Two toolkits to stay in control of your family business
Two actionable toolkits to preserve control: flexible exits with governance frameworks, and family councils that foster cohesion...
by José Parra Moyano Published October 16, 2024 in Brain Circuits • 3 min read
a. The information you hold on individuals that is subject to data protection rules.
b. Documents, emails, images, and videos the organization has amassed over time.
c. Information you have acquired but which has no formal record regarding its source.
Answer: (b). It sounds sinister but dark data, as defined by Gartner, simply refers to “the information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes, such as analytics, business relationships and direct monetizing.”
a. 10%
b. 30%
c. 95%
Answer: (c). Staggeringly, less than 5% of the huge data reservoirs that organizations collect are used, while the rest sit untapped in vast lakes. Given that data centers now account for 2-3% of global greenhouse gas emissions, this presents a huge challenge to meeting carbon-reduction goals.
a. Because someone decided it would be a good idea to store all the information that passed through the organization in a vast data warehouse but didn’t label it appropriately.
b. Because people who could exploit its potential don’t know it’s there or don’t understand its value.
c. Because it’s stored in different departments, leading to data silos, fragmentation, isolation, and a general lack of visibility.
Answer: All of the above – and much more. Many factors contribute to the build-up of dark data. Other significant causes include a lack of robust data governance, failure to integrate legacy systems, changing business priorities, organizational data illiteracy, and the accumulation of ROT (data that is redundant, obsolete, or trivial).
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Professor of Digital Strategy
José Parra Moyano is Professor of Digital Strategy. He focuses on the management and economics of data and privacy and how firms can create sustainable value in the digital economy. An award-winning teacher, he also founded his own successful startup, was appointed to the World Economic Forum’s Global Shapers Community of young people driving change, and was named on the Forbes ‘30 under 30’ list of outstanding young entrepreneurs in Switzerland. At IMD, he teaches in a variety of programs, such as the MBA and Strategic Finance programs, on the topic of AI, strategy, and Innovation. He is also the Program Director of Leading Teams in the AI Era Sprint.
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