We've used this analogy many times here at Experian Data Quality, but that's only because it makes a lot of sense when referencing data standardization. What analogy am I talking about? The one where we discuss how a robust data management strategy relies on a methodical, step-by-step approach—much like how you'd approach building a house.
Data quality can be boring. Yes, I said it. And this comes from someone who has worked in the data quality space for more than 20 years. When I’m at a social gathering, I dread the inevitable “so what do you do?” question. My short answer is usually “boring computer stuff.” Heaven forbid they try to dig deeper! Then it becomes this awkward explanation about reducing the amount of junk mail they get or some pseudo-relatable data activity, and then watching their eyes begin to glaze over. At the end of the day, I use my tried-and-tested conversation changer, “enough about me, what about you?” I double majored in Computer Science and Psychology, and while Computer Science ultimately provided the foundation of my career, I’ve found that the psychology background is often more valuable for dealing with people and sticky situations.
An effective data management strategy is good for your business. As organizations today rely on their data to help drive business initiatives, the quality of that information is growing increasingly important. But you probably already knew that. It turns out that data professionals spend a lot of time talking about data in terms of its accuracy and a lot less time talking about its accessibility and readiness. While the importance of accurate data is undeniable, organizations should understand that having accurate data is only a benefit if you can access that information when it’s needed.
I don’t think it’s a surprise to anyone that businesses are making their most important decisions off the back of the data available to them. Within the past year, we have conducted some market research about the role of the Chief Data Officer (CDO) and data management trends and the results indicate that organizations are truly considering their data an asset. One of the most prominent responsibilities of the CDO is transforming data into a business growth opportunity. We also have seen more and more data operations and analytics roles popping up in the market to address the issue of getting accurate and complete data back to management in a timely manner.
Your organization’s gold is its data.
Client contact data; patient data; customer transaction data; names; address; email addresses, cellphone numbers; business telephone numbers; and home phone numbers are the bullion in your gold repository. Your processes and analytical models are fine-tuned to look at your gold precisely, in a consistent and rigid fashion.
Let’s face it, depending on your institution’s resources and how you go about it, credit reporting can be a huge pain! Whether you provide consumer data to one or several Credit Reporting Agencies (CRAs), whether or not you use a third party to submit data, and whether you test data proactively or reactively, (or not at all) dealing with bureau rejects, data monitoring, and disputes can require significant time and resources.
It is important for companies to comply with the Office of Foreign Assets Control (OFAC) regulations. Failure to do so can result in fines and even imprisonment. Experian Data Quality offers an OFAC-compliant software called ISTwatch, which allows companies to search and match names against a number of compliance and global watch lists.
The Manchester Grand Hyatt hotel in sunny San Diego was the home to the 2017 Tessitura Learning & Community Conference (TLCC). In its 21st year, the Tessitura Network comprises over 550 of the world's premiere arts, cultural, and entertainment organizations united by a common technology that enables them to achieve operational excellence. Tessitura Arts Enterprise Software, the flagship product of the Tessitura Network, is a fully-integrated, single database for ticketing / admissions, customer relationship management (CRM), marketing, fundraising, memberships, business intelligence, and real-time web and mobile transactions.
No matter what industry you work in, what your job title is, or what your responsibilities are, it is almost a guarantee that you rely on data in some way, shape or form at least once a day; and sometimes you might not even know it!
Data is absolutely everywhere, and it’s quickly becoming the lifeblood of most organizations.
The real question is – do you use it to your advantage? Think about it for a second….
Businesses talk a great deal about being data-driven. Yet, using data for strategic purposes can often prove to be more challenging than it would first appear. Organizations today are at the center of a data dilemma, plagued by inaccurate and unstandardized data, information that is scattered across disparate systems, and a lack of defined processes and skilled employees. Yet, business users are demanding access to data with greater urgency than ever before.
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