Sinequa Releases 451 Research Pathfinder Report, Information-Driven Compliance and Insight: Two Sides of the Same Coin.
Report explores how intelligent search and strong data management capabilities can accelerate business responsiveness, defensibility, performance, and productivity for enterprises
New York - September 21 2020 - Sinequa, a leader in Enterprise Search, today announced the publication of the 451 Research Pathfinder Report, Information-Driven Compliance and Insight: Two Sides of the Same Coin. The report, provides decision-makers key takeaways related to the issues surrounding data privacy, compliance, and risk and explores the value of adopting an intelligent-search platform, while recommending a range of considerations and concrete next steps in the decision-making process.
From personally identifiable information (PII) to confidential memos and trade secrets, much of the data in an enterprise is sensitive and critical to the business. The pressure to comply with regulations like EU’s General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA) and meet the auditors’ requests has made fast and accurate discovery of sensitive data more critical than ever.
The report found that more than 70% of enterprises believe that data governance is an enabler of business value rather than a cost center. However, the ability to successfully execute with robust, consistent data governance practices and technology remains quite challenging. The problem is only getting worse due to exploding volumes of unstructured data across multiple silos and systems in the enterprise, making the task of compliance overwhelming. This is the key reason that intelligent enterprise search and automated document classification, at scale, have become essential for large, data-intensive organizations.
“There is a business need for enterprises to understand the data their organization has, and put it into a proper context,” said Laurent Fanichet, vice president of marketing at Sinequa. “However, prominent data privacy regulations like GDPR and CCPA have exposed the reality that many businesses are still struggling to understand the data they have and to comply with GDPR and CCPA. Sophisticated search and analytics capabilities, spanning organizational silos, are key to both facilitating compliance and driving informational value.“
According to the Pathfinder Report, “As it becomes increasingly clear that the control and understanding of informational assets is foundational to the success of nearly any business effort, a potential paradox arises. Organizations are widely reporting that data governance is an enabler of business value, yet they are simultaneously reporting that ‘data privacy concerns’ are a top barrier to being more data-driven as an organization. How can this be when data privacy depends on strong data governance?“
In fact, most respondents in the research survey were reportedly aware of the IT environments in their companies. But when polled to indicate current compliance status for their company with the CCPA, 35% reported ‘don’t know’ versus 12% saying they are fully compliant. More concerning is that 42% of respondents reported that their organization was ‘not required to comply’.
“Our research suggests that concerns around data privacy and related functions such as information security are top-of-mind for organizations, but meeting requirements can be challenging,” noted Paige Bartley, senior research analyst of data, AI and analytics at 451 Research, part of S&P Global Market Intelligence.
“Organizations are looking for ways to leverage improved data governance and data visibility to meet not only compliance requirements, but to accelerate other data-driven initiatives as well.”
451 Research Pathfinder Report Excerpt.
Data privacy requirements are often wrongly thought of as a net burden. With the right perspective and strategy, they can be a springboard and opportunity for capabilities that accelerate positive outcomes across the entire organization. The ability to comply with regulations such as GDPR and CCPA requires the implementation of strong data controls and insight mechanisms that can have sweeping benefits across business units. In particular, intelligent search and navigation capabilities for information are foundational for both ‘proactive’ and ‘reactive’ use cases: accelerating business responsiveness, defensibility, performance, and productivity. In short, you can neither protect nor leverage data if you cannot consistently find it based on human signifiers, such as natural language, or understand its relationships with other items of data.
Success requires alignment of business objectives by looking for common-denominator requirements across business units. Strong data management – and deep insight into informational resources – provides the foundation for a diverse range of use cases businesswide. And while technology is never the sole solution, it can play a strong supporting role. As more workers shift to knowledge-based roles and set sail upon a vast sea of organizational information, the need to automate data discovery and relationship definition becomes ever more critical for all stakeholders.
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