Businesses today rely on tremendous amounts of data to do everything from improving their customers’ experience, to streamlining operations, to reducing risk to the organization. Data is everywhere, and countless individuals interact with it throughout its life cycle. While this provides an incredible opportunity, organizations need to ensure that the quality of that data is upheld to ensure that it is fit for purpose.
It was a beautiful, sunny day in Philadelphia. I was fortunate enough to attend the DAMA Philadelphia inaugural event of 2016. The chapter meeting was focused on data governance and brought together leading vendors, service providers, and customers that are defining how data governance is being executed today.
Does your business hope to leverage its data assets to make strategic decisions?
If the answer is “yes,” then you’re in good company. We recently surveyed 1,400 data professionals as part of our 2016 global data management benchmark report, and we found that 98 percent of these companies have a desire to turn their data into insight.
But many businesses are unsuccessful in actually getting it done, due to the vast amount of inaccurate information that lurks in their databases. We found that for 75 percent of respondents, inaccurate data actually undermined their ability to provide an excellent customer experience.
Those of us who work at Experian Data Quality are constantly laser-focused on helping our customers ensure they have accurate, actionable data. Whether that is enabling marketers to reach their customers through cross-channel campaigns, helping IT departments break down barriers with their business user counterparts, or allowing operations teams to manage risk and streamline data reporting, we are here to help. That last group of EDQ customers that I just mentioned—the risk and operations folks—this blog post is for you.
It was Ben Franklin who once said: “Great haste makes great waste.” While this is sometimes true, in today’s quickly evolving digital marketplace, you can quickly be outpaced by competitors if you’re not constantly and rapidly advancing your products and services.
I’m not saying that you should throw the rule book out the window and jump into new business ventures willy-nilly. But, there’s a widespread belief that when it comes to getting things done, working with speed and upholding standards need to be mutually exclusive. Common thinking is that if you’re rushing to get things done, you’re going to make mistakes; but, if you move slowly, you’ll achieve greater results.
If you’ve spent any time in the data management space, you know that the Chief Data Officer (CDO) is one of the hottest new roles in the industry. While the CDO position has been talked about a lot lately, most of the people who are actually in the role have never held this title before. This can be exciting and rewarding as you get to build your data program from the ground up, but also stressful since you don’t necessarily have a clear roadmap for success.
If you’re a Chief Data Officer (CDO), lingering bedtime thoughts about what may be lurking in your database could keep you up at night. And it’s easy to see why. Today’s financial services companies are so tightly regulated that any slip-up can be costly—and not just financially. Tales of noncompliance penalties levied against financial institutions spread like wildfire in the media, damaging your company’s reputation and spooking investors or potential customers.
This year’s Enterprise Data World conference was jam-packed with sessions covering big data, data governance, data management strategies, data ethics, and many other related topics that help organizations make the most out of their information. I was fortunate enough to be among the energetic conference goers. Here are five key takeaways from EDW that will help you embrace data in your company.
In today’s rapidly evolving business environment, the amount of data that enterprises must manage increases every day, and it needs to be managed. This is what the Enterprise Data World (EDW) Conference aims to address. This year’s conference is all about harnessing information to transform organizations into data-driven businesses.
Ever feel like you’re spinning your wheels when it comes to implementing a successful (and sustainable) data governance program at your organization?
Don’t worry, you’re not alone.
Many companies repeatedly initiate data governance efforts because their first attempt fell flat or because it’s challenging to sustain the program and demonstrate value over time, particularly within a changing business and personnel environment.
Read on for practical tips to help you focus efforts and limited resources on overcoming common pitfalls and adopting proven best practices for long-term success.