EY Ireland Trusted Data Report 2023
Learn how organisations can build trust at every touchpoint of the data lifecycle.
The survey found that Irish organisations demonstrated a strong understanding of the need for trust across the data lifecycle, and that progress has been made on key elements of the trust journey.
Data which isn’t subject to continuous oversight cannot be fully trusted. It must be subject to constant verification and validation from the point of collection all the way along its journey to its use in analytics and AI.
This is the data trust continuum.
As organisations embrace increased use of analytics and AI, there is therefore more to be done to extend and formalise the trust continuum. With the rise of AI and generative AI (GenAI), in particular, the issue of data trust has assumed an even greater significance.
“Trust, or lack of it, may well be the greatest single barrier to AI adoption. While a certain degree of caution may be understandable, organisations should not allow doubt and uncertainty to prevent them from availing of the benefits offered by the very many low risk use cases for AI and GenAI.”
Eoin O'Reilly, Partner, Head of Data, Analytics and AI at EY Ireland
A breach of trust at any point on the continuum can have potentially devastating consequences for the organisation and indeed for society.
Governance and strong data management are key for data trust. There needs to be a more holistic approach to building data trust in organisations – this starts with how data aligns to business strategy and runs through to data control across the data lifecycle and its responsible use. Organisations need to develop a comprehensive framework that balances strategic vision with appropriate management of risks and controls.
Our survey reveals that organisations are at various points on their data trust journeys with the strategic focus shifting to how data can be leveraged to add value to the business. They have robust data governance and compliance frameworks in place, but there is acceptance that these are merely the starting point on their journey along the data trust continuum.
Summary
Irish organisations recognise and appreciate the crucial importance of data trust for their business operation. While there is a significant variation in the data maturity of organisations, they understand the need for continuous management and monitoring of data at every point along the trust continuum. They are taking a wait and see attitude to AI, but they must take care that this does not result in them missing out on valuable opportunities.
