There was a time when scientists were the backbone of every advancement that has impacted our world. Pioneers like Marie Curie, Newton, Einstein, Galileo, Edison, and many more, have shaped our knowledge and changed the way the world functions today by answering to the needs of society, and ultimately, the world.

Similarly, today and with the emergence of big data, we find the traffic of unstructured information overwhelming companies and increasing workloads. Just like scientists were the unsung heroes of yesterday, Data Scientists have become the unsung heroes of today as they translate data into key business success factors.

What is Data Science and why is Data Science so important?

First of all, we need to make it clear that data science is NOT computer science or computer engineering. While computer science is in charge of computation and applications, data science is in charge of data throughout its lifecycle – from storage to archiving – especially when it comes to insight and predictions.

Mainly, data scientists are in charge of analyzing, managing, and using data in useful ways that can become business solutions for companies.

You may be thinking that companies can simply hire statisticians to do so like they previously did. However, with the development of computing processes, cloud storage, and analytical tools, the world of statistics merged with computer science brought data science to life.

Data scientists need more than just math and statistics to be effective; a data scientist also needs knowledge of supply chain, finance, logistics, human resources, and so on. The more knowledge the data scientist may have, the more they are worth the investment a company is willing to make to hire them.

These modern-day wizards use algorithms, patterns, visualization tools, and machine learning to optimizing workflows and predict trends.

Not only do they make sense out of data, but they also study user behavior and habits through data gatherings such as the world wide web or software search history.

Why are Data Scientists the common-day heroes of companies?

Data Scientists have become an indispensable asset for companies as they are a key part of business success. While software maintains data, data scientists figure out how to utilize it to push businesses and markets forward.

If data is contained and maintained without it being utilized for actionable insight, every piece of datum that we have is rendered valueless.

Think of all the companies that made an incredible profit during the Covid-19 pandemic. They were able to be on top of their game because they were able to properly manage their information and assets, predict trends, personalize their customer experiences, and recreate effective teams while working remotely; all of which are tasks aided by data scientists.

Top 6 ways Data Scientists use their superpowers.

Risk and Fraud

Data Scientists may detect risk and fraud by being trained to investigate data that doesn’t seem to fit trends or patterns. Once detected, they can create alerts and respond effectively and efficiently saving companies millions in return.

Market Trends

Data Scientists may very well help product businesses identify when and how their items are best sold, helping marketing teams and sales with their predictions, strategies, and overall sales.

Personalized Customer Service

Data Scientists are also the people behind personalizing experiences for customers by providing other departments an understanding concerning their customers or audiences – depending on the industry – and helping them work on meeting customer needs.

Decision Making

These insights and predictions tremendously help upper-management in making significant decisions with lower risks across the company by measuring, tracking, and managing performance metrics.

Targeting Customers

Data scientists are also able to identify key groups by matching them with trends and data at hand, allowing organizations to tailor their services to potential customer groups.

Human Resources

Just like they collaborate with sales, marketing, and upper-management teams, data scientists may also work with human resources departments to identify potential employees that would fit companies like a glove using metadata on CVs as well as metrics from employment websites such as LinkedIn. It is also important to note that they may also take charge and analyze aptitude tests and games within the hiring process

Tools as the Backbone of Data Scientists

At this point, you should probably be convinced of why any company may need data scientists, even more so, why these modern wizards have become the backbone of any company’s success. But just like wizards need a wand, heroes need a cape, and scientists need their tools, data scientists are also rendered helpless without their data processing tools that allow them to collect, maintain, visualize, integrate, and manage data to begin with. Intalio offers tools for data integration, data processing, and data insight to help companies provide the right tools for data scientists by having control over information and be able to leverage workflow automation throughout the entire data lifecycle.

Find out more about intalio’s data governance tools.

As soon as the COVID-19 pandemic started emerging, countries closed down and forced their citizens into confinement. Businesses were involuntarily made to leave their offices and switch to online remote operations immediately, without a transitional period. Before then, the vast majority of companies never had to set data privacy policies or data privacy best practices for online collaborations, nor for the transaction of critical information, such as personal data of customers or beneficiaries, thus, risking the breach of privacy.

Data Privacy is a part of data security that is concerned with how companies handle data, from its collection to its storage, and sharing. However, Data Privacy is regulated worldwide by privacy laws and regulations, such as the EU data protection rules and the US data privacy laws, allowing data subjects to have control over their information and records. Failure to follow these regulations or failure with compliance with the data privacy laws, can cost companies millions in lawsuits. Data Privacy laws in healthcare and financial institutions date back to over 23 years, while the education sector has regulations dating back to 1974.

With almost all an individual’s data residing online now, it is only natural for people to have growing concerns about their private information and how to protect it, which lead to the emergence of Content Services and Solutions such as Records Management, Documents Management, Digital Assets Management and so on.

