A significant part of data management is ensuring accuracy. Theoretically, it should be a relatively smooth journey, but many businesses find it fraught with choppy waters.
Captain Compliance has years of experience in helping organizations navigate compliance successfully, and we know that maintaining data accuracy is crucial to reaping the full potential of the information you collect.
Today’s business landscape is more competitive than ever, and failing to prioritize data accuracy can have severe implications for your business.
Luckily, this guide will tell you everything you need about navigating data discovery accuracy with Captain Compliance.
Key Takeaways:
Data accuracy is integral to compliance. Unfortunately, many organizations fail to implement robust processes for maintaining the integrity of any information they collect.
Integrating technology into your data discovery and management processes can help you mitigate potential risks. However, it’s also essential to choose the right tools.
Captain Compliance offers various solutions for organizations that want to remove potential risks and remain compliant. Our services are an investment into a safer future.
Why Data Accuracy Matters
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Data can be a powerful tool for businesses, but it must represent the entity or real-world scenario it depicts. Simply put, if your data isn’t accurate, it won’t aid decision-making.
Businesses rely heavily on data today, and focusing on accuracy can help you leverage the insights it offers.
However, it’s also important to remember that inaccurate data can have severe implications for your organization, resulting in financial and legal issues.
Data accuracy is also integral to compliance, as the GDPR, CCPA, and other industry-specific bodies have strict rules about how businesses should collect, store, and use data.
Data Accuracy Challenges
Inaccurate data can pose serious problems for your organization, but it’s more common than you might think. In 2020, Statista surveyed marketing companies, asking them where and when data inaccuracies usually occur.
Of all the respondents, 27% stated inaccuracies occurred due to employee errors, while 26% said it was due to data not being cleansed effectively.
Unstructured data is also a significant contributor to inaccurate information, and the effects can devastate any business.
The Consequences of Relying on Inaccurate Data
There are numerous consequences of inaccurate data, including reputational, legal, financial, and relationship damage. Data-driven decision-making is central to making the right decisions, and failing to do so could eliminate your competitive edge.
However, reputational damage is also a significant problem for businesses, as consumer trust is instrumental in an organization’s continued growth.
Regulatory violations can also result in hefty fines and legal implications, making it hard for a business to recover.
GDPR Penalties
The GDPR sets its maximum penalty at 20 million Euros, and many brands have felt the impact of not handling their data correctly.
According to IBM’s Cost of a Data Breach Report, Google received a €50 million penalty, and the GDPR has handed out €293 in fines since its implementation.
Reputational Damage
Businesses can also lose customers if they experience a data breach due to inaccuracies. According to Cyber Magazine, the average organization deals with a 9% decrease in annual turnover due to privacy issues.
Consumer trust is integral to continued business growth, and failing to prioritize data accuracy and integrity can result in significant losses.
Our Approach to Data Accuracy
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At Captain Compliance, we know that the right approach to corporate compliance is central to protecting data integrity and ensuring it leads to better decision-making.
As a team of compliance experts, we help our clients develop a robust accountability framework to streamline data collection and maintain a security-first company culture.
Maintaining data accuracy is possible—when you’ve got the right team on your side.
Leveraging Technology for Data Discovery
Technology is paving the way for a new data discovery and management era. Organizations that understand how to utilize the range of AI-powered tools can streamline various stages of the data discovery process and promote security.
Some of the tools in our arsenal include:
Blockchain for verifying data and ensuring a transparent data log.
Machine learning to reduce the occurrence of human error.
Introducing Unified Data Platforms to move data from various systems into one system enables us to gather consistent information and leverage the insights it offers.
Human data cleansing is prone to errors, but technology can eliminate them and make inaccuracies a thing of the past.
Perhaps most importantly, data security solutions enhance our protection measures and dramatically reduce the risks of breaches.
