Hub & Spoken.

What's in this podcast?

This is the second episode in our special series celebrating 100 episodes of Hub and Spoken, the original data podcast. 

Listen to this episode on Spotify, iTunes, and Stitcher. You can also catch up on the previous episodes of the Hub & Spoken podcast when you subscribe.

Data management has become a hot topic in many industries, such as customer data, which makes it an important component of any comprehensive data strategy. In this episode host, Jason Foster, shares a curated selection from previous, and explores how companies can develop a comprehensive data strategy – that starts with proper data management practices. 

What are your thoughts on data management? We’d love to hear from you; join the #HubandSpoken discussion and let us know on Twitter and LinkedIn.

For more take a look at our whitepaper on data management.

One Big Message

The way data is handled is a particularly tricky subject, especially when companies are ultimately responsible for what happens to a customer’s data. Sometimes, the burden of configuration, analysis and governance is too great, and oftentimes impractical, for one department. This is why data management should be considered a team effort so that everyone  helps contribute to the management and safety of data. 

[01:10] How data is an asset within a business, and not just an extra cost

[01:58] Anthony Roscoe from Highmark Health on ethically extracting data to help clinicians and administrators provide better care to patients

[08.58] Susan Walsh, known as “The Classification Guru” on her method of dealing with ‘dirty data’ and how to streamline your processes

[13:31] Scott Harrison from Parkham Hospital on moving away from siloed data, and instead creating an ecosystem where data flows easily

[19:20] Scott Taylor “The Data Whisperer” and author talks about how to use storytelling to create great data strategy

[25:27] Roberto Maranca, who was Chief of Data at Lloyds Bank, on how to build trust and be transparent with customers

Data management is an important component of a data strategy

Data management is an important component of a data strategy. Data quality, ownership, and access are all crucial issues to consider as you develop your company’s data strategy. 

• Ownership refers to who has the rights, or power, over the information that’s collected by your organisation. 
• Data access determines which employees have permission to view certain types of information within your company’s database system. 
• Quality relates to how accurate the data actually is. 

If these three components are not addressed correctly it can lead to problems for you, as well as your customers, in the future.

Data management shouldn’t be left solely to IT, or in a back room

Data quality and data governance is everyone’s responsibility. In any business or organisation, it’s important for all departments to have the tools they need to be successful. In some cases however, IT and data can create an unnecessary divide between departments by not sharing their data management knowledge and skills with others outside of IT. This lack of communication can cause frustration among other employees who are unable to access the tools that would allow them to excel within their department, or company as a whole.

Removing the silos of data, and creating a data ecosystem can help all departments with their data needs while also assisting the data teams with their work. 

Good data management is an enabler to business value

You can’t get all the amazing insight from data without getting data management right. Data is a business asset that, if managed properly, can provide many benefits for the company. Data management will help to ensure that data isn’t lost (which could have major impacts on the business). On the other hand, good data management also allows businesses to get maximum impact and return on their data investment.

Data management includes planning, policies and procedures for managing information assets; risk identification and impact assessment; development of protection strategies; implementation of security solutions; monitoring compliance with regulations; and measuring performance of data governance activities. Companies with focus on these areas are able to effectively manage their data assets throughout their lifecycle.

Good data management allows your business to quickly adapt

Organisations that are able to quickly adapt to changing market conditions and customer demands will be the most successful in today’s business environment. The ability for an organisation to respond rapidly is due, at least in part, to good data management. Data management allows organisations of all sizes and types to make quick decisions based on accurate information. 

To summarise

Data management is important for any business, particularly those that are working on a tight budget. From the point of view of new businesses and startups, data collection and analysis can be an expensive undertaking, but it’s also crucial to success. With the right management, you can get an excellent return on investment and make the most of your data. 

If you would like to review the full episodes of the podcasts included in this special episode, you can find them here:

Episode 97, The Convergence of Analytics and Data in Healthcare with Anthony Roscoe

Episode 53, Fixing dirty data with Susan Walsh

Episode 98, The Use of Data in Delivering Healthcare in the US with Scott Harrison

Episode 30, It’s Master Data, not Governance with Scott Taylor

Episode 7, The Role of Change and Ethics in Data Strategies, with Roberto Maranca