A deeper dive into Data Privacy

Though some institutions believe that all they have to do in order to comply with Data Privacy regulations is not to share their clients’ information online, there are many challenges beyond the surface that come into play.

Human Error

Human error is the biggest challenge in Data Privacy as using weak passwords, deleting data by mistake, misplacing a personal laptop in a public place, falling for scams and so, may jeopardize the privacy and security of any company’s sensitive data and information. Companies should invest in both data security and privacy training and software solutions that forbid data loss or leakage.

The Cost of Data Breaches

Data breaches or the risk of exposing private information can also cost companies millions of dollars due to regulatory penalties and potential lawsuits. Therefore, it is known to be wiser for a company to invest in key security software solutions that allow proper handling and management of information and vital records.

The Exponential Growth of Data

With megabytes and megabytes of information being created every second, companies must try to keep up with securing and protecting sensitive and personal information such as Personal Identifiable Information (PII), especially with millions of data records being pirated and breached every year. This ongoing and growing traffic of information has made it very challenging for companies to handle and protect so many records and information.

Open System Vulnerabilities

Rapid development in technology and software development means a rapid growth in vulnerabilities. This automatically means an increase of data breaches as well, making it very difficult yet challenging for security administrators to manage without the help of software solutions dedicated to covering security patches.

Not only do companies need to worry about these challenges, but they also need to worry about Data Privacy regulations, such as the General Data Protection Regulation (GDPR), which allows individuals rights to protect their personal data through policies pertaining to the “Right to access personal information”, “right to data portability”, “right to rectification”, and “right to be forgotten”.

These rights, in a nutshell, allow an individual to reach a company holding their personal data, and ask to know about all of their data that the company has, ask for a copy to leave with, ask to adjust wrong information, and finally, have the right to ask the company to delete all their information. Failing to do so on behalf of the organization holding the information, even if by forgetting the tiniest bit of information, may cost the organization millions of dollars for non-compliance.

Records Management Solutions, a Data Privacy Shield

Now, more than ever, with the exponential creation of data and information, and with the increased importance and strictness of regulatory laws, organizations need to have effective records management systems in place.

What is Records Management?

We all know that Records Management or Record Information Management (RIM), is the process that starts with the creation of data up until archival. It ensures the proper maintenance and protection of vital information such as financial and legal documents to name a few. It makes sure that valuable data is classified and preserved, and that data of no value gets discarded according to specific guidelines, in order for the organization to have proper regulatory compliance.

Records Management Features:

Back when everything was done by hand and records were lost or misplaced, companies knew there needed to be a more efficient way of handling data, making way for the digitalization of records. Today, Records Management solutions can help maintain and protect Data Privacy by granting access and authority to specific entities. This also helps organizations reduce the risk of ill-handling of information by untrained employees. It is as well done by an important feature, which is the encryption of documents through PKI and only allowing specific users to decrypt.

Furthermore, these solutions allow secure control and retention, making data removal an easier process, especially in cases where individuals use their “right to be forgotten”. Not only do these solutions offer centralized search results that leave no data unread, but they also identify, reduce, and resolve security and privacy risks.

Top 5 benefits of Records Management

Though the benefits of Records Management are countless and we have already seen many, however, the benefits of such solutions encompass Data Privacy. Here are the top 5 benefits of Record Management systems:

Here are the top 5 benefits of Records Management Systems:

• Effective management of records: from collection to archiving, following specific policies that allow a very small margin of error, in order to organize the exponential growth of data within an institution.
• Reduced redundancy of documents and information: facing the risk of repetition and duplication of data, the system can either inform specific users or automatically follow guidelines on how to process information redundancy.
• Reduced cost of storage: moving from the cost of paper documents stored in costly storage units with the use of supplies to centralized digital easy-to-use platforms securing all the information belonging to a business or organization.
• Elimination of unnecessary files: by properly and safely getting rid of invaluable, outdated, or duplicated files.
• Accountability and timely access: by tracking authority and accountability of use of information on the platform, as well as real-time access and tracking of records and information.

Conclusion

Records Management can help companies in every stage of the data lifecycle, as well as protect and respect Data Privacy rights. Intalio offers Records Management Software with the ability to assign specific identifiers and ensure record authenticity. This solution allows organizations to comply with both internal and external regulations, limiting risks, and breaches.

Beyond the standard features, with Intalio’s Records Management Solution, companies can apply customized procedures to achieve regulatory compliance, as well as define retention schedules with a choice between automatic or manual transitions.

It can also send alerts to stakeholders prompting them to take immediate action, with a pre-configured process that does not allow deletion prior to a required confirmation. And finally, with Intalio’s Record Management solutions, users may generate audit trails and reports which include used media, duplications in other destinations, and event logs.

To learn more about features offered by Intalio’s Record Management Solution, and how it can help you protect your institution’s data privacy, visit our website.