Stop Guessing, Start Knowing: Rebuilding Confidence for Smarter Business Decisions

Business leaders are increasingly pressured to back their strategies and decisions with credible data. However, the trust in this data that organizations rely on is decreasing.  

According to Experian’s survey, over 85% of organizations say poor data quality impacts their operations, with 44% citing a direct hit on revenue.

The question haunting many boardrooms today is: How can we restore confidence in our company data to ensure it guides the right decisions?

The confidence crisis: what’s undermining trust in data?

Business success depends on maintaining confidence in high-quality, accessible, and integrated data. So, why does our data transform from value insights to outdated or inconsistent elements?

Isolated data systems that stand in the way of comprehensive analysis, and insufficient policies managing data access and their usage are two of the most recurring factors in cases of poor data quality.

The impact of poor data in your decision-making could result in financial losses due to inefficient resource allocation and, as a domino effect, could damage your company’s reputation.

So, how can C-level positions drive decision-making for implementing innovation instead of filling monthly reports? Let’s find out:

Building data trust: 3 core strategies

What does quality data look like?

High-quality data should be accurate, complete, consistent, and timely.

Data governance serves as the backbone of data management. It ensures that data is accessible, trustworthy, and compliant with relevant standards.

Key components of effective data governance:

• Data maintenance: Designate personnel responsible for data quality and policy compliance.
• Clear policies: Defining data access, usage rights, and security protocols.
• Regular audits: Conducting routine checks to ensure data integrity and compliance.

Organizations with strong data governance are 2.5x more likely to trust their data for strategic decision-making (Forrester).

Implementing proactive security measures

Data breaches are an ever-present threat that can severely undermine trust in company data. According to the IBM Security Report, the average cost of a data breach reached $4.45 million in 2023.

As a data expert and cybersecurity company, we always recommend adopting proactive security measures to protect your data assets.

For our partners and clients, it is a must to have.

Security best practices:

• Regular security training: Preparing your employees with knowledge about data protection practices. (InterSources Inc. is a good option for upskilling your workforce).
• Advanced encryption methods: Implementing state-of-the-art encryption to safeguard sensitive data.
• Incident response plans: Developing comprehensive plans to address data breaches when they occur. (Please, make this plan with an expert partner before the crisis, trust us.)

 📊Read more: The hidden costs of data breaches: why proactive security saves you millions

The CIO’s role: from data custodian to strategic leader

Chief Information Officers hold the key to transforming data from just a reporting tool into a catalyst for innovation and development. Facts support data-driven decisions: companies that foster data literacy see a 21% increase in ROI from data investments (Accenture).

Empowering the workforce with the skills to interpret and leverage data effectively, encouraging cross-departmental collaboration to ensure diverse perspectives in data analysis, and promoting the culture of innovation by integrating data-driven insights into the decision-making process could be the first steps to create an effective data path.  

It’s time to trust your data again

Restoring confidence in company data is not just about better decision-making; it's about future-proofing an organization. This process starts with addressing quality issues, enhancing governance, and embracing technological advancements.

Are you ready to begin on this transformative journey? Let's revitalize trust in your company data and turn it into a competitive advantage.

📌 Contact us