Third party data, for example information provided by suppliers, is one of the most challenging aspects of data management for many organisations. A survey found that of 103 businesses, 86% of senior and IT/data professionals struggle with managing their data. Security is the top risk surrounding unstructured data according to respondents, so it’s clear that data generated by external sources is an issue that affects many organisations.
GDPR has helped businesses in securing and improving visibility of their data.
Well over two years into a post-GDPR world, businesses have been able to raise the visibility of work that they do with third parties. It’s vital for companies to continue to improve their visibility of the data processing ecosystem.
The first step would be to identify suppliers and put plans in place to improve their contract management. It is also important to draft inventories for vendors and suppliers so they can protect personal information assets more effectively.
Disable business relationships that aren’t delivering
It is vital to make a more concerted effort to understand your ecosystem. Having more vendors means more risk, so consider disabling any business relationships that aren’t delivering against a best practice strategy.
Finally, the responsibility for managing your digital supply chain should be shared – it’s not just the role of the procurement department. One survey by ProcureCon claimed that the responsibility for vendor management should be shared by IT and procurement as data management touches both departments.
That same survey – by ProcureCon – details how the state of collaboration between IT and procurement is improving as a whole in response to macro trends in the technology market, and that procurement and IT leadership will often require a closer working relationship to contend with imperatives to digitally transform. Find out how we helped Chep bring greater transparency to the supply chain.
Collaboration is now a key area for improvement
Improved collaboration means that the supplier can provide a consistent approach with their customers and ultimately improve the customer experience.
Improved data visibility
Improved data visibility drives many benefits and is now considered one of the most valuable assets. It is now the key data in which important business decisions are made on.
ROT data is redundant, outdated and trivial content that is stored by an enterprise:
- Redundant data is duplicate data stored in multiple places within the same system or across multiple systems. Intranet networks often contain a great deal of redundant content.
- Trivial data is information that does not need to be kept. Specifically, trivial information is content that does not contribute to corporate knowledge, business insight or record-keeping requirements.
- Obsolete data is information that is incorrect, incomplete, or simply no longer in use. It can include outdated data that has been suspended by new information.
This can cause legal, compliance and security risks as well as high storage costs, productivity losses in employees trying to find data, and misinformed decisions due to looking at out-of-date or incorrect data. On average, it is estimated that organisations have 30-40% of ROT.