Ensuring data quality
and having a strong information management strategy are critical at the corporate level, according to BI Trends and Strategies. The source noted that issues impacting data quality have grown more serious recently. The increase in scale of data reserves has left companies in need of solutions.
According to the news provider, the answer to the data management question begins with a sound governance strategy. The source noted that such overarching plans have helped firms boost efficiency, as well as meet regulatory demands. In some cases, complying with data rules saved firms significant amounts of money, up to $5 million.
BI Trends and Strategies suggested companies begin the data governance process by assessing existing data management strategies and determining if any of their successful tactics could spread to other departments. The source warned that the potential consequences of regulatory noncompliance far outweigh the costs of governance.
Heavily-regulated industries like banking are ripe for governance programs. According to Computerworld contributor Susan Feinberg, these firms can gain significant value from careful maintenance of their most important data reserves. In her opinion, those include transactional data, information customers see, and figures sent to government regulators.