In this time where data-driven insights are paramount, the quality of data within an organisation transcends beyond merely a metric; it emerges as a crucial asset, integral to the organisation’s core strategy and operations. At Inextricable Group, we embrace the concept that thorough measurement and an in-depth understanding of data are vital to achieving tangible improvement. The calibre of your data is a powerful influencer, shaping strategic decisions, streamlining operational processes, and enhancing customer interactions. It’s a driving force that informs and transforms business outcomes, enabling more informed decision-making, increased operational agility, and deeper, more meaningful customer relationships. This focus on high-quality data reflects our commitment to meet and exceed the evolving needs of data-centric business environments.
The Unmeasured Costs of Poor Data Quality
Gartner’s insights underscore a crucial gap in many organisations’ data strategies. The fact that nearly 60% of organisations fail to measure the financial impact of poor-quality data is alarming. This oversight can result in reactive management of data issues, missed opportunities for growth, elevated risks, and a significant reduction in ROI. Gartner’s Data Quality Market Survey further quantifies this impact, putting the average annual financial cost at $15 million in 2017.
The Business Imperative of High-Quality Data
Forbes’ 2021 study highlights a key disconnect in the corporate world: while 90% of C-level executives agree on the critical nature of data quality for digital transformation, a mere 5% are confident about the standard of their existing data. This highlights a crucial area of focus for businesses – the need to enhance data quality management and governance, which are the bedrock of any successful digital transformation initiative.
Inextricable Group’s Comprehensive Data Quality Assessment Approach
Rigorous Data Quality Measurement
Our approach to data quality assessment is both comprehensive and nuanced. By applying more than 60 data quality rules against your data assets, we provide a detailed assessment of your data’s quality. This process is further augmented by benchmarking your data quality score against over 50 leading organisations, enabling a competitive and contextual understanding of your data’s standing.
Detailed Data Quality Scorecard
The Data Quality Scorecard we provide is designed to give you a complete overview of your data quality. However, our approach extends beyond mere assessment. We delve into actionable insights, using the IG data quality framework to analyse transactional data like sales orders, billing documents, and more through Pareto analysis. This method helps in pinpointing areas that demand immediate attention and improvement.
| Pareto Segment | % Impact on Business | Description |
|---|---|---|
| Platinum | 80% | Key data elements that drive 80% of your business impact. Focusing here is essential to make significant progress. |
| Gold | 80-95% | Data elements that influence the subsequent 15% of your business. Priority shifts to this dataset after optimizing the Platinum segment. |
| Silver | 95%-98% | Represents 3% of your data, constituting a larger dataset but contributing less to business value. |
| Bronze | 98%-100% | Often referred to as the ‘tail’; these are infrequent and less impactful data sets. Efforts to improve this segment yield diminishing returns. |
In-Depth Understanding of Data Quality Dimensions
Our assessment covers multiple dimensions of data quality, each tailored to ensure comprehensive coverage:
- Conformity: In our examination of Conformity, we meticulously evaluate the alignment of your data with established standards. This aspect is pivotal for facilitating cross-functional data sharing and generating actionable insights. Ensuring that your data conforms to these standards enhances its interoperability across different departments and systems, leading to more cohesive and comprehensive analysis. This process not only streamlines communication within your organisation but also plays a crucial role in unlocking the full potential of your data, enabling it to become a valuable tool in strategic decision-making and operational effectiveness.
- Completeness: In our approach, we meticulously gauge the presence and extent of essential data within your system, which is crucial to preclude any analytical gaps. Such gaps, if overlooked, can lead to skewed or unreliable conclusions, undermining data-driven decision-making. By ensuring data completeness, we safeguard against these pitfalls, ensuring a robust foundation for analysis that accurately reflects your business reality.
- Accuracy: Our assessment rigorously evaluates how precisely your data mirrors the real-world entities or events intended to represent. This dimension is fundamental, as even the most comprehensive data set loses value if it lacks accuracy. Accurate data is the cornerstone of reliable analysis, leading to trustworthy insights and informed decisions. By emphasizing accuracy, we ensure that the data exists and is a true and reliable reflection of your operational environment.
- Consistency: Our evaluation focuses on maintaining uniformity in data values across various sources, systems, and over time. This consistency is vital to prevent discrepancies that can arise from data silos or system migrations. Ensuring data consistency means that insights drawn from the data are based on a stable and reliable foundation, which is crucial for longitudinal studies and comparative analyses.
- Validity: We actively identify and flag any obsolete or outdated data in our validity assessment. This step is crucial to safeguard the accuracy of insights and the effectiveness of AI algorithms, which rely heavily on current and relevant data. By filtering out data that no longer reflects the present context, we enhance the precision and applicability of your data-driven strategies and AI implementations.
- Integrity: Our integrity check thoroughly examines how interconnected your data sets are and how well they relate to each other. This interconnectedness is essential for ensuring that the data ecosystem within your organization reflects a coherent and comprehensive picture. We delve into the intricacies of data relationships, ensuring that dependencies and linkages are correctly represented and maintained, which is crucial for the integrity of complex analyses and business intelligence processes.
Integration with Data Governance Practices
Our data scorecard extends beyond being a solitary instrument; it’s crafted to seamlessly blend with your organisation’s existing data governance practices and cultural ethos. This strategic integration is key in developing a comprehensive data maturity matrix. This matrix, mirroring the approach of the UK Government’s Data Maturity Assessment for the public sector, provides a multi-dimensional view of your organisation’s data capabilities. By aligning our scorecard with your data governance framework, we ensure the insights and assessments it provides are relevant and actionable within your established data policies and procedures. This harmony between our tool and your governance practices empowers your organisation to navigate and manage its data landscape effectively, fostering a culture of data excellence and informed decision-making.
The Foundation of Successful Digital Transformation: At the core of every successful digital transformation lies the crucial element of quality data. This is especially true in the realms of AI, digital transformation, and process automation, where the effectiveness of these technologies is intrinsically linked to the quality of the underlying data. At Inextricable Group, our profound comprehension of this symbiosis drives our commitment to fortifying your data strategy. We focus on ensuring that your data is robust and reliable and a dynamic catalyst propelling your business towards new heights of innovation and efficiency.
Expertise and Insight from Inextricable Group:
The Inextricable Group goes beyond mere data assessment; we redefine it as a pivotal strategic asset. Leveraging years of expertise and a deep-rooted understanding of industry-specific data complexities, we deliver bespoke solutions that address the core of data quality challenges. Our approach transcends fixing superficial data issues; it’s about elevating your data’s role within your organisation. By doing so, we unlock its potential to foster smarter decision-making, streamline operations, and enhance customer interactions, positioning your business at the forefront of its respective industry. Our dedication to transforming data into a powerful business tool sets us apart, making Inextricable Group your ideal partner in navigating the ever-evolving landscape of data-driven enterprise.