Data Governance, Data Quality Issues, and the Cost of Dirty Data

Data Governance, Data Quality Issues, and the Cost of Dirty Data

Data governance enables positive business outcomes by aligning people, processes and technology to ensure consistent, proper handling of enterprise data.

Enforce policies for regulatory compliance Standardize business terminology and report transformations Ensure data availability and quality

Can you afford the cost of dirty data? 

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Since 2015, corporate data has been expanding at an average annual rate of 40%. Unfortunately, a consistent trend accompanies this growth: approximately 20% of the average database is categorized as dirty data. Dirty data refers to information that is improperly sourced, inaccurately recorded, or inconsistent with the rest of the collected data.

While this might be easy to ignore in your business, you are still paying the cost of poor data management. 

Keeping the $100 per-dirty-record in mind, and using a 100,000-record database, there is an astronomical cost of bad data over five years.

Harness the Value in Your Organization's Data

By creating a structured system for your company to utilize the data, you can achieve a faster outcome of projected trends and insights that can change your business dramatically. Not everyone needs to be a data scientist to understand the impact of any new data entering your records. Garnering control of data governance in your organization:

  • Clarifies ownership, responsibilities, and data roles, like data stewards . 
  • Develops Business Processes for Issue Management, Enhancement Requests, Change Management and Data Architecture planning. 
  •  Defines, reports and tracks Data Quality of Key Data Assets.  
  • Standardizes reports, transformations and calculations. 
  • Ensures data consistency across organizational platforms. 

Research reveals that Data Citizens are wasting vast amounts of time, effort and money wrangling through an overgrown, unorganized data jungle cause by inconsistent, incorrect, and outdated data. And this is only magnified by data duplicates.

Over 25% of their time is spent searching for info needed to do their jobs. About 40% complained of being overwhelmed with info –finding it difficult to find the right info amongst the clutter.
Greater than 50% of the info gathered was irrelevant to their original search request. 40% admit to using wrong information at least once a week.

Not every company is in the same place when it comes to the knowledge of data that they may have. That is why there are so many various solutions and tools, like a data catalog or data dictionary, to how a business can begin to improve their understanding. Addressing the scope of the ways of improving data governance, research and advisory firm Gartner organizes the tactics as distributed, deliberate, centralized, and emergent. 

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Only through having Data Governance be a pillar for your modern data stack can you achieve Data Nirvana - having the right people, executing the right processes, using the right data, at the right time, with the right technology. Let SME Solutions Group guide you on the path of data enlightenment. 

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