Knowing what data you have where, enabling you to make smarter decisions and prevent costly mistakes.
The costs to retain and maintain data are significant. The risks that come with this data are myriad – fuelled by the need to achieve regulatory compliance. The objective is to ensure the business value yielded by this data warrants the costs and risks involved.
The cost per-GB of storage has dropped steadily for decades, but this has been countered by exponential capacity increases, of more than 50% per annum.
Also up to 30% of data is redundant and a further 40% has expired or abandoned in some way. It is likely that 40-60% of all data within corporate estates has been misclassified. Even though 95% of CIOs view data as a business game-changer, fewer than one in six believe data is effectively exploited. And over 90% are facing significant data governance challenges.
Frameworks such as the Data Protection Act, Freedom of Information, Sarbanes-Oxley and Payment Card Industry Data Security Standard have already established awareness of compliance requirements and associated reputational risks.
Emerging requirements, such as the EU General Data Protection Regulation (GDPR), could see regulatory penalties in the UK increase from £1.4Bn in 2015 to £122Bn in 2018.
In the light of above, it is important to focus on the main element of data that we have never been particularly good at tracking:- the data value. In fact, fewer than 5% OF WHAT? FIRMS? successfully calculate the value of their data or measure its benefits.
Clarifying the data involved with any project is readily achievable, empowers smarter decisions and prevents costly mistakes. Poor data quality costs the average company over $8M/year and causes many new systems to fail. The cost of bad data in the US alone is estimated at over $3 trillion6 per annum. Profiling data characteristics and condition across the enterprise is vital to gaining control over the data estate.
ECS can help you profile your data by simply locating pertinent data elements, mapping redundancies or inconsistencies, and shining a light on the most vulnerable and significant areas of the data estate.
ECS evaluates selected data estates, in conjunction with the client, against the associated costs, risks and value delivered. This quickly establishes which estates require closest attention.
The relevant data estates are aligned in a measurable way as follows:
- costs – broken down between those for data collection, storage technologies, management and processing surplus data.
- risks – associated with regulatory compliance, IT security, corporate confidentiality and poor data quality
- value – derived from the business applications using the data, the relevant service delivery criticalities, the frequency of data use and the potential added value from other data uses. The insights gained here can generate a variety of quick wins, by providing recommendations on:
- securing vulnerable parts of the data estate
- reducing storage costs via virtual data stores
- eliminating redundant, expired and/or unrequired data
- enabling analytics on virtual copies of up-to-date operational data.
ECS focuses delivery around key outcomes, including:
deployment of the agreed data profiling tool
a review of the data estates against agreed requirements
a targeted data profiling exercise – identifying high cost, high risk and/or low value in-scope data
a data analysis exercise – covering the cost, risk and value aspect measures
a report on findings and recommended quick wins.