Yes, you can build better trust in your data —but only if the organization can collect, structure, analyze and protect data in the right ways with the right tools. Modern supply chains integrate a host of related parties (and human error) into knowledge systems, which include business metrics, supplier sustainability performance data, and even intellectual property (IP). This is why systems and data must be built around secure access and verifiable trust.
By 2022, cybercrime will cost global business $8 trillion. In the face of stats like these, data security is mission critical. Cloud-based systems offer organisations best-in-class security against hackers and human error. They provide managed access and tiered visibility permissions. Some are also self-patching, minimising security holes to ensuring data and analysis is on the money.
Many organisations find solutions to finance security issues in technology. For example, robotic process automation helps lift the load for talent in finance functions and beyond – doing dull-but-crucial jobs with an efficiency and accuracy no human could offer. An added benefit, AI can develop algorithms to spot exceptions and signs of fraud.
Sustainability, diversity, data privacy and supply chain ethics – these kind of metrics now help define customer and employee relationships. Increasingly, they are also subject to regulatory filings. In the UK, for example, most large companies must report on gender pay gap. Offering employees ‘managed transparency’ on performance might also be beneficial. Businesses need to be able to offer assurances—and data backup—on these non-financial metrics.
The next generation of technologies already takes this concept of ‘confident transparency’ even further. Blockchain, for example, provides new ways of offering real-time, highly secure transaction management to create a common and unchangeable record for all parties.
Each stakeholder—employee, customer, supplier, partner—has specific interest in a range of new metrics, from the quality of the whistleblower hotline to the provenance of the plastics in packaging. Smart business leaders will take advantage of agile cloud technology designed to help gather this data as effortlessly (and securely) as possible.
Check out how other global finance leaders view data security and reliability in our report.