The finance industry has always been big on numbers, and the rise of Big Data presents the sector with even more of an opportunity to get insight on its markets and customers. Yet all the business intelligence in the world will be for naught if the information from which it is derived is incorrect.Data quality
is central to the success of Big Data, but many analysts have lamented the fact that companies seem to treat the issue as an afterthought, if they think of it at all. Additionally, many companies don't have the ability to use data quality tools and analytical solutions to gain a deeper understanding of their customers.
Forbes blog contributor Avi Dan writes that many CEOs are planning to increase their reliance on data for insight. He cites an IBM survey of 1700 top leaders, 73 percent of whom said they would be investing more in the technology.
"In the interconnected economy, data is a critical new strategic resource," Dan says. "And knowing how to effectively access, analyze and use it is crucial to understanding and engaging individual customers."