84% of businesses loose critical insights for decision making due to poor data quality, often leading to loss of
revenue and missed opportunities.
According to Jason Medd, Director Analyst at Gartner
“Data quality issues cost a lot, But the issues are not hard to fix and does not have to take a lot of time. If CDAOs don’t have impactful and supportive DQ programs in place, their organization will face a multitude of
complications and lost opportunities.”
As CDAOs and Data & Analytics leaders, we must focus on the data that has the most impact on the business
outcomes. It is critical to focus on the right things to set strong foundations.
Data is team sport and data completeness, accuracy, consistency, and reliability are the four cornerstones of data
quality. To improve DQ it is important to perform data profiling and data monitoring to understand and validate
current data gaps and challenges, monitor and build improvement plans. Then, we can transition to a governance
model based on trust to drive enterprise wide adoption of DQ initiatives
As CDAOs, we can make DQ better by using technologies to reduce manual efforts and get faster results. We can
also make DQ better by identifying frequent DQ issues and incorporating the solutions into business workflow. We
should also improve data literacy across the business by installing a DQ culture and facilitating knowledge sharing
and collaboration among all the stakeholders of the program.
By providing a full set of tools and processes, Informatica Data Quality enables organizations to tackle the
challenges for an effective Data Quality. In order to turn our data into a strategic asset, we can use from a range of
features, including data cleansing and profiling as well as master data management.
Let us dig some more into each of these features:
- Data Profiling: The data profiling functionalities of Informatica conduct a comprehensive
analysis of the structure and quality of the data. By identifying anomalies and inconsistencies
at their origin, organizations can guarantee the integrity of data throughout its entire life
cycle.
- Data Cleansing and Standardization: Strict data cleansing and standardisation tools
eliminate duplicates, rectify errors, and enforce data standards to guarantee precision and
uniformity.
- Master Data Management (MDM): The MDM solutions provided by Informatica establish a
cohesive and authoritative representation of master data across the entire organization,
promoting consistency among critical business components and enhancing data integrity.
- The Implementation of Robust Data Governance Functionalities : Enables organizations to
establish and maintain data quality benchmarks, which are of utmost importance in order to
comply with regulatory obligations and prevent adverse financial and legal consequences.
With an effective data quality, you can
- More Targeted Ads: Phoney and pristine consumer data enable businesses to comprehend
customer preferences and behaviours, thereby optimising marketing campaigns to enhance
customer engagement and boost sales.
- Optimal Stock Management: Accurate client data influences inventory management
decisions, thereby enhancing demand forecasting and, consequently, the efficacy of the
supply chain.
- Enhanced Customer Interactions: Reliable and pristine data elevates customer experiences
through the customisation of interactions, the provision of accurate product
recommendations, and the prompt resolution of client inquiries.
- Cost Reductions: By automating data purification processes, resources are able to allocate
their time and effort towards more strategic initiatives, while also minimising the need for
human involvement.
Thus, with a set governance mechanism, efficient tools, planned maturity assessment and
deployment of data quality rules, we can leverage the most from the data to grow faster in
this tech-driven world.