How Businesses Manage Complex Global Data Piles
June 5th, 2024
In this article, we discuss insights from a Beyond Borders podcast discussion between Andrew Fahey, Briars’ CEO, and Brian Millrine, the co-founder of 4thRevolution Analytics.
In today’s digital age, global businesses are generating and handling vast amounts of data daily. Effectively managing this data is crucial for operational efficiency, decision-making, and maintaining a competitive edge.
As we speak to several firms that deal with data across jurisdictions, we know this can be burdensome, with managing the tech stack being a key challenge. With this in mind, we have sought a data expert to help us understand the problems businesses face with data for our latest Beyond Borders podcast guest.
Brian Millrine, a co-founder of 4thRevolution Analytics and an expert in helping businesses revolutionise their analytics, joined Andrew Fahey, Briars’ CEO, to talk through data.
Watch on YouTube (below) or on Spotify:
Data management is a key consideration for many of our clients at Briars. With that in mind, we have put together a guide on the top five considerations global organisations should focus on to handle their data effectively.
1. Embrace a Decentralised Approach
It’s not always practical or beneficial to centralise data on a single ‘unicorn’ system that does everything.
While the idea of a centralised data system might seem ideal for its simplicity, it often isn’t feasible for large, global businesses. Different regions and departments may have unique requirements and constraints, making a one-size-fits-all solution impractical.
Instead, organisations should embrace a decentralised approach that allows different units to manage their data while ensuring interoperability and cohesion through robust integration frameworks. This approach provides flexibility, improves response times, and accommodates localized needs more effectively.
2. Prioritise Data Governance and Compliance
Ensuring data governance and compliance is non-negotiable. With data privacy laws such as GDPR, CCPA, and others, it’s critical for businesses to have strong data governance frameworks in place. This includes setting clear policies for data access, usage, and storage, and ensuring that all practices comply with relevant regulations.
Implementing automated compliance checks and regular audits can help maintain data integrity and prevent legal issues. Businesses should also invest in training employees on data governance to create a culture of compliance.
3. Leverage Advanced Analytics and AI
Advanced analytics and AI are game changers in data management. The sheer volume of data generated by global businesses can be overwhelming, but advanced analytics and AI can turn this challenge into an opportunity.
By leveraging these technologies, organizations can gain deeper insights, predict trends, and make more informed decisions. AI-driven tools can automate data processing tasks, identify patterns, and even uncover hidden correlations that might be missed by human analysts. Investing in these technologies can drive innovation and operational efficiency.
4. Invest in Scalable and Flexible Infrastructure
Scalability and flexibility in data infrastructure are essential. As businesses grow and their data needs evolve, their data infrastructure must be able to scale and adapt accordingly.
Cloud-based solutions offer the scalability and flexibility required to handle increasing data loads without the need for significant upfront investment in hardware.
Hybrid cloud models, which combine on-premises and cloud solutions, can provide the best of both worlds, allowing businesses to optimise cost, performance, and security based on their specific needs.
5. Foster a Data-Driven Culture
A data-driven culture empowers employees and drives better outcomes. For data management strategies to be effective, they must be supported by a company-wide commitment to a data-driven culture.
This involves educating employees at all levels about the value of data and how to use it effectively in their roles. Encouraging collaboration between data scientists, IT professionals, and business units can lead to more innovative uses of data.
Providing the right tools and training empowers employees to leverage data in their decision-making processes, ultimately driving better business outcomes.
How we help to reduce complexity
Managing data effectively in a global business environment is a complex but crucial task. By embracing a decentralised approach, prioritising data governance and compliance, leveraging advanced analytics and AI, investing in scalable infrastructure, and fostering a data-driven culture, organisations can turn their data challenges into strategic advantages.
These considerations will help businesses navigate the complexities of global data management and harness the full potential of their data.
And these are exactly the types of challenges we help clients with when they are thinking of expanding globally, or those who have already done so. We help businesses to follow the most appropriate approach for them, and we can even help with fractional C-Suite services.
Shaun Cumming
Shaun is Head of Marketing at Briars, bringing 15 years of content and marketing leadership experience from his time at global financial services firms such as BlackRock, BNY Mellon, Brooks Macdonald and Investec. At Briars, his mission is to tell the story of our company and its people, as well as to shape the brand as we head into a new phase of growth. Shaun is leading the talented marketing team and is a member of our Senior Leadership Team.
Copyright © 2024 Briars Group | All Rights Reserved | Read Our Cookie Policy