What are the benefits and drawbacks of using external data standards and policies?

1 Benefits of external data standards and policies

Using external data standards and policies can have several advantages for information management. First, they can improve data quality and consistency, as they ensure that data follows the same format, structure, and meaning across different sources and systems. This can reduce errors, ambiguity, and duplication, and facilitate data integration and analysis. Second, they can enhance data interoperability and exchange, as they enable data to be easily shared and understood by different users and applications, both within and outside the organization. This can support collaboration, innovation, and decision making. Third, they can increase data compliance and trust, as they demonstrate that data meets the requirements and expectations of relevant stakeholders, such as regulators, customers, or partners. This can protect data privacy and security, and foster data governance and accountability.

2 Drawbacks of external data standards and policies

Using external data standards and policies can also have some challenges and limitations for information management. First, they can impose data constraints and costs, as they may require data to be modified, transformed, or aligned with the external rules and guidelines. This can affect data flexibility and usability, and incur additional resources and efforts. Second, they can create data dependencies and risks, as they may rely on the availability and reliability of the external sources or parties that provide or maintain the standards and policies. This can expose data to potential changes, disruptions, or conflicts, and compromise data sovereignty and control. Third, they can generate data gaps and mismatches, as they may not fully reflect the specific needs and contexts of the organization or the data users. This can reduce data relevance and value, and create data quality issues or inconsistencies.

3 How to choose and use external data standards and policies

Given the benefits and drawbacks of using external data standards and policies, how can you decide when and how to use them for information management? Here are some tips to help you make informed choices and use them effectively. First, assess your data needs and goals, and identify the external data standards and policies that are relevant and applicable to your data domain, scope, and purpose. You can consult existing sources of external data standards and policies, such as industry associations, government agencies, or international organizations. Second, evaluate the benefits and drawbacks of using the external data standards and policies, and weigh them against your data resources and capabilities. You can consider factors such as data quality, interoperability, compliance, trust, flexibility, usability, sovereignty, control, relevance, and value. Third, implement and monitor the external data standards and policies, and ensure that they are aligned with your internal data standards and policies. You can use tools and methods such as data mapping, data conversion, data validation, data auditing, and data feedback.