Data Silo’s … Is your Organization at Increased Risk ?
Typical organizations have pay structures that reward individual departments for performance. Typical organizations create cultures and infrastructures to support each department. Typical organizations have thought about consolidating data, operations and like services. That is where it pretty much ends (sorry, shareholders).
Each group wants to have control, wants to ensure that their goals are met and does not want to incur costs for any efforts that may be good for the overall organization and shareholders, but is not optimal for them. How many processes, support organizations and systems are uniquely set up to process our department's client? And, how many copies of our client's data are sitting in each department's set of systems?
Well, I'm sure that all of this data is equally well protected! I'm sure that any data that is aggregated for regulatory reporting is able to recognize and take into account the nuances across all departments. And I'm sure that the controls to access this data are consistent as it is passed around from system to system and possibly even to business partners and outsourcers.
What could we do if we were able to overcome these departmental data lords? Would cross selling be more efficient? Could we identify potential new products or eliminate wasteful ones? Would we be able to streamline our technology and have consistent policies in place as well as center's of excellence to manage key processes such as masking which would reduce our Hackable Footprint" and also provide a secure testbed to perform analytics. Well we can dream! Shareholders of the world speak up!