Across nearly every industry, data has become a key driver for critical business initiatives. At the same time, data will only add value to your business when it is trustworthy and actionable. That means there should be a robust and reliable data quality management strategy in place that aligns with the needs of your entire organization. The best way to justify the need for investing in a data quality management strategy is to identify the areas in which it will benefit the business as a whole. Here are the top four reasons to invest in data quality management:
- Trusted data: First and foremost, you need to be able to trust the data you collect and use. Otherwise, how can you make reliable and accurate business decisions? A good data quality management program will give you the confidence you need in your data to support business objectives. You may be asking, well what does having a trusted data source actually look like? At Experian, we view a trusted data source as collecting and storing validated and complete data records that can inform and support important decisions. In your organization, this should mean that the users of data believe what the data tells them when creating reports, targeting customers, reporting to executives, etc—instead of relying on gut feelings.
- Data migration preparation: An important piece of being a data-driven organization is making sure data is stored in one centralized system that enables the data processes and analytics you need. For many organizations, that means migrating data out of depreciated legacy platforms to more modern and advanced systems. This makes data more accessible across departments so that it is a shared resource. It also helps to avoid the roadblocks presented when data is stored in siloed locations, along with many other challenges presented by out-of-date systems. That’s why many organizations are working to migrate their data to updated systems. However, a successful data migration (that stays within budgets and timelines) requires preparation of the data so that only clean and quality data is transferred into the new system. Easing the process of data migration prep is a benefit that comes from investing in data quality management. Checking the quality of data before and after moving to the target system, through data profiling and discovery analysis, will help to improve the value of your enterprise application.
- Reliable customer insight: You would be hard-pressed to find a business that is not working to achieve reliable customer insight. Customers are the lifeblood of any organization and in order to maximize their loyalty and satisfaction, you need to have trustworthy data to make the right decisions. A single customer view means having a single, consistent, accurate, and holistic view of your organization’s customers, prospects, and their data. A robust data quality management strategy will support a single customer view within your organization. With validated, matched, and enriched records, your organization can gain the insights you need to support business initiatives. When you have reliable customer insight, your business can achieve: increased efficiency, enhanced marketing efforts, a personalized customer experience, improved loyalty, and more!
- Data enablement: Last, but certainly not least, a strong data quality management program will support the benefits of data enablement. Within your organization’s data strategy, there should be a framework in place to align the people, processes, and technology surrounding data. When this framework is in place, you can be certain data will be monitored throughout its entire lifecycle. Not only will this ensure that data is fit for purpose, but it will also ensure that data can be accessed and used by each department. Data enablement will allow your organization to track information through its lifecycle, provide more accurate reporting, and support rules or processes to ensure compliance with regulations. By investing in data quality management, your organization will be able to have confidence in the data you collect, how you manage it, and the results it will help to deliver.
Data is at the heart of every organization. The right data quality management strategy will not only help you make better, more informed business decisions, but it will also maximize the success of your business initiatives.
Curious about how you can create your ideal data quality management strategy?