# How can you ensure your data retains its commercial value?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-02-19
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: The Importance of Data Management in Finance Sector
Meta Description: Learn how to maintain data quality, comply with regulations, and increase business value with tips from Owen Pettiford, SVP at BackOffice Associates.
URL: https://financedigest.com/can-ensure-data-retains-commercial-valuehtml

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_By **Owen Pettiford**, SVP of SAP Digital Transformation at BackOffice Associates_

Data is now the most valuable asset a business can have, and this is perhaps most true in the finance sector and can have dramatic impact on business outcomes. With a year of vast regulatory change, with MiFID II and GDPR both coming into effect, organisations are now tasked with ensuring this data is in the best shape possible to help comply with these. In light of this, it may not be a surprise that [80% of CDOs are now setting aside budget for data management and machine learning to automate tasks](https://www.openaccessgovernment.org/data-management-technologies-lead-chief-data-officers-priorites-for-automation-and-regulatory-compliance/53950/).

Poor data can expose a business to [regulatory disclosure risk](https://www.financedigest.com/analysis-rbc-tightens-grip-at-home-with-10-billion-hsbc-canada-bid-regulatory-risks-loom.html "Analysis-RBC tightens grip at home with billion HSBC Canada bid, regulatory risks loom"). Greater awareness of data laws means the stakes have been raised when it [comes to a business’s accountability](https://www.financedigest.com/why-is-accounting-coming-up-short-when-it-comes-to-new-hires.html "Why is Accounting Coming Up Short When It Comes To New Hires?"). So how can you be sure that your data is in good condition, maintain its value and also help deliver on [key policies](https://www.financedigest.com/key-fed-official-sees-rates-liftoff-in-2023-as-policy-debate-heats-up.html "Key Fed official sees rates liftoff in 2023 as policy debate heats up")?

![Owen Pettiford](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/owen-450x417-1736839157863-compressed.jpg)

Owen Pettiford

Firstly, creating a data-first mindset across the business should be a priority. This can be a daunting task, even if it is being done for both regulatory and revenue reasons. For it to be successful, it needs to be accepted by everyone in the [company and reinforced from the very top](https://www.financedigest.com/immunology-drug-market-growth-by-top-companies-trends-by-types-and-application-forecast-analysis-to-2030.html "Immunology Drug Market Growth by Top Companies, Trends by Types and Application, Forecast Analysis to 2030").

It may cause a sigh or two, but education needs to be the foundation of this [change in approach to data](https://www.financedigest.com/sterling-little-changed-after-mixed-labour-market-data.html "Sterling little changed after mixed labour market data"). This will often be the sole responsibility of the CFO or CDO, however, it needs to be a team effort. After all, all members of a business will be using data in one way or another Poor data quality can have a [huge impact](https://www.financedigest.com/impact-com-announces-huge-investment-in-workforce-with-raft-of-new-hires-globally.html "impact.com announces huge investment in workforce with raft of new hires globally") on, costing time and money and possibly reputation. The ramifications of inaccurate, inconsistent or incomplete data should be communicated across the entire organisation – from Chair to intern.

Once this is instilled, not only will data will [become increasingly refined to the best possible quality](https://www.financedigest.com/smart-becomes-the-first-ssp-to-collaborate-with-white-bullet-to-safeguard-quality-in-the-digital-media-landscape.html "Smart becomes the first SSP to collaborate with White Bullet to safeguard quality in the digital media landscape"), it will also become more commercially valuable while adhering to regulatory requirements.

Next, once your teams are aware of the importance of data and why they should care, [appointing a ‘data advocate’ within each team](https://www.financedigest.com/adnami-strengthens-executive-team-with-jorgen-gosvig-appointed-as-cfo.html "Adnami strengthens executive team with Jørgen Gosvig appointed as CFO") can help reinforce the message and cultural change. They will need to have full insight into current working [processes and is able to influence colleagues to continually show data](https://www.financedigest.com/crowdsourcing-of-data-to-drive-the-high-throughput-process-development-market.html "Crowdsourcing of data to drive the High Throughput Process Development Market") the respect it deserves.

Showing this diligent approach can also help secure buy-in from the board and help secure budget for implementing and maintaining an ongoing data [governance strategy](https://www.financedigest.com/adnami-to-receive-six-figure-sum-of-investment-from-danish-government-in-recognition-of-its-pioneering-technology-and-strategy.html "Adnami to receive six-figure sum of investment from Danish government in recognition of its pioneering technology and strategy"). Just as attentively as you are approaching staff mindsets, these procedures will need to be fine-tuned during their implementation, testing and reviewing. Something else to consider will be that team members will inevitably be [pulled away from data duties if the business](https://www.financedigest.com/generali-pulls-back-from-russia-intesa-reviews-business.html "Generali pulls back from Russia, Intesa reviews business") requires it, so a contingency plan will need to be put into place. Not only will this ensure that your data will [remain in a good state](https://www.financedigest.com/kremlin-remains-downbeat-on-state-of-black-sea-grain-deal.html "Kremlin remains downbeat on state of Black Sea grain deal"), but also demonstrate across the business the importance that is placed on it.

Finally – and perhaps vitally – is the case for implementing the [technology that can take on the bulk of the manual work](https://www.financedigest.com/what-is-5g-technology-and-how-it-works.html "What is 5G technology and how it works"). Data [management services](https://www.financedigest.com/cyclic-innovation-to-drive-the-medical-case-management-services-market.html "Cyclic innovation to drive the Medical Case Management Services Market") can be customised to suit the specific needs of individual businesses and are often highly flexible. As well as providing best practices in [data quality and the right processes to remediate any errors](https://www.financedigest.com/amazons-twitch-hit-by-data-breach-due-to-configuration-error.html "Amazon’s Twitch hit by data breach due to configuration error"), they can also minimise the need for human intervention. When comes to instilling that data-first mindset, it can help to take the burden off of busy teams and allow them to focus on what they do best.

Once this mindset is well and truly ingrained into a working culture, it can be a tool that can be used to help unlock valuable [revenue opportunities](https://www.financedigest.com/the-potential-impact-of-coronavirus-covid-19-for-riveting-tools-market-revenue-opportunity-forecast-and-value-chain-2021-2028.html "The Potential Impact Of Coronavirus (Covid-19) For Riveting Tools Market Revenue, Opportunity, Forecast And Value Chain 2021-2028"). Up to date and accurate real-time [data can give](https://www.financedigest.com/german-bond-yields-give-up-rise-after-u-s-price-data.html "German bond yields give up rise after U.S. price data") you that edge over competitors – the best business decisions can’t be made using yesterdays’ data after all.

With a solid and supported internal education campaign, the best practices and [strategies in place and the right technology](https://www.financedigest.com/how-to-establish-a-successful-technology-strategy.html "How to establish a successful technology strategy") for the business implemented, cleaning up your data act will not be as painful as it first seems. With hefty fines for not doing so, businesses [can’t afford to sit back](https://www.financedigest.com/bounce-back-loans-what-to-do-if-you-cant-repay-2.html "Bounce Back Loans: what to do if you can’t repay?") and relax.


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