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Four Pillars of Pushing Your Data to Work Harder

Colby Creger
8/20/20 2:57 PM

It's time to plant a stake in the ground. Most organizations are struggling to take advantage of the world's richest asset - data. Much of it is incomplete, outdated or inaccurate. For you ... You know your storehouse of data is your most valuable asset. It stands as the platform for risk management, strategic planning and market agility.

Unfortunately, workers waste half their time as they struggle with data. Your people are spending too much time doing manual processes such as cleaning data instead of the value-added work of analysis. 

If you want to get the most from your data, it has to work harder. And while the categories below may seem familiar, they also represent the places where data is the laziest--and most primed for opportunity.

  1. Accuracy Depends on Automation Accuracy
    Data quality is a never-ending battle. You need to make sure your data is clean. Basic KYC data has to be augmented whenever possible: industry, business connections, affiliates, shared ownership. It’s never one and done. Every integral business needs ongoing cleansing to achieve the kind of accuracy that protects its risk exposure and reveals revenue opportunity.

    While resources abound  to resolve inconsistent data or poorly labeled data, 55% of organizations still use manual methods to clean their data. In order to extract meaningful value from data, the information needs to run through an automated process. For example, implementing data quality rules through a rules engine and assigning a quality score rating can help you identify, interpret, and correct data problems with little to no human guidance. You can tune your efforts to cleaning outdated and error-filled data that's under the spotlight from risk and regulatory reporting needs. Your teams can expand records with critical data attributes and maintain these records on a daily basis. These automations produce opportunity, unearthing missed revenue that produces ROI beyond risk mitigation and efficiency.
  2. Lineage Powers Decision-MakingLineage
    In a healthy organization with accurate data, each record is alive. It moves through the organization, delivering insight, interacting across departments, and grabbing intelligence from adjacent data sources. Getting data lineage right means you understand the ways your business users interact with and manage data. For example, the CMO could make a decision based off marketing performance and customer growth projections. This helps leaders and teams understand data's origins, how it travels throughout the enterprise and its systems, who uses it, and how it transforms by bringing the network of data to life, empowering strategic decision-making.

  3. Insight Requires Completeness Completeness
    Gone are the days where data completeness is solved by an administrator searching through files and filling in blank fields in a database. Today’s AI-powered technology allows integral firms to upload data records and perform hundreds, if not thousands, of scans which can impact data completeness. You can measure your effectiveness here by the percentage of missing data entries.

    Incomplete information impedes reporting and undermines decision-making. Data-intensive organizations require a scalable, modern platform solution to ensure the volumes of data they depend on are reliable and secure.

  4. Timeliness Accelerates Intelligence Timeliness
    As fast as data enters the enterprise, it ages. And old data is often bad data. Your company must see the most pertinent information in your system being constantly refreshed, drawing from sources within and outside the organization to get better over time.

    Again, automation has a role to play here.

    Having a reliable, automated solution can improve the reliability of the data used for business decisions. Regular processes for verification, comparison across platforms, and integration of outside sources builds confidence in the entire organization. Human hands simply cannot keep data fresh at scale. Only a fully integrated and secure data platform can.

The four pillars above work in concert to drive well-informed decisions. The key is to recognize the value of building a strong data management platform, using these pillars. Kingland is the data platform for the world’s most integral companies. When you are ready to take your data forward, schedule a conversation with our data specialists.

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