the rewards!
But how exactly does data impact each of the big 3?
1. Revenue
Data Impact: Is the business receiving the necessary insights around client behaviour to target sales via hyper personalisation in order to maximize profits?
Blockers to Success: How do you get access to the data in a timely manner to be the first company to target potential clients?
2. Cost
Data Impact: How much is being spent on data related topics, such as consent management, harmonisation, data dictionaries, policy management, etc.?
Blockers to Success: There are many disparate solutions which operate in “data siloes” and do not speak to each other.
3. Risk
Data Impact: What happens if data is not properly monetised? Will the business fall behind competitors? What if the data is used improperly – does this open the business up to potential regulatory fines, sanctions and reputational risk?
Blockers to Success: Policy management is manual, and subject to interpretation as well as non-compliance, as there are no automated controls.
eXate has developed a DataSecOps platform that addresses all of these Blockers to Success:
Revenue: eXate allows data scientists to quickly, easily and safely access data in order to obtain actionable insights to drive client revenue.
Costs: eXate reduces costs by bridging data siloes and integrating with legacy applications in order to make the most of the existing infrastructure.
Risk: eXate reduces risk by centralising data policy management and automatically enforcing that policy on the consumers of data, complete with full audit of data access.
To successfully compete in today’s world, it is critical that the Big 3 embrace and monetise data, as opposed to locking it away.
eXate: Orchestrating Data Privacy.
Contact us today to find out how eXate is helping businesses globally extract true value from their data assets:
+44 (0) 203 745 0713