Business Transformation using new technology has accelerated, particularly since the beginning of the pandemic. These new business models have significant reliance on the availability of Data for insight that is used by corporates to make critical business decisions. Organizations have been capturing various types of data as part of normal business transactions, however the importance of the data was not realized until recent times. Data in the New Economy is synonymous with Oil for the Old Economy. The robust Data Governance and Management approaches are going to be the key for the Organizations’ survival in future. Many countries see Data as one important lever for competitive edge and building guidelines and protocols for sharing and usage of customer data. Data, if managed properly, could be a big competitive advantage, else could introduce significant business risks.

Effective use of Data has given organizations a significant competitive advantage and delivered market-leading growth. Organizations are able to create new exclusive markets for their product and services. Good data governance policies could have a material impact on the organization’s success. What does it take to become a data driven organization? What role does data play in the success of organization in a new economy?

Data is a double-edged sword having the potential to severely impact organizations and their business. Quality of the data captured and stored; data protection policies implemented could create significant business liabilities. What do organizations need to do to mitigate the data liabilities? Is it possible to avoid data liability while doing business? Let’s discuss this and more.

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