Click to learn more about author Stefan Vucicevic.
Data Management has been changing tremendously. Each year, the volume of data we need to manage goes rapidly up, as does the number of sources where this data is generated.
Previously, companies used email as the main source of communication. Today, email has given way to social media, instant messaging tools, and chat applications, each with its unique file formats and types.
Despite the ease and timely response to internal and external requests, this sheer variety of data makes it difficult to keep tabs on all data sources and ensure the company works in full compliance with ever more stringent regulations.
To be able to navigate through such a landscape, however, companies need to plan for the long-term, preparing for evolving enterprise data formats.
This means that it’s impractical to speak of “foundations.” We need to start talking about “mindsets” to remind ourselves that we need to manage our data continuously, incessantly checking whether all is in order; that what we set out at the start of the year might well be obsolete by its end. Better said, achieving compliance should be seen as passing a milestone, not crossing the finish line.
Still, there are some principles in records retention that translate well to Data Management and help companies stay on track.
Set Specific Accountabilities
Data Management concerns various business functions, from tech departments, legal, and e-discovery teams, to marketing, sales, user analytics, market research teams, and inventory management departments.
As a result, Data Management remains a vague area of accountability, when instead, it should sit within a specific department. Even though companies recognize the need for Data Management, plenty of them have no designated teams and specific responsibilities.
And this is the first step towards compliant Data Management: A go-to team or role needs to exist with the power to make decisions on Data Management and open access to other teams.
Document Processes
Once accountabilities are sorted out, companies should look to document all their Data Management processes. This not only saves time in the long run, making the process more efficient but helps different teams understand each other’s responsibilities and tasks. It helps everyone better prepare and continuously manage data in line with regulations, including in-house and outsourced teams.
This playbook will define ways in which you can identify and retrieve your data across channels, reducing the noise along the way. It might take more time, in the beginning, to work by the book but be patient. Once you lay down your Data Management principles, the playbook will allow you to utilize data for better data-driven business decisions without data slipping through the cracks.
Rely on Data to Make Decisions
Data Management spans various processes, from collecting data to presenting them in potential litigation cases and making sure it’s preserved for as long as necessary in proper formats.
Still, the problem is that companies tend to make in the oversight of the analytical side of Data Management is relying on “hunches.” This is almost always a sure step towards non-compliance.
In compliant Data Management, we need to rely only on data, not ballpark estimates. And yet, as many as 72 percent of C-level executives say that they have yet to form a data culture. The biggest obstacle? Lack of internal processes. So, even though companies do have data readily available, they still need to have the infrastructure and understanding of where this data fits and how to use it. And that requires Data Literacy.