MN Tech Mag | Spring/Summer 2023



If data is the new currency of business, most organizations are sitting on a gold mine. The problem, unfortunately, is companies need to manage their data effectively before they can cash in. We caught up with three experts in data management to share their guidance on best practices, common pitfalls to avoid, and how to build a data- driven culture that stands the test of time.


The New Currency of Business

Jeff Rogers Director of Data Management at Concord

How do you define effective data management, and what are the key components contributing to its organizational success?

Jeff Rogers: Data is the underpinning of every business transaction and spans every inch of the organization. It should drive all decision-making processes. Effective data management comes down to three things: (1) a culture where business leaders understand the value and want data to make decisions, (2) clearly identified owners responsible for defining data and delivering data to stakeholders, and (3) measurement capabilities around the effectiveness of data utilization throughout the organization. Anne Pronschinske: Effective data management is pretty straightforward when dealing with small-scale use cases and systems. It really boils down to creating and capturing high-quality data and building standardization in context, as well as documenting the meaning of that data for ongoing appropriate use. This becomes a lot more challenging

with large and wide data sets and within complex organizations with multifaceted services, such as healthcare. Travis Richardson: Academia has a model for effective data management called FAIR, which I really like. Data should be Findable, Accessible, Interoperable, and Reusable. Commercial organizations can benefit from this approach because it emphasizes viewing data as an asset that can continue delivering value long past its initial use. It also ensures reproducibility, which has gained a lot of attention in recent years because many scientific studies have been difficult or impossible to reproduce. To achieve FAIRness, enterprises need to de-silo data and use platforms designed for discoverability and collaboration while also maintaining data privacy and regulatory compliance.

Effective data management makes all the difference between winning and losing in the market.

Anne Pronschinske Director of Data & Analytics at Mayo Clinic

Travis Richardson Chief Strategist at Flywheel

18 | Panel of Experts

Panel of Experts | 19

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