by Joe DeSiena, President Consulting Services
Hide your money under the mattress and what does it do for you? Nothing! Now, invest that money in something smart and what happens? You make more money. Ok, no big revelation here, right?
Same thing with data, store it and just let it sit there and what happens? Nothing! It’s not working for you. But that same data can be used to increase the profits in your company by up to 66%.
Data is a core corporate asset that must be synthesized into information before it can serve as the basis for knowledge within the organization. Unused or incorrect data cannot generate useful information, and knowledge built on invalid information can lead organizations into catastrophic situations.
Is your organization giving enough attention to the quality of its data? To answer that, ask yourself the following questions:
- Are you aware of any Data Quality issues within your company?
- Are there existing processes that are not working as originally designed?
- Are people circumventing, the system in order to get their work completed?
- Have you ever been forced to deny a business request for information due to an issue of Data Quality?
- If the system was functioning properly, would this information have been readily available?
- Has a business case been made outlining the economic impact of this issue? And, if so, has it ever been addressed with the organization’s leadership?
- What was the response to these issues? And if there was no response, what is stifling this process?
- What causes these “gaps” in Data Quality?
- How are these issues affecting the responsiveness of your organization (i.e., to customers, stockholders, employees, etc.)?
- If these issues were to be addressed and corrected, what strategic value would be added or enhanced?
- Who bears the responsibility for addressing these issues within your organization?
- What can be done to address these issues in the future?
- What support is needed to implement a Data Quality strategy?
Using faulty data to make important business decisions becomes a big problem.
The application of Data Quality can provide an organization with the opportunity to capitalize on its cumulative information and knowledge assets. Knowledge that was previously unknown – or unavailable – such as cross-referenced customer buying patterns, profiles of potential buyers, or specific patterns of product/service usage may be uncovered and put into practical use for the first time. The end result can lead to anything ranging from improvements in operational efficiency, more accurate sales forecasting, more effective target marketing, and improved levels of customer service and support – all based on a strong foundation of Data Quality.
For more information on how to get your data to make money for you, contact us now.
About the Author
Joe DeSiena is President of Consulting Services at Bardess Group, Ltd., a Management Consulting firm specializing in data revitalization, business process design, and information technology for services-related businesses. He is currently a board member of the Society for Information Management in New Jersey.
He is an experienced management consultant with over 20 years of professional experience assisting Fortune 500 clients in resolving business issues related to the Triangle Relationship between business data, processes and systems functions for services and sales organizations. More specifically, he has directed engagements in services marketing and delivery, business planning, data revitalization, data migration, process design and reengineering among others. He has shared his experience and insights in presentations before numerous senior client and association groups.
Joe DeSiena’s industry exposure includes data networking, telecommunications, manufacturing, pharmaceuticals, financial services, utilities, travel and entertainment among others. He has corporate management experience in major companies such as American Express, Chase, Bristol Meyers-Squibb, Coopers & Lybrand (PWC), Deloitte Touche, and Pan Am. Joe DeSiena is a graduate of the Stern School of Business at NYU with an MBA in Finance. He received his B.A. in Mathematics and Economics from the State University of New York at Stony Brook graduating Magna Cum Laude with Phi Beta Kappa honors.