Is information seen as the new oil?
There have been many buzzwords in recent years around Big Data and statements proclaiming ‘information as the new oil.’ But […]
Third party data, for example information provided by suppliers, is one of the most challenging aspects of data management for many organisations. Our recent survey of 103 businesses found that 86% of senior and IT/data professionals struggle with managing it. Security is the top risk surrounding unstructured data according to respondents so it’s clear that data generated by external sources is an issue that affects many organisations.
With GDPR coming into force, businesses have been able to raise the visibility of work that they do with third parties. It’s vital for companies to continue to improve their visibility of the data processing ecosystem. The first step would be to identify suppliers and put plans in pace to improve their contract management. It is also important to draft inventories for vendors and suppliers so they can protect personal information assets more effectively.
It is vital to make a more concerted effort to understand your ecosystem. Having more vendors means more risk, so consider disabling any business relationships that aren’t delivering against a best practice strategy.
Finally, the responsibility for managing your digital supply chain in 2019 should be shared – it’s not just the role of the procurement department. One recent survey by ProcureCon claimed that the responsibility for vendor management should be shared by IT and procurement as data management touches both departments.