Innovation in Compliance with Tom Fox Is Data Fit for Purpose? with Malcolm Hawker
Is your company's data fit for purpose? In this episode of the Innovation in Compliance podcast, host Tom Fox welcomes Malcolm Hawker of Profisee, a company that creates MDM software, to discuss the importance of data quality, master data management (MDM), and data governance. They also explore how proper data management can drive exceptional results, reduce costs, and ensure compliance.
Malcolm Hawker is a seasoned data management and governance professional with over 30 years of experience. Malcolm spent 15 years in product leadership, including a stint as Chief Product Officer at a software startup in Austin, Texas. He also led an IT organization at a $2 billion publicly traded company. Malcolm has since specialized in data management, master data management, and governance, working as an analyst for Gartner before joining Profisee as the Head of Data Strategy. Malcolm's passion is helping organizations leverage data to drive results.
You’ll hear Tom and Malcolm talk about these ideas:
- Data must be accurate, complete, timely, and unique to be fit for purpose within an organization's business processes.
- Master data management (MDM) solves the "single version of the truth" problem, helping organizations maintain consistent and trustworthy data across various systems and departments.
- Effective data governance involves creating and implementing policies and procedures related to data management to optimize value, reduce costs, and ensure compliance.
- High-level, cross-functional, and functional levels all require tailored governance strategies.
- A CDO should define how data governance drives the three levers of revenue, cost savings, and risk mitigation within an organization.
- Corporate governance is typically the focus of boards of directors, while data governance is more of a functional or operating level concern.
- Data privacy plays a significant role within data governance and must be addressed with robust policies and procedures.
- Data governance can contribute to ESG initiatives, with one example being the reduction of carbon footprint through better data management and retention policies.
- No matter where technology trends lead, the foundation of accurate, consistent, trustworthy, and fit-for-purpose data remains essential for successful decision making and operations.
- "Modern younger business leaders are turning to LinkedIn, they're turning to YouTube, they're turning to podcasts for these types of insights [about business]. I need to be where the business leaders are." Malcolm shares best practices from a data management, data quality, and MDM perspective through his CDO Matters LIVE podcast.
- Malcolm's experience at AOL during its rapid growth period on his approach to innovation.
KEY QUOTES
"Data quality is all about making sure that you have data that is fit for purpose, that can be used efficiently in operations within the business, can be accurate and consistent, and trustworthy within the analytics, the reports that are used by that organization.." - Malcolm Hawker
"My point here is that from a governance perspective, …the foundation of data quality, master data management - all the things that go into creating accurate, consistent, trustworthy, fit for purpose data - those things never go away." - Malcolm Hawker
"Modern younger business leaders are turning to LinkedIn, they're turning to YouTube, they're turning to podcasts for these types of insights. I need to be where the business leaders are." - Malcolm Hawker
Resources:
Malcolm Hawker on LinkedIn