Did you know that poor data quality costs the US economy up to $3.1 trillion every year?

 

In an educational presentation at the AMEC Virtual Global Summit on Measurement, Devshree Golecha, Head of Business Intelligence & Analytics and Data Council lead, TDECU, outlines some of her best practices to creating a data driven culture within an organisation.

 

“How do you leverage your data in a way that you can use it to enable strategic action?” asks Devshree.

 

“You need to target the specific data that can be translated and processed and analysed to develop insights. Then you can use these insights to solve specific problems and to take decisions. And then comes the execution, which means action. By following these steps, you can change the way your business is done, just by leveraging data.”

 

But there are some significant challenges to this approach. Data has been increasing exponentially and organisations today are facing a mounting tide of the stuff. By 2023, it is expected that 103 trillion gigabytes of new data will be created.

 

There will be an increasing focus on finding the useful, actionable data within that huge pile. Not least when you consider the amount of data replication that is going on. Indeed, of the 33 trillion gigabytes created in 2018, 86% of it was replicated.

 

Managing data ineffectively hampers the digital transformation efforts and the overall success of organisations. Devshree explains that all of this points to the importance of organisations building solid data governance frameworks.

 

Such a framework will allow organisations to establish a data driven culture through a robust governance structure that runs right through the company. Core to the success of a data governance framework is the introduction of policies, standards and guidelines.

 

“Privacy, compliance and security are incredibly important – we should be very careful. It can run organisations into lawsuits, if they don’t protect the personal information of customers. That’s when we have to be very stringent with privacy procedures and policies,” warns Devshree.