Data is Both Asset and Liability

Steve Wanamaker: We're going to hit on a couple of topics, but the first thing we're going to talk about is the friction in the unique need to access data and the challenge of privacy, compliance, and security. I would love your opinion on that thought.

Balaji Ganesan: This is a topic near and dear to our heart at Privacera where we are a technology platform provider helping companies with what we call a dual mandate. Let me take a step back and talk to you about what this dual mandate is. On one hand, the need for data and data evolution has grown, and with digitization, there's more data with companies today.

There's a need for leveraging the data for various business purposes. That need has grown tremendously. The value creation is incredible in companies; more users want access to the data. On the other hand, privacy, compliance, and security have become table stakes with GDPR or California Privacy.

There are mandates coming from legal teams on data being only used for certain purposes and security teams saying data should be protected and not used by everybody. These mandates are creating this conflict. On one hand, users want faster access to the data, and on the other hand, privacy guys are saying, “Wait a minute, you can't give blanket access to everybody.”

And the people in the middle, which are IT and data teams, are kind of struggling to figure out how to balance this dual mandate. And that's essentially what we see in every industry and every company today.

Steve Wanamaker: I couldn't agree with you more. The CDO Magazine is read in 176 countries, and I talk to over 700 Chief Data Officers a year. When you look at the unique challenge, particularly in the global footprint and how these organizations are in the midst of a digital transformation journey, we think about GDPR — different rules in the U.S. and the Middle East, and Africa. All over the world, there's this friction that you're speaking of. It's very real, not only for the CDO, but it’s really real for the CEOs and the boards of these organizations because they face unique and serious challenges if they're not embracing both sides of this tightrope they're trying to walk. When you think about the changing role of the chief data officer, and particularly how that office has evolved in the last five to six years, that's a heavyweight topic, particularly in the C-suite. What are your thoughts on that and how it's working today and also in the future of that position?

Balaji Ganesan: That's a great question, too. If you look at the role and evolution of the CDO, you have been on this journey for a while now. It started as data being valued as a key ingredient in the company business, right?

It's the recognition that digitization companies have data, and data could be a business asset. It could be an asset in understanding better customers. It could be an asset in reducing costs. It could be an asset in developing products that could be a turning point for companies. In many cases, it's a differentiator as part of it.

So, the role of CDO has emerged with the view that data is an asset and there needs to be a holistic strategy to leverage the data, to think about it as part of that role. It's fantastic to see in that role become prominent across industries in the last few years.

But as this role emerges, the complexities have emerged too. We have talked about the complexity that arrives with GDPR or California privacy and the aspect of broader data governance and say, data can’t be viewed just as an asset, it has a liability too. So how do you balance both of those parts?

Modern CDOs are realizing that this is a rewarding and strategic career, but it has its own challenges. And if they're not done right, it can introduce a lot of risks in the company. And as the CDOs become more strategic, they have to become more of a collaborator in bringing everybody in the organizations together to realize that data initiative.

So, it's not just a team of data scientists and analysts that can go and work. Data is a strategic objective for companies. It needs to be brought in into all aspects of the organizations, whether it's security or privacy, and other teams have to be bought into the IT and technology arm as part of it.

So, where we see it is, there's going to be a convergence where the modern CDOs will bring not just the leveraging data aspect but also the IT and the compliance aspects together in terms of driving change in the organizations. And we will see leaders who are more strategic in this area.

Steve Wanamaker: Balaji and I are together at an event in Beverly Hills, California, and he is one of the top leaders in the country and throughout the world discussing this very important topic. As a founder of a company, in 60 to 90 seconds, how would your company add value to the office of the CDO and provide unique value to the enterprises?

Balaji Ganesan: A very quick example of that is, we were working with a Fortune 100 company where they had tried to implement manual systems to address privacy and security requirements. That was creating a lot of friction. So, users would submit a request to access data that would be reviewed by many people before giving access.

Access to the data itself would take weeks because they had to adhere to a security and privacy mandate. And what Privacera really offers is a comprehensive set of tools built into a platform that gives them visibility into what data you have. It gives them one place where they can go and manage these access points and implement workflows, and it gives visibility into who's doing what. The results side of that is, this company has automated all of its manual processes and they can onboard data and users with the view that they're all protected and governed, and then they can do it in hours rather than waiting for weeks.

Steve Wanamaker: I've really loved our time together. I love to talk to passionate founders of organizations that are not only creating disruptive products but are actually deploying them and making a difference for their partners. So, it's an honor to have you today. And I look forward to growing our friendship over the years.