With the ever increasing pressures of legislation on all organisations from Packaging Regulations and Waste Electrical and Electronic Equipment (WEEE), to Solvency II and Basel, organisations are reliant on data for compliance. Great data can reduce the cost of those obligations. Savings of up to 40% are within grasp when data is accurate and can be trusted.
Garter predicts “by 2017, 33% of Fortune 100 organisations will experience an information crisis due to their inability to effectively value, govern and trust their enterprise information”
What to do?
Focus on your high volume transactions, such as new account openings. Keep it simple, start small and focused:
- What data is collected?
- Who and where is that data used?
- What happens to the data between being collected and being used?
Follow the data and all touch points, human and system. Consider how the data can be validated at source. What profiling can be added at that source point to check for outliers? Who is responsible for the quality and who will take action when an issue is discovered?
*Profiling – the process of examining data, collecting statistics and information about that data to assess accuracy and usability, amongst other purposes.
For many more questions and guidance refer to my previous posts:
- Oct 2014 “Data Governance – Interviewing Stakeholders” http://wp.me/p3QDdI-1v,
- July 2014 “Quick wins” http://wp.me/p3QDdI-1l
To get on my “soap-box” again, about senior sponsorship, for any Data Management activity to be successful senior “business” (not IT) support is mandatory! I have been very lucky in past roles to have that senior support, by proving the justification in the strategic areas important to those key stakeholders.
To help obtain that buy-in from your leadership ask the following questions:
- How can we better serve our business needs?
- What is it we want to do that we have not previous thought we could?
Answers to both can be obtained from data.
Your potential sponsors may have interests in, the hiring process. Suggest using advanced analytics in recruiting the right staff, reducing recruitment and attrition costs.
Marketing / Sales, explore what it takes to complete with data, where can you gain a competitive advantage by using the right data at the right time in the right place?
Improve content in financial reporting, what more can be uncovered in financial reporting. Would Tesco have gone through the challenges with improved financial reporting?
Answering these questions and developing better data, starts with forming a Data Strategy. Who will create yours?
Main image courtesy of: midwestcomplianceassociates.com