With more data available to us today than ever before and the volume continuing to grow exponentially, companies are looking to unlock the power of data. To do this effectively, companies need reliable data enabled by strong governance. The consequences of a compromise are just too large not to focus on. For example, adopting a relaxed approach to governance can increase a company’s risk of data breaches, ransomware, and unexpected data loss, all of which can introduce reputational risk to a company.
The challenge is that some companies may not recognize the value that a sound governance model can create. In a Deloitte Dbriefs polling survey gathering organizational insights on key business priorities and data governance, only 11% of respondents indicated that they have a strong governance structure currently in place, and only 10% believed that finance data governance is a key benefit to the organization (figure 1).
A strong data governance program can help safeguard companies against data breaches and contribute toward achieving shared goals. In the age of digital transformation, data is an asset and although challenging at times, when managed appropriately, companies can define a data strategy to support the realization of organizational goals.
Adopting a tailored data governance model is key to scaling the use of data in a consistent and reliable manner. Are you ready to tap into the power of your data?
CFOs know finance transformation can be difficult and time-consuming. But they also know it’s an effective way to keep up with the changing needs of the business. Whether it’s technology disruption, business model innovation, or a new industry ecosystem, Deloitte helps finance organizations look ahead to what’s next while keeping the ship on a steady course.