Data is one of our economy's most valuable assets. It is transforming how organisations operate and how they deliver products and services to consumers. Data is also facilitating the creation of brand new business models where information has itself become the product.
Organisations can no longer merely rely on their own generated data. In order to leverage more beneficial outcomes, they now source external data sets to achieve a broad range of commercial outcomes. This is the emerging data liquidity market.
To do this well, organisations need clear data strategies.
But using data is complicated with high psychological and regulatory risk hurdles. Each form of data use case may raise new, challenging questions. And now, more than ever, it is vital to maintain consumers' trust about the stewardship of data.
The challenge for organisations is to navigate this uncertain and evolving space where the rules of play are still being defined.
Benefits over backlash
Five steps to a fit-for-purpose data strategy for general counsel
Recent data scandals and the consumer backlash against privacy intrusions call for data strategies built on three pillars: governance, ethical decision making and consumer transparency and control.
Our research shows many organisations are still at the beginning of this journey. For example, almost half of ASX 200 privacy policies have not been updated in the past two years.
Legal counsel are uniquely placed to inform data strategy. They should advocate to senior leadership across multiple business functions for robust, holistic data governance for your organisation. And they can also help develop new trust compacts with consumers by raising the bar on transparency and consumer control over data. + Learn more
Gavin Smith, Head of Technology, Media & Telecommunications
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