When it comes to modern businesses, it’s no secret that data is king; it’s the basis of every company’s business plans, investments, and potential partnerships. With that in mind, what happens if the data you use is tainted or unreliable?
One of the many pitfalls that companies go through when scaling their business is managing their data. As spreadsheets and databases begin to pile up, the information becomes more complex. This could lead to potential hiccups down the line and bog down workflows that rely heavily on data access.
Having reliable data is especially important for companies with highly sensitive datasets. If data isn’t taken care of correctly, it could cost a company millions of dollars, just like when JP Morgan was hit by a $6 billion trading loss due to an Excel copy-paste error during the 2012 JP Morgan Chase Trading Loss (famously known as the London Whale Debacle).
“Data management helps organizations unify, clean, and govern their data and improve its quality to ensure that it is used correctly as intended.”
Data management helps organizations unify, clean, and govern their data and improve its quality to ensure that it is used correctly as intended. This makes relevant information readily available, simplifies and secures data transfers, and gives easy access across departments. That way, they can gain a single source of truth that is important in IT compliance, customer service, and data analysis.
Of course, the quality of data management also relies heavily on the tool used. Your data should work the way you want it to. That way, you can make the best data tools and practices available to both technical and non-technical users and simplify data analysis and decision-making.
Discover how proper data management can drive value to your organization. Realize higher returns and improve your current performance with Third Pillar as your partner in data governance.