Managing data is a critical part of any organization’s daily operations. It is essential for customer service, product development, marketing, and more. Yet, without the correct tools to securely hold it together and keep up with industry regulations, there can be significant risks and non-compliance issues. This article explores how you can use a unified data management platform to combat these risks and the steps you need to take to ensure your data is appropriately managed.
Non-compliance and data risk: what are they?
Non-compliance and data risk refers to the potential harm that can result from mismanaging or unauthorized use of data, as well as not following relevant regulations, laws, and industry standards. Organizations may face a number of data risks, including data breaches, theft, unauthorized access, loss of sensitive information, and unauthorized sharing of data. In contrast, non-compliance refers to failure to comply with privacy and security regulations, including the General Data Protection Regulation (GDPR) of the EU, the California Consumer Privacy Act (CCPA), and the Health Insurance Portability and Accountability Act (HIPAA) of the US. Non-compliance with these regulations can result in significant fines, legal liability, and reputation damage for organizations that handle sensitive information. Organizations should assess and manage their data risks and comply with relevant regulations to minimize potential harm and protect sensitive information.
The Critical Role of a Unified Data Management Platform
Managing data effectively is crucial for any organization’s success, as it serves as the lifeblood of the organization. With the growing trend of data collected from various sources like internal systems, external partners, and customers, storing data in diverse systems makes it challenging to access and analyze. However, implementing a unified data management platform can assist in overcoming these obstacles by offering a centralized view of all your organization’s data. As data breaches and cyber-attacks become increasingly sophisticated and frequent, it is critical to managing associated data risks and compliance proactively. A single platform that centralizes all your data makes it easy to keep an eye on access to sensitive information, precluding unauthorized users from accessing it. This also allows for a rapid response in spotting potential risks and compliance issues before they become real. Moreover, with the ability to gain insight into patterns & trends, decision-making processes can be streamlined and costs reduced.
Unlocking the Power of Data: Discovering the Endless Advantages of a Unified Data Management Platform
1. Centralized Data Management: A unified data platform provides a single source of truth for all data, reducing the risk of inconsistencies and errors that could lead to non-compliance.
2. Data Governance: In addition to role-based access control, data retention policies, and data security measures, the platform typically includes built-in data governance features, which help ensure data is adequately protected and used in compliance with regulations and standards.
3. Data Discovery and Classification: The platform can assist organizations in identifying sensitive data and classifying it based on its level of risk, enabling them to apply appropriate controls and monitor usage to prevent noncompliance – encryption, quarantining, data masking, and access controls.
4. Data Auditing: Detecting and responding to potential non-compliance issues can be accomplished through the platform’s auditing and reporting features. In addition to tracking sensitive data access, changing data, and auditing data activity, this can include monitoring access to and detecting data changes.
5. Data Compliance: A unified data management platform can help organizations comply with regulatory requirements such as GDPR, HIPAA, and others by providing a centralized and controlled environment for managing data.
6. Data Integration: Integrates data sources and systems, reducing the risk of silos and improving data accuracy for organizations. Additionally, the platform allows organizations to automate data integration processes, reducing human error and increasing efficiency.
7. Better Data Collaboration: Organizations can collaborate more effectively through a centralized location for sharing and collaborating data. Additionally, the platform ensures data privacy and security while allowing organizations to share data with external partners and stakeholders.
As a result of understanding how data is being used, organizations can allocate resources and optimize their processes. A unified platform can also help organizations save time and money by reducing the need for multiple-point solutions.
Steps to Implement a Successful Unified Data Management Platform:
– Evaluate your data management needs: To implement a unified data management platform, you must first assess your organization’s data management needs and requirements. By doing so, you can determine which platform is best suited to your organization and what features you need to implement.
– Choosing the right platform: After assessing your data management needs, choose a platform that meets your requirements, considering factors such as cost, scalability, and integration.
– Plan your Implementation: The implementation process of your unified data management platform should be planned, including the timeline, budget, and resources required. In addition, you should develop a clear strategy for integrating your existing data sources and systems into the platform.
– Implement the Platform: You can begin implementing your unified data management platform as soon as you have planned your implementation.
Organizations can minimize the potentially detrimental effects of data risk and non-compliance by implementing a unified data management platform. Leveraging the right tools, like a single repository for all information, companies can gain better insight into their data environment to make more informed decisions towards safeguarding their business from potential issues and ensuring adherence to regulatory requirements.
If you need help figuring out where to start, our team at Data Dynamics can help. Our unified data management platform is proven in over 28 Fortune 100 organizations and comprises four modules- Data Analytics, Mobility, Security, and Compliance. It uses a blend of automation, AI, ML, and blockchain technologies and scales to meet the requirements of global enterprise workloads. With Data Dynamics, enterprise customers can eliminate the use of individual point solutions with siloed data views. Instead, they can utilize a single software platform to structure their unstructured data, unlock data-driven insights, secure data, ensure compliance and governance, and drive cloud data management. Ultimately, the company’s vision is to help enterprises achieve data democratization so that users, no matter their technical background, can instantly access, understand, and derive maximum insights from unstructured data sprawls.