Reviewing the Overall State of Data Quality
Posted on Apr 29, 2021 by Ian McGowan
In my previous article, we delved deeper into the six dimensions of data quality, and how it can impact decision-making at an executive level. To sum it up, ensuring the accuracy, consistency, completeness, uniqueness, timeliness, and validity of data is crucial in preventing large-scale impacts such as revenue loss and irreversible reputational damage.
Now, it’s time to apply these concepts to the real world. Let’s dare to ask this question: Are businesses taking their data quality seriously enough?
After more than two decades in the data industry, we deliver data integrity and quality solutions to some of the world’s biggest companies. Based on our experience, here’s how organisations fare when it comes to this aspect:
- Organisations are dealing with more than one issue with their data quality. About six in 10 of our clients deal with an abundance of data sources and inconsistent data flows and processes. Before we started working with them, more than half of our clients had poorly labeled data, together with a lack of the necessary controls on data quality.
- These data quality issues have created financial risks for our clients. A majority of our clients were dealing with the aftermath of poor data quality, with impacts such as high operational costs and slow, inaccurate reporting.
- Despite these issues, only a few organisations have a dedicated data quality team. This explains why such a large percentage of businesses have been challenged with data management issues. With a dedicated team, you can manage inconsistent and disorganised data with effective processes and QA controls.
- Furthermore, we noticed that only 18% of our clients published information on data provenance or data lineage, which indicates a lack of good data governance. Data lineage, in particular, is understandably hard to track, but it assures that the data sets you have are verifiable and trustworthy.
Our observations are that organisations worldwide are working hard on improving their data quality, and are investing more in this area.
Around 30% of organisations are planning to implement tools or processes that will enable them to publish information on provenance and lineage.
More than 20% of C-level executives, including VPs and directors, have also shown interest in the state of their organisations’ data quality, and are likely to address them head-on in the future.
Every business faces a myriad of data quality issues, and most of the time they don’t even recognise them. By being proactive in implementing measures to improve your data quality, you can prevent these issues from creating any large-scale impacts on your business.
This is where our experience comes in: You can trust our in-house data experts to conduct an extensive review of your data and ensure that it meets all the six dimensions of data quality. Our Complimentary Audit will identify where you have gaps in your data, the QA processes that require fixing, and the areas of data integrity that can be addressed.
We understand the headaches and challenges that businesses have with data, and our goal is to support you in these areas with our highly flexible and low-cost solutions. If you want to learn more about our offer of a Complimentary Audit, feel free to message me directly and we’ll arrange a call when convenient.