Ready, Trusted Data Sets, GO!

24 05
2022

“Quality is not an act, it is a habit”, Aristotle once said. The famous philosopher’s phrase remains true. Especially in the context of Quality Data Management. We all know how important data is important in today’s business context, and still many organizations struggle to apply effective Data Quality Management. Mostly because quality stems from habit and cannot be addressed as a one-time effort.

Luckily, this is where MURDIO can help. Guiding your company to adopt a rigorous approach to continuous data quality improvement, that brings together people, processes, and technology. Turning bad habits into the right ones. Translating them into simple, game-changing, daily practices.

Data Quality Management can actually be defined as a number of practices undertaken throughout the stages of handling data: from acquiring it, implementation, distribution, and analysis. Throughout this whole process, our aim is to get specific data for a specific context. Since high-quality trusted data will enhance your company’s workflow, provide insights and give the competitive advantage that today is critical to any data-driven business!

Why we need Data Quality Management

The lifeblood of any company is data. Consequently, data quality is a measure of the health of the data pumping through your organization, based on factors such as:

  • Consistency: Data entries are standardized and consistent.
  • Timeliness: The data is up-to-date.
  • Uniqueness: Data sets don’t contain repeated or irrelevant entries.
  • Completeness: Data should be representative, giving a clear picture of real-world conditions.
  • Validity: The data conforms to the formatting required by your business.

While Data Quality Management provides a context-specific process for improving the fitness of data, that leads to better decision-making across an organization! By determining the roles, responsibilities, procedures, and policies dealing with the disposition, dissemination, maintenance, and acquisition of data. And by employing processes and technologies to ensure the quality of the data meets specific business requirements, as well as statutory and regulatory requirements.

At MURDIO, our passion for data quality is what drives us to be the best in our industry and to be at the front with some of the biggest companies in the world. Through data quality measuring, we can help organizations identify data errors that need to be resolved, plus assess if their shared data is fit to be used for a given purpose. Our goal is to help people and organizations optimize their use of data so that they can make decisions and take actions that maximize the benefit to the company or its shareholders. The more high-quality data they have, the more confidence they can be in their decisions: because good data decreases risk and results in consistent improvements in results!

This is why effective Data Quality Management plays a crucial role in data-driven organizations, establishing a framework for all departments that provide, and enforces, rules for data quality. Not only, does it give a clear picture of your company’s day-to-day operations, but from a financial standpoint, it also cuts down on unnecessary costs, usually caused by poor quality data that often lead to costly mistakes and oversights. Most importantly, give your company new stamina for keeping up with the competition and taking advantage of new opportunities!

How can we improve Data Quality Management

Quoting Tom Redman, there are two interesting moments in the lifetime of a piece of data: the moment it is created and the moment it is used. The whole point of Data Quality Management is to connect those moments in time – to ensure that the moment of creation is designed and managed to create data correctly, so everything goes well at the moment of use.

So, if you want to address data quality issues at the source, the best way is to prioritize it in the organizational data strategy and to involve all stakeholders to contribute to the quest for high-quality data. You can also prioritize those issues according to your business needs and how they will impact your business in the long run.

Then, choose the best tools to improve the quality and unlock the value of data. Preferably, tools that deliver continuous data quality at scale! Incorporating Metadata Management to describe data and leverage the cross-organizational agreement on defining informational assets, for converting data into an enterprise asset. And considering Data Intelligence to understand and use your organizational data in the right way.

Along with these tools, use Data Governance to standardize the management of data assets within an organization and to build trust in data. As well as Data Catalog to empower users to quickly discover and understand data that matters, generating impactful business insights.

Last, but not least, cultivate a robust data-driven culture that encourages everyone to contribute to data quality. Make sure that all stakeholders can access high-quality, trusted, timely, and relevant data, by following a specific set of values, behaviors, and norms that enable its effective use. And defining specific quality metrics and performing regular audits, to ensure continuous data quality improvement.

Turning Data Quality into Quality Performance

Clearly, improving the quality of your data is a big opportunity. And companies that don’t take advantage of data and related technologies risk falling behind.

Data isn’t magic unless we help you work the magic inside your company. As for data to be valuable and actionable, it needs to be of high quality and compliant. Whereas, bad data at its best is inconsequential and, in the worst-case scenario, may cost companies more than they realize! Only changing your data quality processes and practices will ensure you have data you can trust to make informed business decisions. It is worth repeating: data quality shouldn’t be an act, or a goal, it should be a habit!

Once you implement the right day-to-day procedures to improve your data, according to the best practices, and establish an enterprise-wide initiative, your efforts will surely pay handsome returns!

MURDIO is your best partner to help you achieve that. Combining deep market knowledge and experience, our services and breakthrough technology help to shape a Data Governance program suitable to your company, and enable long-term solutions that support your business objectives. With our support, you can gain full visibility across your company’s data landscape and make data one of your key assets!

Make sure the quality of your data isn’t a one-time activity. And helping your organization introduce a standardized and structured business approach with clear policies, procedures, roles, and responsibilities: towards creating a Data Culture where anyone can find, trust, and be empowered by data! This way, turning data quality into quality performance!

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