What Is The Importance of Identity Data for Business Growth?

What Is The Importance of Identity Data for Business Growth?

Learn how the strategic use of identity data can drive development, help make decisions, and increase protection in the current digital world. Wade Ellery explains the value of this crucial asset.

Identity is a thread of digital existence, particularly when it comes to cybersecurity. Criminals attempt to penetrate an organization to gain profit or for reputational using leverage, or to misuse identities 60 percent of the time, according to Verizon DBIR. It takes only one compromised account to gain access to an entry point into your corporate networks. This allows attackers to siphon off vital data, install malware that is malicious, or even fake user identities for more dangerous reasons.

In recognition of this, identity security is now an essential aspect of security strategies. Companies are aware of the devastation caused by attacks based on identity and, as such they are working to increase their knowledge of their customer base and vigilantly observing for indications of compromise as well as malicious actions.

Importance of Identity Data to Help Businesses Grow

While companies are becoming conscious of the security implications of identity data its greater value is often overlooked. An organized and synchronized identity data stream could provide complete information when businesses are looking to expand their operations and contemplate spending, assess the requirements for hiring, and much more. Think about a company that successfully analyzes all identities and attributes within its own ecosystem. This information can help identify interesting macro-level trends and an abundance of information about identity for further analysis.

Furthermore, integrating data on identity alongside other organizational data streams provides new insights. For example, comparing Salesforce data with that of a reduced sales team will reveal if efficiency has improved or if resources are being distributed too thin. Analyzing product data along with increased research and development efforts could help to determine the value of this investment.

Are new projects consuming resources or have development times been streamlined because of a larger workforce? The analysis of data on identity together with the other metrics of business could reveal the real impact of strategic changes, providing more precise and efficient future decision-making. For instance, achieving effective management of costly licenses for applications by determining who is able to access what could save companies significant funds.

Now, let’s suppose that an organization has seen an increase in its staff for research and development and the sales department’s staff has decreased. The changes in the identity data map indicate a possible shift in the strategy of the business to technological innovation. By analyzing the data from data about identity, companies can make better-informed strategic choices and begin an exciting journey to discover the potential of data on identity.

Also read: Best 10 Identity and Access Management (IAM) Solutions

Identity Data as an Asset for the Business

Beyond strategic choices, Identity data can greatly enhance the overall value of a company. While tangible aspects of a company such as its products and/or services can contribute to its worth, however, the wealth of intangible elements can also hold a significant importance.

Identity data can be an important, though intangible asset. An efficient and well-managed infrastructure for managing identity data speaks volumes about the overall maturity of a business. It demonstrates to prospective investors, potential partners even merger and acquisition possibilities that the business has its eye on its employees as well as its customers. It demonstrates that it has a high level of data management and security that differentiates the company.

Think about two similar businesses from the perspective of a partner or investor. If one has an established, well-organized, and mature identity data management system, while the other isn’t in its implementation, then the first has a distinct advantage. A poorly managed and unorganized identity infrastructure is categorized as IT debt, which is a cost that is not realized and reduces innovation and risks.

However, an organized and managed identity infrastructure is a key factor in efficient employee onboarding with less risk, speedier innovation, and lower-cost prototyping. It’s evident that fully accepting identity data will secure digital perimeters and could result in tangible benefits for businesses. Therefore, identity data is the key thread of the tapestry of an organization, adding value and generating growth.

How Is Identity Data Important for Business Operations?

In the case of identity, we need to extend our knowledge beyond the human person and include devices such as bots, applications,  services, and others. An identity is anything with attributes that define its relationship with other objects. The digital landscape can use data to perform its mission, verify its access to resources, offer value to its customers, or improve its experience. This process is inherently connected with the identity data and the information that is at the center.

From a security standpoint from a security perspective, making sure that the right identity is able to access the right resource with legitimate motives is vital. The information at issue can include a wide range of information on financial records, personal data, medical information, corporate IP, an endpoint application, a network device, or a server. Therefore, strong security measures are needed to ensure that data and data can only be accessed by those who are authorized to do that. Therefore, the initial step is identifying their identity and the information they have been granted access to in what conditions.

It is therefore essential to ensure that the person or entity that is using the data or resource is receiving accurate information with an appropriate reason. Inadequate, insufficient, or incorrect information can have more effect. If the information provided is incorrect or the data’s context unclear or the context is unclear, access to data could be granted for a reason that is not appropriate. In the same way, accessing information that is not complete or accurate could result in conclusions that aren’t correct, leading to faulty actions or decisions. The accuracy of data on identity and the use of it is vital to ensure accuracy and efficient business processes.

Also read: Why Is Protecting Your Identity Important?

Establishing a Robust Identity Data Infrastructure

Exploring your full value from identity data demands a robust solid and secure system that gathers data from various sources of truth and then manages the data to create a single identity profile. The key is ensuring the identities of all users, even users that are spread across a variety of platforms, devices, and applications are properly accounted for and properly correlated. To do this manually would take considerable time and effort, especially for larger enterprises with tens of thousands of thousands of users. Because of the ever-changing nature of the identity data, the manual, static procedure would be obsolete and less valuable before the first round is completed, if it ever.

An extremely automated method is the best that is capable of locating, classifying, and combining various identities and data fragments into a single profile for every user, device, app for each device, user, application, etc. The concept of an Identity Data Fabric offers an innovative method of providing decision-makers with an accurate and instant view of all their employees. It offers near-real-time change detection to make sure that they can make informed decisions based on reliable information.

An Identity Data Fabric offers a complete overview of the identities of hybrid systems by organizing the diverse attributes associated with identities into unifying profiles. Businesses can enhance their architecture using analytical, clean-up, and consolidation tools into An Identity Data Fabric. This helps to avoid the possibility of having the possibility of duplicate and redundant accounts, ensuring that each digital account is associated only with the specific machine employee, a person, or a non-person enterprise (NPE).

With a solid Identity Data Fabric companies can secure their personal identity data and tap the full potential of this data. This involves using the data to aid in strategic decisions, increase the value of business overall, and improve cybersecurity.

Identity data is essential in the digital age it drives strategic decisions as well as enhances value and improves security measures. The secret to unlocking its full potential is creating a strong Identity Data Fabric. Companies that can master this will gain an edge over competitors and unlock unimaginable avenues for sustained growth, while also establishing an increased security posture that keeps them away from being featured on the top of news.

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