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34 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 3 To ensure effective data management over the long term, organizations should also establish company-wide data governance policies that support the data ownership framework. These policies must reflect the needs and goals of all stakeholders, not just legal and IT. Groups responsible for compliance, risk management, human resources, data privacy, information security, and other critical business activities should be involved and provide input. Your organization may also benefit from implementing employee training in following your information governance policies and procedures. In addition to providing practical guidance, training can help break down organizational silos that may otherwise hinder data management efforts. Finally, organizations should conduct a careful and comprehensive assessment of legal and regulatory requirements for data retention after conducting a comprehensive data audit. To create and maintain a comprehensive data inventory and manage data effectively, organizations need robust technology. Each organization should evaluate data inventory tools and technologies considering its unique requirements, which will depend on the industries it serves, current IT infrastructure, short- and long-term business goals, the nature of the data the organization controls, and other factors. The chosen system should be scalable and adaptable, and capable of accommodating future growth and changes in a dynamic and rapidly changing data landscape. The system should also enable efficient workflows and processes to ensure there is real-time visibility into the data assets and how they are changing. This may involve activities like program setup, conducting interviews, aggregating data, maintaining an up-to-date inventory through automation, targeted data analysis, and implementing data inventory management steps. By fulfilling these workflow requirements, organizations can effectively manage their data assets and make informed decisions while ensuring compliance with data protection regulations. A comprehensive data inventory and a sound data management program are vital in ensuring compliance and mitigating the risk of penalties and reputational damage. They can help organizations better assess whether their data privacy and security measures align with the most current industry standards. Regulations change frequently, and regular monitoring and auditing of the data inventory and data management practices is necessary to maintain compliance over time and anticipate potential vulnerabilities. One of the most important benefits of a comprehensive data inventory is the role it can play in optimizing data-driven decision-making. Organizations that have a clear understanding of the data they manage can deploy data analytics more effectively, identify previously unknown patterns and operational trends, and gain valuable insights to drive business strategy. When the data inventory is integrated with data management and analytics tools, business leaders are in an ideal position to make informed decisions, drive innovation, and achieve their strategic objectives. Building a comprehensive data inventory is crucial for organizations seeking to manage their data resources effectively. By following the steps discussed in this article – identifying data sources, categorizing and prioritizing data types, establishing data ownership, and implementing a robust data inventory system – organizations can gain a holistic view of their data landscape, mitigate risks, ensure compliance, and optimize data-driven decision-making. With the help of the right technology, companies can take firm control of their data infrastructure and unlock the full potential of their valuable data assets. ILTA F E A T U R E S Ajith Samuel, Exterro's Chief Product Officer and co-founder, leads the company's product strategy team in creating innovative solutions to help large corporations navigate information smarter. Ajith has 15 years of experience in regulatory compliance and designing and architecting large-scale information systems for the futures industry. He holds a master's degree in computer applications from St. Joseph's in Trichy, India.

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