The Importance of Managing Data for Global Businesses

Data is considered the ‘new oil’—an invaluable resource that, when harnessed effectively, can drive innovation, efficiency, and growth.

However, to truly capitalise on the potential of data, global businesses must adopt an organised approach. This involves strategically managing your tech stack, addressing cross-border data issues, and ensuring data integrity and accessibility.

This article explores why such an organised approach is critical and how businesses can implement it effectively.

In our recent Beyond Borders Podcast, Andrew Fahey, Briars’ CEO, talked with Brian Millrine, the co-founder of 4thRevolution Analytics, about the importance of data:

Optimising the Tech Stack

A well-structured tech stack is the backbone of efficient data management. The tech stack comprises the various technologies a company uses to collect, store, analyse, and utilise data.

Key components include databases, data warehouses, analytics tools, and customer relationship management (CRM) systems. An optimised tech stack ensures that data flows seamlessly between these components, reducing bottlenecks and enhancing operational efficiency.

1. Scalability and Flexibility: As businesses grow, their data needs evolve. A robust tech stack should be scalable, allowing companies to handle increasing volumes of data without compromising performance. Cloud-based solutions, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, offer scalability and flexibility, enabling businesses to expand their data capabilities as needed.
2. Integration and Interoperability: Different systems and applications must work together seamlessly to provide a comprehensive view of the data landscape. Integration tools and middleware solutions, like MuleSoft and Zapier, facilitate the smooth exchange of data between disparate systems, ensuring that data silos are eliminated and insights are readily accessible.
3. Security and Compliance: Data security is paramount, especially given the increasing frequency of cyber threats. An organized tech stack incorporates advanced security measures, such as encryption, multi-factor authentication, and regular audits. Compliance with regulations, like GDPR and CCPA, is also crucial, necessitating tools that help manage data privacy and consent.

Addressing Cross-Border Data Issues

Global businesses often operate across multiple jurisdictions, each with its own set of data regulations. Navigating these cross-border data issues is a complex but essential part of an organised data strategy.

1. Regulatory Compliance: Different countries have varying regulations concerning data storage, processing, and transfer. For instance, the European Union’s GDPR imposes strict rules on data protection, while countries like China have stringent data localization laws. Businesses must stay abreast of these regulations to avoid hefty fines and legal complications. Implementing a data governance framework that includes compliance checks and audits can help manage this complexity.
2. Data Localisation: Some countries mandate that data collected within their borders must be stored locally. This can complicate data management for global businesses that prefer centralised data storage. Hybrid cloud solutions, which combine local and cloud storage, can address this challenge by ensuring compliance with local laws while maintaining global data accessibility.
3. Cross-Border Data Transfers: Transferring data across borders can be fraught with legal and logistical challenges. Mechanisms like Standard Contractual Clauses (SCCs) and Binding Corporate Rules (BCRs) provide frameworks for lawful data transfers. Businesses must implement these mechanisms to facilitate the seamless and legal movement of data across their international operations.

Ensuring Data Integrity and Accessibility

Data integrity and accessibility are critical to making informed business decisions. An organised approach ensures that data is accurate, consistent, and available to those who need it.

1. Data Quality Management: Poor data quality can lead to incorrect insights and misguided decisions. Implementing data quality management practices, such as regular data cleansing and validation, helps maintain data accuracy and reliability. Tools like Talend and Informatica offer comprehensive data quality solutions that can automate these processes.
2. Centralised Data Repositories: Storing data in centralised repositories, such as data lakes or warehouses, ensures that all relevant information is accessible from a single source of truth. This centralisation reduces redundancy and inconsistency, making it easier to generate accurate reports and analytics.
3. Data Democratisation: For data to drive value, it must be accessible to employees across the organisation. Data democratisation involves providing user-friendly tools and interfaces that allow non-technical staff to access and analyse data. Business intelligence platforms like Tableau and Power BI empower users to create their own reports and dashboards, fostering a data-driven culture.

Optimised tech stack

In an increasingly data-driven world, the importance of an organised approach to data cannot be overstated. By optimising their tech stack, addressing cross-border data issues, and ensuring data integrity and accessibility, global businesses can unlock the full potential of their data.

This not only drives operational efficiency and regulatory compliance but also enables informed decision-making and sustainable growth. As the volume and complexity of data continue to rise, an organised approach will remain a critical differentiator for businesses aiming to stay competitive in the global marketplace.