How Irish organisations can win with a robust data trust strategy

A trusted intelligence approach embeds trust into data on its journey to value creation. The framework can help identify priority areas.

When intelligent technologies lead the way, trust can be the true disruptor. As Ireland shifted its focus towards intelligent enterprises in the post-COVID-19 phase, data privacy and trust concerns grew, especially amid growing cybersecurity risks. In the past year and a half, organisations have increasingly felt the need for an effective data strategy that not just supports pandemic propelled business models but delivers value as well.

Gap in data trust can take away the competitive advantage of organisations. True value of data lies in trust and intelligence. Trusted data is secure and ethical and allows organisations to take the value-first approach. Data trust deficit can stymie innovation, curb growth and ruin transformation initiatives. Risks grow as businesses look to reinvent, but so do opportunities. Organisations that have a clear value proposition and the capability to embed trust can become intelligent enterprises.

Pivoting from data first to value first

Traditional big data strategies are passé. Intelligent enterprises must gravitate towards value. For the massive volume of data used by intelligent technologies such as AI and RPA to flow through the organisation, what is really needed is a framework of human governance. If the data going in is not right, the outcomes will not be either. People are needed to align data-powered intelligence with an organisation’s values and to adhere to social, regulatory, ethical, legal, and business standards.

So, what does a trusted intelligence approach do? It embeds trust into data on its journey to value creation. With trusted intelligence, Irish organisations can:

1. Define from the outset the reliability and quality of the targeted data
2. Design trust through frameworks and operating models in a consistent manner
3. Build on access controls and secure technologies

“Trust is not something you can bolt on. It has to be designed into data and intelligent technologies from the outset,” said Marco Vernocchi, EY Global Chief Data Officer.

A traditional one size fits all approach to data and information governance cannot deliver the value, scale and speed that the current market demands. EY’s trusted intelligence framework can help identify the priority areas and propose a tailored approach for individual organisation. An adaptive and flexible framework enables data leaders to select different solutions such as compliant data polices, high quality data, secure data access, efficient data infrastructure or a library of reusable data assets to accelerate the development of new data solutions.

Trust once embedded throughout the enterprise can ensure accuracy of data, thereby infusing confidence and making way for innovation at scale. This, in turn, can provide sustainable and long-term value creation. It is imperative to put people at the centre for data trust to be generated and for value to be created for everyone connected to the organisation.