The Data Strategy Divide in Today’s Business Landscape

Consider the importance of a sound data strategy in today’s business landscape alongside the privacy, security, CSR and ESG considerations that come with this.

In today's post-pandemic and data-driven world, security and privacy concerns are at an all-time high. There is a growing emphasis on ESG and CSR, making it important for technology leaders to approach their strategies with deeper consideration.

Technology executives must consider not only the benefits for their business but also the potential impact on their employees, customers, shareholders and society at large. It is imperative that companies prioritise ethical considerations when making decisions about data and technology, to ensure they are acting responsibly and with transparency. 

So, what strategies are leaders applying to keep data privacy and security concerns at bay? Discover more about this topic at The Studio at Abbey Road Studios on May 16, where our C-suite community of technology leaders will discuss their thoughts and views on the In The Hot Seat debate ‘The Data Strategy Divide: Balancing Ethics, Efficiency and Transformation’, and read through some of the previously discussed data strategy topics.

Data strategy and security

As leaders, it’s important to address the issue of data security and the prevention of a potential security collapse within your infrastructure. CISOs, CIOs and other technology executives must provide clear and concise information regarding the data strategies required to mitigate risks and safeguard sensitive information. What’s more, it is imperative that these strategies are communicated effectively to all stakeholders to ensure compliance and adherence to security protocols. 

A data strategy is an essential strategy for security leaders as it enables them to establish a comprehensive plan for managing and protecting sensitive information within an organisation. A good place to start forming this strategy is by identifying the ways in which technology leaders can protect their organisation from occurrences like reputational and financial damages caused by data breaches. With the increasing frequency and sophistication of cyber-attacks, it is crucial for security leaders to work closely with their team to identify threats and establish a robust security framework. 

What technology leaders need to consider is: How can we divulge exactly what data and security strategies are needed to prevent a total security collapse within the organisation’s infrastructure? 

ESG and CSR

How can technology leaders ensure that their data strategies align with the values and expectations of stakeholders, including employees, customers and shareholders, in today's increasingly socially conscious business environment?

As businesses are increasingly held accountable for their impact on society and the environment, it’s important for technology leaders to incorporate ethical considerations such as ESG and CSR into their data strategies. These principles ensure that data collection, storage and usage align with regulatory requirements, are transparent and protect the interests of stakeholders. 

In the Studio roundtable debate ‘Can Technology Ever be Sustainable?’ London Business School’s CDIO Danny Attias argued that technology leaders should be more mindful of their methods of data collection and recognise the sustainability impact of these tasks. In the same debate, Head of IT & Security, CIO and CISO at Getaround, Mel Reyes, argued that alongside strategy, there needs to be a change in culture. “We’re seeing this with ESG efforts globally”, he said.

The role of the CDO

A few of the clear advantages of having data strategy includes helping an organisation stay competitive, relevant and (most importantly) innovative among others.

So, how does the CDO's role contribute to effective data strategies in the C-suite? With the right C-suite leadership in place, there are a number of functional data strategies that can be put to use in the technology function. The success of these strategies hinges on having a skilled and knowledgeable CDO at the helm. With the right leadership in place, companies can effectively execute their data strategies and simultaneously maximise their potential impact.

A skilled CDO requires specialist knowledge in data governance, management, quality, science, advanced analytics and strategy. They must also bridge the gap between data and business processes to promote a data-driven approach throughout the organisation's technology function. Executing an effective data strategy that maximises impact relies on having a clear understanding of data analytics and leadership capabilities.

Final thoughts

As technology continues to play an increasingly important role in companies across the globe, it’s critical to prioritise ethical considerations and think about the potential impacts on society as a whole. By balancing the need for innovation and efficiency along with these ethical considerations, technology leaders play an important role.

Developing an effective data strategy is essential for organisations that wish to remain competitive and maximise their potential; a well-crafted data strategy must consider various factors. With the right approach to data strategy and leadership, organisations can unlock the full potential of their data and gain a competitive advantage in their respective industries.

Attend The Studio to see ‘The Data Strategy Divide: Balancing Ethics, Efficiency and Transformation’ live at Abbey Road Studios on May 16 and discover more about data strategy and its impact on the business. For more information, see The Studio Agenda.