Data Challenges

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Data quality issues

Is everyone in your organisation aware of the importance of data quality? Do you have the right tools and people to monitor and ensure the required data quality levels?

Situation: Data quality issues can cost up to 25% of total revenue

Data is your organisation’s most valuable asset. Experienced business managers know that reliable data is a requirement for success. Decisions based on flawed data can have a disastrous impact on the business. Therefore, data quality is a worrisome subject for many executives. Poor data quality can be costly and can cost up to 25% of total revenue as shown by a study conducted by MIT Sloan.

Challenge: Managing data quality across systems can be very complex

Data resides in multiple systems. Data is extracted, loaded, transferred, and integrated before it is shown in reports that leads to insights. During this chain of events, a lot of things can go wrong leading to data quality issues. For instance, prices that are not up to date, currency conversion issues, stock updates not coming through, order information or client information that is inconsistent from one report to the other….

Managing data quality within an organisation can be very complex, it requires business rules and definitions across systems, clear ownership, cross departmental collaboration, setting up structures on both technical, process and people level.

Solution: Data Governance

A proactive approach to data quality allows you to check and measure the level of quality before it even really gets into your core systems.

Proper data governance provides a framework for any data related initiatives. It is working at three levels with data: people, process, and technology. Setting up a business glossary, meta data management, and data access policies to facilitate self-service analysis, so business users with permission can easily access the data they need.

Do not hesitate to contact our Data Governance Consultants to discuss how we can help you overcome your data quality challenges.

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