It is well known that we all rely on data to make decisions, all day every day. However, starting a job at Experian at the same time as being diagnosed with Type 1 Diabetes brought this to the front of my mind with the big role data plays in managing my illness. I therefore thought it would be interesting to bring the importance of data in healthcare to life, through my own recent experiences.
The pressure on the NHS is widely reported and after an exceptionally difficult winter, the knock-on effects appear to be on-going according to this article. One particular challenge that was widely reported in early January 2018 is the estimated £1bn annual cost to the NHS of ‘no shows’ at GP and hospital appointments.
8 million missed appointments each year, with an average cost to the NHS of £120 each will clearly be putting added financial pressure on services that are already stretched. Whilst the growing use of phone and online services (such as the 111 helpline) can go towards reducing pressure on frontline services, could the NHS be doing more with its data to help cut the cost of ‘no shows’ and reallocate this saving to better use?
Working at Experian I am constantly amazed by the many innovative ways we work with data, to find new and exciting solutions with our partners. If we can harness the power of data, and derive real value from it, it has the potential to make hugely positive changes to the way we all live and work. And there’s no doubt that organisations of all shapes and sizes are stepping up to meet the challenge, investing in technology and insight to move with the times.
With that in mind, I am delighted to be able to announce the finalists for Experian’s inaugural ‘Data Excellence’ award, part of this year’s Lloyds Bank National Business Awards.
Comma and Experian have joined forces to host a webinar that looks at the biggest data quality challenges our clients face, and how they can overcome them.
Technology is an enabler. It’s a connection between information and people, and it’s a vital part of Master Data Management. But it’s not where the MDM journey begins and ends.
Successful MDM should be part of a much bigger business transformation, a cultural shift toward a data-centric way of thinking across the business. This is because an MDM solution will only ever be as good as the data it processes. Without the right data, your MDM software will always fall short of expectations.
In short, data quality is the biggest obstacle to implementing MDM effectively, but it’s far from insurmountable, and can usually be traced back to the same contributing factors.