The quality of your data translates into business performance and profitability. If your data is timely and accurate across the enterprise, you're poised to operate at high levels of speed, precision and efficiency. Your supply chain is synchronized; your financials are spot-on. You're equipped to attract and retain customers, rapidly expand into new markets and make informed, data-driven business decisions.
A dedicated data quality program and supporting technology solution are increasingly recognized as an imperative as business reliance on data continues to rise. With the right approach, organizations across industries are able to accomplish these top five reasons for implementing a data quality solution.
Address Critical Business Interruptions
Business interruptions can occur in any area of an organization and cause ripple effects of excessive time and cost. Often, poor data quality is the culprit behind errant shipments, production delays, cost overruns and conflicting reports that trigger fire drills and finger-pointing. Bad data can result from differing definitions of common terminology across applications, duplicate entries, conflicting semantics and various renderings of the same information. A thorough data assessment is the first step to determine if the sate of your data supports the business outcomes you want to achieve.
Symptoms of Data Quality Problems
- Product shipments aren't accurately reflected in receivables
- Material consumption is high but products aren't making it to inventory
- Inventory levels and carrying costs are excessive
- Contradictory and delayed reports from multiple departments
Keep Up with the Pace of Business Change
Taking an automated approach to data migration from hundreds of source systems and provide a global, consolidated view across not just data projects but across multiple processes, resources and systems helps:
- Increase the velocity of the data quality lifecycle
- Capture real-time alerts on business-critical data discrepancies
- Quickly address data issues before they impact business performance
Confidently Manage Risk and Compliance
Developing a strong risk management and compliance framework is high on executive's priority list as organization's in virtually every industry contend with increasingly complex regulations at the state, national and global level. Compliance is a key element of risk management in both finance and operations, and depends on a foundation of timely, trusted information that can withstand scrutiny.
Data silos and inconsistencies leave many organizations exposed to non-compliance damage by making best-guess decisions. A data quality solution that alerts you to anomalies and supplies a framework for ongoing monitoring and management can significantly strengthen business lines such as human capital management, as well as compliance and risk management programs.
Expand or Consolidate Systems
Data quality management should be a critical component to the data migration effort typical in IT modernization and rationalization. Pre-migration is the perfect time to assess your data quality before expending the time and money to move all data, whether it is good or bad data, into your new system. Taking account of your data strategy is just as important as the new systems.
Prepare for Continuous Data Governance
A well-defined and agile data governance framework is vital to ensuring ongoing business-ready data after a data migration or within a data quality initiative. With sound data governance, your organization is positioned to rapidly identify and correct data quality issues before they materially impact the business. Minimize business-process interruptions and reduce error resolution times with a data governance program.
Rapidly Remediate Data Quality Issues
Achieving a high level of data quality calls for expert information governance strategies and best practices. Data quality solutions can rapidly identify and remediate your organization's data quality issues, starting with a data audit that will provide data quality visibility in a very short timeframe.
Jumpstart your data quality and data governance path to business-ready data with proven solutions that help:
- Automatically and rapidly locate, evaluate and remediate costly data errors
- Improve efficiency by eliminating manual processes
- Enable continuous improvement through analytics
- Accelerate the data quality lifecycle with prebuilt techniques and domain-specific reports
- Customize data quality to your unique needs, either on premise or as a service