Boosting data quality can optimize your company’s performance
Over the years, the rapid development of information technology has greatly optimized the day-to-day operations of businesses. Companies collect and store an enormous amount of data, which in return, demands an excellent and diligent data management. However, organizations typically overestimate the quality of their data and the cost of errors, according to a study.
A regular data assessment and cleansing for data quality maintenance should become a standard practice to all organizations. It informs the organization as to where the risks are within the data, thus allowing them to create preventive measures against business process failures, non-compliance, and other scenarios leading to profit losses.
Data cleansing is the process of amending or removing data in a database that is incorrect, incomplete, improperly formatted, or duplicated.
Clean data can actually improve customer acquisition activity results, fine tune the decision-making process because of reliable information, increase revenue, and productivity and improve account management and analysis.
A study noted that 75 percent of organizations have identified costs stemming from poor quality data while less than 50 percent of companies claim to be highly confident in the quality of their information.
With Third Pillar’s alliance with BackOffice Associates—a world leader in data migration and data governance solutions—Third Pillar guarantees organizations with better business outcomes.
BackOffice Associates maximizes three key strategies that perfectly suffice every organization’s performance-boosting necessities. First, it will rapidly identify and remediate data quality issues through a data assessment that can give executives a better understanding of their company’s data conditions.
The benefits of doing a Data Assessment includes a quick 2 to 3 week evaluation of costly data errors and developing a roadmap for businesses to remediate these data errors and maintain a high percentage of data quality that can be assured to the business. Second, it ensures a smooth data migration process for companies who have mass movement of data from legacy to new systems or ERP with a combination of methodology, a powerful software platform for analysis and cleansing, and experienced consultant.
Its benefits include early data quality visibility which dramatically improves go-live readiness; focus on loading business-relevant data eliminates post go-live data clean up; elimination of dependency to spreadsheets by simplifying data mapping exercises; and its vast content library lowers cost of custom programming and rule creation.
Third, a well-created guide for data governance can help organizations reduce cost and risk while maintaining top quality data. A single-console approach can holistically manage the processes over governance policies on all data within an organization, and saves time, money and user effort by leveraging the reuse of decisions and policies across the lifecycle of data.
Today, businesses are facing different crises that impede their growth and development. Third Pillar, however, will continue to pin down each issue as we are strongly dedicated to optimizing performance among organizations towards realizing their limitless potentials.
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