Everyone must be aware of ‘Know Your Client’, significantly there has never been an equivalent impetus for ‘Know Your Source’, and in this case, ‘Know Your Data Source’. So why should information buyers now consider this as being relevant, or even significant, to them now?
Well there are 2 compelling business reasons:
- Risk. Knowing who your exposed to, in supplier terms, where does the dollars spent ultimately go?
- Compliance. Data Audit Trails are fast becoming a regulatory fact of life, and knowing where you get your information and prices from are part of that.
Risk and Compliance both mean one thing, validation, ensuring the right data for the right reason, and that data is being used according to the agreements in place.
Validation means ‘Know Your Data Sources’.
We analyse the issues from 2 perspectives, the dollar trail and the data trail.
In ‘On the Dollar Trail’, KYS will prove to be a key pillar within a comprehensive corporate data governance strategy, and in this report we will provide reasons why it makes good business sense, plus demonstrating examples when such policies are not applied.
As a primary motivation, KYS can yield practical cost savings benefits in addition to a reduction of time and effort in allocating management and administrative resources.
3.0 Counting the Costs, Dollars, Exposures & Relationships
4.0 Sourcing for the Future, Trials & Validations
In ‘On the Data Trail’ If the above is not enough, look no further than the regulators as a secondary motivation, with best practice exposure/cost control as an added component, even a benefit. Knowing where you data really comes from is not only going to be a ‘must have’, it is not going to be easy to do.
In addition, KYS naturally flows freely into adding value to ‘Big Data’ initiatives.