From Responsibility to Asset: Mastering Data Custodianship

Introduction

Imagine a world where data isn’t just an asset; it’s the currency of the future. As Clive Humby, the renowned British mathematician and data scientist, aptly puts it, “Data is the new currency. Data is the new oil. But unlike oil, data has a much higher potential value. The key is to be able to extract the right insights from it.” In an era where data is often hailed as the new oil, navigating the fine line between leveraging this invaluable asset and ensuring its safekeeping is more crucial than ever.

The landscape of the tech industry is rapidly evolving, with data at its very core driving innovation, decision-making, and strategic growth. However, as the volume, velocity, and variety of data swell, so too does the complexity of managing, protecting, and ethically using this treasure trove. This blog post aims to dissect the concept of data custodianship versus data usage, offering readers insights into achieving a harmonious balance that not only fosters innovation but also upholds the integrity and security of data assets. 

Data Custodianship

Data custodianship extends beyond mere storage; it encompasses full accountability for the entire data lifecycle—from creation to disposal. This responsibility ensures: 

• Accuracy and Completeness: According to Gartner, poor data quality costs businesses in the U.S. alone around $3 trillion annually, underscoring the need for trustworthy data as the bedrock for sound decision-making. 
• Privacy and Security: Verizon reports that data breaches average a cost of $8.64 million to businesses, highlighting the critical need for robust security measures to protect sensitive information.
• Accessibility and Usability: Data must be accessible and usable, facilitated by comprehensive data governance frameworks that ensure data is dicoverable, understandable, and usable by authorised personnel.