I'm always looking for new ways to articulate the importance of data standards. I like to see how people in industries other than insurance describe the value of standards for their communities. The messages are similar across sectors, but sometimes the language used in one industry can yield interesting ideas for addressing your own colleagues. Here's a fantastic paragraph from PPDM, who have an ACORD-like role in the oil industry:
“In an information centric economy, good analytics depend on data sources that are integrated, accessible, trusted and unambiguous. They cannot be hampered or misled by regional data constraints or local dialects. Industry standards are a solid foundation upon which regulators, operators, and other key stakeholders can establish technology solutions that are fit for purpose and robust.”
All of this good, but I particularly like how it starts with the information centric economy. Every data professional – and every business leader who wants to shape the future – must take every opportunity to remind people that information is the lifeblood of our economy. Folks said this 40 or 50 years ago, when it had the status of a prediction based on a few leading cases. But now it's a fact of life for us all. It's come true. We need to put the crucial value of information upfront and ensure data is at the heart of everything we do.
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