The Benefits of Accurate Data Discovery
Data discovery is an intensive process that requires a collaborative approach between various stakeholders. However, accurate data discovery has numerous benefits once you have the right strategies and can leverage technology.
Enhanced Decision Making
Accurate data discovery aligns with organizational goals and ensures you stay on the right track. As the data reflects real-world scenarios, you can use it to gather insights and make the right decisions for your business.
Many modern solutions also offer predictive analysis, enabling you to reduce the risks of data breaches and make decisions on proactively managing your organization’s sensitive data footprint.
Data-Driven Personalisation
A McKinsey Report highlights the importance of data personalization and how it can help businesses build better relationships with their clients. Once you gather information and leverage that data, it can result in better marketing strategies, too.
With businesses facing more competition than ever, improving products and services through data discovery can help you gain a stronghold in your industry and enjoy continued success.
Streamlined Compliance
Data accuracy is crucial for avoiding compliance issues and eliminating potential breaches. Data discovery tools can help you find and classify sensitive data accordingly, ensuring key stakeholders can take additional steps to protect the information.
The effects of compliance breaches can destroy a business, but accurate data enables you to adhere to your industry’s guidelines and avoid penalties.
Navigating the Data Accuracy Waters
Navigating the data accuracy waters requires a strategic approach and expert compliance knowledge.
However, understanding your organization’s priorities and the potential pitfalls stakeholders might experience when collecting data ensures you have robust processes.
The right tools will help you effectively manage the data discovery process. It’s important to mention that choosing a suite of tools that integrate is better than investing in every solution out there.
Our expert team works with you to identify and integrate the right software solutions to streamline data discovery and maintain accuracy across the board.
The Collaborative Approach
Compliance isn’t just an internal process but also an external one. Our experts understand how third-party vendor relationships can impact compliance and know how to help you develop robust measures that avoid potential security breaches.
Refining your data collection techniques can prevent inaccuracies when consumers input their personal information.
By taking a collaborative approach and helping your entire organization understand how to implement and contribute to a transparent data management culture, you can use information to make decisions and avoid compliance fines.
Captain Compliance: Your Trusted Accuracy Navigator
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Many organizations choose to outsource compliance to specialists, and Captain Compliance is always available to offer support and advice. Our expert compliance specialists work with businesses to identify data gaps and enhance the flow of information between systems.
With years of combined experience in the industry, we treat each client individually, taking the time to evaluate your organization’s goals and compliance needs.
Whether implementing automated data discovery tools or advising on the best sensitive data discovery software, our dedicated team offers a truly bespoke approach to ensuring you remain compliant.
The Bottom Line
Data accuracy is integral to not only remaining compliant but also being able to gather valuable insights from the information you collect. With the right approach, you can combine human input with technology and give your business what it needs to succeed.
Captain Compliance is your go-to resource for flawless risk identification and mitigation. Our expert team provides a fully bespoke service where you’re at the helm, but we’re there to help you navigate compliance.
Please contact us today and make data inaccuracies a thing of the past. We look forward to joining you on your journey.
FAQs
What is data discovery, and why is it important?
Data discovery enables you to locate, identify, and gather insights from the data you collect from various sources.
It’s important because having accurate data enables organizations to make decisions that enhance operational efficiency and understand their consumers.
However, you can also use data to reduce security breaches and ensure your customers have a safe experience.
What are the benefits of data discovery and classification?
Data discovery and classification promote better management, ensuring each data element receives a risk rating. When you can identify sensitive data, it’s easier to implement security measures and mitigate any risks before they become compliance issues.
Which regulations should I be aware of?
The GDPR and CCPA are active in Europe and California, but your industry might have other regulatory bodies, including the Financial Conduct Authority (FCA). Understanding your responsibilities ensures you remain compliant.
How do I know which data discovery tools suit my business needs?
Thinking about where the weaknesses lie in your organization’s data management strategy can help you isolate where you need the most support. Investing in our compliance services is also beneficial, as we’ll help you implement various solutions.