How to build trust in your digital data?

As digital transforms every aspect of how businesses work, including customer experience, business priorities raise concerns of trust in data. Trust in data is critical if businesses have to use it to deliver a superior customer experience or strategize on a new business model.

Data in the world of digital ecosystems – social, mobile, cloud, analytics, digital identity, IoT – is so much more connected than ever and data teams need to find a way to deliver credibility without boiling the ocean. Information Management units need a way to communicate about the reliability, accuracy, security and ownership of data. Communicating data health can be tricky and there has to be some measures like a comprehensive rating. Digital Data Trust makes a mark here!

Digital Data Trust is the confluence of data discipline, data security, digital data experience and data resilience to calibrate Data Trust in order to enable value connect with customers and mitigate regulatory pressures.

A holistic approach to digital data trust

An effective digital data trust framework assists companies along multiple dimensions of data and digital adoption to help them address challenges of trust.

Companies, often, focus on eight dimensions in order to progress well in their digital journey (See Figure 1). These dimensions are just guiding principles and not meant to be prescriptive in nature: they advise on “what’s right for adoption of digital?”

How to build trust in your digital data?

Figure 1: Pillars of digital adoption

A digital data trust framework assigns weights to these different dimensions based on the unique context of the company and the industry, and these are further customized. The dimensions span across multiple areas of data consumption and there is a further bifurcation and weight assignment on data areas across these dimensions. Backward and forward integration of technologies and processes is achieved to calculate data score and breathe life in the dimensions.

The end result is a holistic ‘digital trust rating’. This rating highlights improvement areas – areas of digital dimensions and areas of data - in order to achieve the end outcome. Sophisticated ‘what-if’ analysis helps find out what it takes to increase the trust rating, pointing out focus areas. Multiple scenarios can be played out here and corrective actions can be recommended. This then feeds into data and technology projects or programs that need to be undertaken to improve the digital data trust.

In the end, the winner is the organization as it progresses further in the adoption of digitalization and drives business outcomes.

About the Author

Harshad Subhash Borgaonkar

Senior Manager, FRC – Data Analytics & AI, Wipro

Harshad has over 16 years of experience in Financial Risk and Compliance, and Analytics and Information Management. His experience spans the spectrum of risk and compliance that includes a) Regulatory Reporting, b) Compliance - GDPR, BCBS 239, IFRS 9, SR 11/7, MiFID II, Sec 17 a-4, LEI, FRTB, Basel II / III, CCAR / IHC, FATCA / CRS and c) Quants areas - Model Development, Model Validation. He has played a key role in helping many Fortune 500 companies shape up their data strategies and implement solutions for risk and compliance

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