Virtualization Technology News and Information
Article
RSS
FTI Consulting 2022 Predictions: Forecast 2022 - The Evolving Value of Data

vmblog predictions 2022 

Industry executives and experts share their predictions for 2022.  Read them in this 14th annual VMblog.com series exclusive.

Forecast 2022: The Evolving Value of Data

By Al Park, Senior Managing Director, FTI Technology, Drew Sheehan, Senior Managing Director, FTI Consulting FLC Data & Analytics, and Pratyush Lal, Managing Director, FTI Consulting Corporate Finance Technology Transformation

Over the past year, business leaders have come to fully appreciate data as a tremendous resource and important asset. This data awareness will evolve in 2022 as corporate officers and legal and compliance leaders realize that strong data governance and management will increasingly impact revenue, cost and risk, and become one of the primary factors in maintaining competitive differentiation. Organizations that are able to mature their approach to data-through sophisticated analysis and established data integrity-will better understand how their organization is performing, and achieve significant progress toward converting data risks into growth opportunities. 

As the impact of data on business continues to evolve, enterprise data management is quickly becoming a key factor in determining the leaders and laggards of the corporate landscape. Leaders-organizations that are strategic and holistic, investing in processes and technologies that enable them to cultivate their data with integrity, carefully analyze it and reliably govern it-are quickly pulling ahead. The benefits span a wide range of areas, including improved customer acquisition and retention (because leader organizations have both established data trust and leveraged their data to optimize the way they serve customers) as well as more strategic planning and stronger compliance.

For laggards that are falling behind or looking to avoid doing so as the implications of data further expand in 2022, there are several key lessons that can be learned from the leaders. These include:

1.  Data drives revenue. For example, customer experience and customer churn are directly affected when data is optimized. This is due to the fact that data operations, customer service and other business processes are becoming increasingly automated, and in turn are now reliant on the accuracy and relevance of the data within related systems. Therefore, deficient and/or inefficient data management undermines the ability for automated processes to perform how they are intended, a consequence that is no longer competitively or economically feasible.

2.  A single source of truth provides greater insight. Harnessing all enterprise data in a reliable repository (via a data lake, data warehouse or data "lakehouse") that provides a singular view and ongoing management is the new frontier of tackling data growth. This approach allows numerous stakeholders to analyze and visualize massive datasets to ensure data quality and gain business insights.

3.  Robust governance is key to reducing data risk. The vectors of threats to corporate data-which can result in theft, leakage or inadvertent exposure of sensitive information-are becoming more varied, complex and severe. Handling and protecting sensitive information such as personal/private data and IP in accordance with best practice and regulations will require comprehensive information governance policies and procedures across all data sources, including cloud-based file shares and collaboration platforms.  

As 2022 gets underway, organizations need to be proactive in how they respond to this greatly accelerating divide between data leaders and laggards. This will require swift action toward safeguarding sensitive data, enabling ongoing management of data quality and integrity, addressing emerging data sources such as collaboration tools, adopting advanced analytics and integrating data strategies with their broader digital and corporate mandates. Doing so will be a tall order for most organizations but will also result in meaningful competitive differentiation and the ability to drive future opportunities.

##

ABOUT THE AUTHORS

Al Park specializes in the oversight of technology solutions to address risk and compliance for global corporations and firms. He brings more than 20 years of experience leading organizations in heavily regulated sectors in emerging technologies, data and digital trends, with a specialization in industries including financial services, energy, life sciences and technology. 

Drew Sheehan has focused on collection and analysis of structured financial and operational data for purposes of fraud investigation, financial reporting and analysis including visual analytics, business process automation and accounting and financial systems data reconciliation for the past 11 years.

Pratyush Lal is a Managing Director in the Technology Transformation practice and specializes in business transformation. He has over 17 years of experience leading strategic, operational and technical programs to help organizations realize their growth and transformational objectives. 

Published Thursday, January 13, 2022 7:32 AM by David Marshall
Comments
There are no comments for this post.
To post a comment, you must be a registered user. Registration is free and easy! Sign up now!
Calendar
<January 2022>
SuMoTuWeThFrSa
2627282930311
2345678
9101112131415
16171819202122
23242526272829
303112345