5 Reasons Data Quality is Important

In a recent DCAM study, data quality has been determined as one of the weakest areas of data management programs across the industry.  This is a perfect set-up for you Chief Data Officer's and enterprise data management executives out there. My suggestion is to use data quality as one your biggest hammers marketing your data program goals and objectives. Many are doing this already (keep it up!) and for others, here’s why I think data quality is continuing to stay at the top as one of the most important data topics in the industry. 

DATA QUALITY IS HIGHLY QUANTIATIVE 

From error rates to more precise diagnostic approaches to identifying data quality issues, we can generally count, chart, and measure data quality. Sure, there may be the nay sayers in the room that want to debate data quality definitions, but the reality is we can measure data quality in many different ways. This makes it easier to understand for executives than broader topics such as “governance” or “strategy”. 

DATA IS GETTING USED MORE

I’ll use legal entity data as an example. Now 8 years after the credit crisis firms throughout the industry are focusing on legal entity data. It’s getting used and the quality issues are showing up the more focus this data receives.

REGULATORS CARE ABOUT DATA QUALITY

Not only does it help keep you in good terms with the regulators, data quality also provides confidence that the reports you're submitting can be trusted.  

DATA QUALITY IS VIEWED AS A RESULT

Many executives want results and if you can quantify and report on quality and show improvement, it looks good. 

DATA QUALITY IS INHERENTLY DESIRABLE

If you ask someone “is improving data quality a good thing?”, he or she will say “yes”. If you ask someone “is poor data quality a bad thing?”, he or she will say “yes”.  It's a simple concept, but it really does help with consensus building – we can all rally behind data quality. 

Quite simply, for today’s Chief Data Officer data quality is a must have as part of a strategy. Not only does it improve business results and help achieve objectives, but it’s a wonderful tool in building momentum.