The value of a data audit
A data audit will help your organisation identify potential:
Lost data value
For example, ‘dark’ data: data which is not analysed and from which no value accrues, is now expected to normalise at over 90%+ of unstructured organisational data according to IDC. That means:
Dark data may be junk, or it may be a hoard with potential value – you won’t know till you investigate!
Dark data arises when processes leave it behind, deposited in caches across the business. Typical examples include:
What is the risk of not doing anything about poor data?
Accountable and responsible organisational leaders can no longer afford to be intimidated by data or digital. They should increase their digital savvy in line with:
The concerned board or executive should be able to make a counterfactual business case “what is the risk of not doing anything about dark data; what are the cost implications?” for which indicators might include:
Get a data audit! Compared with the risk and cost inefficiencies your organisation might be exposed to, it’s well worth it – and recommended preparation for digital metamorphosis.