What many businesses don’t realize is how poor data quality impacts their bottom-lines. It actually costs businesses 40-60% of their total organizational expenses. This is often a result of delayed decisions, added workloads, unnecessary expenses, fraud, leakages and privacy invasion. Below is a short list of what factors may trigger poor governance of their data.
Data processes, such as converting, compressing, duplicating, moving, purging, and cleansing of files, is the act of manipulating data so that companies can properly utilize and organize their business information. However, errors like file corruption and data loss may occur along the way that can adversely impact business operations.
Companies nowadays have several sources of data. Information is being transmitted from different people – employees, suppliers, and customers – across different applications that is why, there is a variety among data being received by a company’s database. As such, organizations need to have consistent and rigorous data quality standards to prevent bad data from entering their system.
Manual data entry and maintenance
The most common cause of poor data quality is data inaccuracy often caused by human error due to manual entry. This is most prevalent with reports that that are prepared manually. Aside from the fact that it takes too much time and effort, manual preparation of reports is usually filled with inaccuracies that hinder proper interpretation of results, which in turn, adversely affects management decisions.
Third Pillar—a globally recognized information technology consultancy company—encourages companies to proactively implement an effective and proficient solution that consistently governs their data. The prevalent mistake companies do is to wait for these disruptions before actually taking action and safeguarding their data.
“Third Pillar acknowledges how critical it is for companies to have a fool-proof data governance solution as good data quality does not really save companies from unnecessary expenses, but also enables them operate more efficiently and effectively, consequently helping them increase revenues,” said Jennifer Ligones, Third Pillar’s president and CEO.
Third Pillar offers leading data management platforms and services that have proven capabilities to conduct data profiling, data cleansing, data migration and data governance to help businesses achieve optimum data quality.
For more information, visit Third Pillar’s official website at http://www.3rd-pillar.com/.