Don’t leave data to chance: it’s time for the C-suite to take ownership

How much do you know about your organisation’s data? Not a question you’re asked very often I imagine, but as a business leader I’d argue data should be one of your highest priorities. Because although I don’t doubt you use data regularly in your decision-making and planning for the future, I wonder how often you’ve thought about where that data has come from and how much you can trust it?

Given that the C-suite relies so heavily on data and that the business outcomes you drive depend on quality data, you’d think senior leaders would be clamouring for ownership or at least oversight. But recent research by the UKI SAP User Group revealed that a tiny 3 per cent of data strategies are owned by the C-suite. And that has a knock-on effect. Without the backing of senior executives, data can become a problem rather than an opportunity. With no one championing data, it risks becoming inaccurate, out-of-date and a legal liability. Without C-level execs putting data first, it’s much harder to encourage the rest of the business to.

How to spot your data is in trouble

I’m always going to tell you to speak to your data team. They are the ones who have a good understanding of what’s working well and where the sticking points are. Your delivery teams will also tell you where they experience issues, and let’s face it, you’ve probably found yourself frustrated with data that doesn’t make sense or contradicts other insight. 

But there are common headaches that are also a warning sign that your data is struggling. Here’s what to look out for:

1. Your analytics team is grappling with unreliable data

Analysis comes to you with provisos and caveats, or it simply doesn’t come to you at all. You feel unsure that decisions are based on robust insight, and your analysts have concerns about data quality, accessibility, or usability.

2. Your IT team is battling through a data migration

Migrating even the most well-organised business data is a daunting task. Moving siloed, disjointed, poorly governed information to another solution can, in fact, make matters worse than if you had done nothing at all. Listen to your IT team: data, in some shape or form, will be their number one concern.

3. Your legal team is anxious about GDPR, CCA and other regulations

Complying with laws to protect consumer data is critical, but that can be tough if your data governance strategy is in disarray and your data is hard to pin down. If your organisation is struggling to stay on track, it could be a sign that you need to prioritise your data.

How to take ownership

I often work with leaders who want (and need) to get to grips with their data. Often they’ve got a few failed migrations under their belt and they can’t work out what’s getting in the way. But it’s also when they realise the quality of their data is stopping their business from succeeding. Whatever the reason for focusing on data, my advice is straightforward: engage and take ownership. Here’s how:

1. Get to know your data

Understand which data is the most valuable to your business along with who owns it and who works with it. Talk to the people who’ll be using it, find out what happens when the data is inaccurate or out-of-date and how that impacts your business outcomes. 

2. Set meaningful goals

Once you understand your data, it’s much easier to set accuracy goals. Some data must be completely accurate to comply with data regulations for example, other data might not need to be updated quite so often. Set your goals and agree review points so that you can adjust your approach if needed.

3. Get your governance right

Without rules and guidance in place, it’s easy for errors to slip in. All the work your teams have put in to clean up the data is wasted, and a few months down the line it’ll have to be done all over again. Introduce and enforce robust guidance to make sure your data stays accurate and usable.

It’s a bit of a cliche, but data really is your company’s most valuable asset. The insights hidden within your data have the potential to drive innovation, efficiency and competitive advantage. But without the involvement of senior leaders like you, your business risks missing out. Make data your priority and transform it from something with promise to a powerhouse for growth and innovation.