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The Importance Of Good Data – How Well Are You Managing Yours?

Blog: Solitaire Consulting Blog

A lot of my work is helping regulated financial services businesses with process improvement and change.  The fact they are regulated means they have to pay attention to the quality of their data.  However, data quality for non-regulated businesses is just as critical, but it can be harder to achieve because you don’t have the regulator checking up on you!
Why do I think this is so important?
Apart from the obvious benefits of having up to date and accurate information in a single place, your data is a valuable business asset and it needs to be looked after.  Do you have proper controls in place to ensure that core data is maintained correctly, or is anyone permitted to update your systems?  Without effective controls you risk having issues with duplicate records and information stored inconsistently (often a problem with address data).  These are common problems that I come across all the time and are a barrier to efficient business processes.
As we move to a more connected workplace the need to maintain accurate records is greater, this is partly because there are fewer breaks between systems which create natural opportunities for data to be manually rekeyed, checked or verified. We also collect more data so the problem of data management is much bigger than it was, say ten years ago.
Whilst the problem is getting bigger the benefits of looking after your data and the opportunities it creates are also greater.  Some examples of benefits that can only be realised when you are in control of your internal data quality are:

Technology advances may have created this problem by allowing us to collect, store and process more data, but it also provides the solution.  Manual data checking processes can be replaced by automated data integrity and exception reports, whilst using your technology effectively can remove many inherent inefficiencies within your internal processes.

I hope this has given you some food for thought, but if you’d like to discuss more specifically how your business could benefit from better data management then I’d be happy to share the experiences I have built up helping businesses improve their processes, systems and data.

If you have found this post useful, why not download our free eBook, 12 Successful Business Improvement Techniques.

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