Data is the lifeline of any business. CEO’s and business leaders want to be able to use data to drive future growth and help support organisational transformation. However, ensuring data is trustworthy and accurate is fundamental to business success, regardless of the sector in which a company operates. Because of this, the nature of data trust has evolved in the digital age.
Here, we review the importance of trust and key challenges that companies face in order to improve accuracy with regards to data.
Why is data trust important?
In today’s business environment, trust is no longer just about the quality of products or services. Trustworthiness in business also focused on the quality, accuracy and reliability of data and analytics used within a company’s technology and software, and how information can be delivered to the end user. Trust can be impacted by a number of different variables including fragile data workflows, data breaches, the rise of AI (artificial intelligence), machine-based decisions and human errors. We live in a time whereby machines increasingly work in parallel with people. The capacity to fully trust the data that companies use to perform daily operations is a priority.
Data trust is nothing new, but is now front of mind. Back in 2017, KPMG created an ‘International's Guardians of Trust' report citing the key challenges that business decision makers involved within data strategies and IT face when it comes to trusting data. The company stated that ‘61% of CEOs see building trust as a `top three' priority for their organisation’. Yet at the time, only 35% of IT decision-makers have a high level of trust in their organisation's analytics. Fast forward to 2023, Deliotte shared that 94% of CEOs and global board members stated that trust is important to their company’s overall performance. The remaining 6% stated that trust is ‘somewhat important.’
In a study carried out by PwC in 2023, data owners have a broad range of worries. 34% of data owners worry about the quality of their data and 31% worry about data integrity. Data owners cannot confidently use data if they don’t know what data they have and whether it is secured and cleaned. Businesses cannot assume data trust if they do not have absolute control over who can access and change the data.
How to build trust to establish business success
Data trust is an integral concept to business success. As a concept, it focuses on how a company stores, processes and uses their data, allowing for quicker and more accurate decision making. Focusing on trust should also be built into the culture of an organisation: data trust is not just something for IT or management to think about. Synetec is an award-winning software development company that helps businesses to establish data trust. We do this by working with companies to implement an effective single source of truth and , eliminating the siloed data challenge, and then supporting these companies with managing data workflows to ensure data trust all the way to the final mile of providing on-demand capabilities for visualisation and reporting. If you would like to learn more about our software solutions for your data, contact us at email@example.com.
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