Data is a fundamental asset to any business today. Businesses use the data for planning and organizing their daily operations and also plan for their long-term objectives. However, many businesses have failed to achieve their targets due to the failure to integrate data legitimacy. With a new year, you need to take an active role to ensure that your business's data is legitimate, compliant, and of high quality to help you and your business keep winning. Here are some various ways of improving your data quality and compliance in 2021.
Here are some strategies that will help you achieve high data quality and compliance.
You need to figure out what you intend to do with your business data. Data does not just exist without a purpose. It can be crucial for the success of your business and put you above your competitors. Each business has its interpretation of data quality depending on how they use the data. For instance, some businesses use data for keeping accurate information about their customers while others the most important aspect of their data is their products.
The second strategy is data profiling, which is the process of cleansing and monitoring data. It involves examining source data, understanding its content and structure, and identifying potential data projects. Data profiling helps you organize, analyze the correctness of your data, and expose any data inconsistencies.
Your business data might have been from multiple sources that have different spelling options. Such data might be confusing because it may be viewed as different data points. Therefore, it is important to have a standard way of data entry for the data to appear similar across all records. This will help in reducing the redundancy of the data.
Data scrubbing is also known as data cleansing. It removes incorrect, inaccurately formatted, incomplete, or duplicated data from the database. You can also use a data scrubbing tool, which will help you save time while cleansing your data. The main objective of data cleansing is to make data more consistent and accurate and ensure that the database remains accurate.
You can prevent entry of poor quality, duplicated, erroneous, or unwanted data through a data firewall. It is software designed to monitor incoming and outgoing data traffic permitting only data allowed based on the set security rules. Any other data is blocked. It helps to protect your internal network from external sources like hackers and viruses.
You will likely hire a data vendor who could be an individual or an entity to supply your data and perform the various data activities on your behalf. The person or entity you choose will influence your data compliance and quality. In the midst of a large pool of data vendors, it is challenging and vital to find an appropriate data vendor for you. It would be best if you audited your chosen vendor by putting them through an evaluation criterion to evaluate their accuracy, data coverage and depth, functionality, and cost. This will help you identify a suitable vendor and root out some under-performers.
Data formatting is the process of organizing data according to preset specifications. Formatting data allows a continuous flow of information, and users can see the content of the information. Microsoft Excel is the most common application for data formatting. There are different formatting options to choose from depending on your preference, the nature of your data, the nature of your business, and how you intend to analyze and store your data.
Data governance is a set of strategic practices and principles to manage and protect data. In data governance, data could imply all or a subset of the organization's soft and hard copy assets. In addition to having good data management systems, businesses need data governance with a whole system of processes and procedures to ensure that all set rules are followed. After all, that is what even normal governance entails.
As earlier stated, data is a core asset to any business today, and with digital transformation occurring everywhere, you need to be able to govern your data. It is up to you to install a data governance system that corresponds to your business and future objectives. You must be able to control the standards you need for your data and delegate the roles within your business. This will result in better data, which will translate into better business decisions.
By now, we all know the significance of data quality and how to improve it. However, there are circumstances where our businesses fail to meet the set stands resulting in poor data quality. One of the consequences of poor quality data is having plenty of data more than is needed. The data available will also not be meaningful to help your business achieve its objectives and goals. Besides, storing such data is expensive and time-consuming.
Here at Onemata, we are dedicated to offering you the best data deals with the highest compliance and quality for you and your business.
We believe that 2021 is the year of data compliance and integrity as we offer you solutions to empower your business.
You can contact us today, and we will help you navigate the data world as your partner.
by Mike Higgins
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