Six steps for to help maximise the value of their data
Bad data refers to data that is incorrect, incomplete,
incomprehensible, in the wrong place, irrelevant, and out of date. Poor data
wastes sales time; distracts data scientists and consumes IT time synching
systems that can’t communicate to each other. All of which leads to a lack of
trust in the “numbers” and a lack of decision making from executives. No
industry or organisation is immune and if not rapidly remedied, it can result
in serious financial and reputational loss. And as customer experience begins
to define brands – bad data can have significant impact on the bottom line.
So, what steps can today’s CIOs take in order to clean up their
data?
A) Centralise: Cleaning the data stack of bad
data is not a simple one-off event – think long term. Start by ignoring the
different channels data uses to enter the company and concentrate on a
centralised strategy for data management – and evolve to ensure detection at the
source.
B) Consolidate: Large organisations have multiple
databases run by different departments as well as other data sources that they
are unaware of. Consolidating and identifying databases and information
repositories minimises creation of bad data, aiding standardisation of the
company data.
C) Standardise: The most common reason why
companies end up with bad data is a lack of standardisation in the collection
process. Using a standardised set of parameters, not only within the company
but also with suppliers and partners help to maximise clean data coming into
the firm.
D) Investigate: Understand the nature of the
corruption in the data. Look for corroborating data to baseline and understand
the nature of the corruption. This provides an opportunity to fix anomalies and
restore the pristine quality of the data.
E) Eliminate: Duplicate data is a major cause
of data inaccuracy and occurs as a result of the multiple repositories
mentioned earlier. It’s then compounded by human error in the process. Use the
consolidation process as an opportunity to eliminate duplicates in order to
arrive at the standardised baseline.
F) Sanitise: Cloud platforms, particularly
Hybrid Cloud, provide an ideal environment to clean and sanitise data – with
numerous data cleaning tools available.
If used correctly, data can help fuel the enterprise, add true
value and greatly benefit the business. Mismanaged and mishandled, it has the
ability to create dramatic declines and unfathomable falls.
In a data driven future – knowing the cost of bad data could
become a matter of survival for every enterprise.
Source | https://www.financialexpress.com
Regards
Mr. Pralhad Jadhav
Master of Library & Information Science (NET Qualified)
Research Scholar (IGNOU)
Senior Manager @ Knowledge Repository
Khaitan & Co
Twitter Handle | @Pralhad161978
Mobile @
9665911593
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