In a 2018 Gartner study of organizations implementing IoT solutions, 68% indicated data quality to be top data challenge. What can you do right now to improve your data quality?
Assess the health of your data!
You don’t know what you have until you look right? A Data Health Assessment (DHA) profiles and analyzes the quality and integrity of your master data (e.g. materials, customers, vendors, financial, etc.). A DHA visualizes the existing, “as-is” state of your data quality… completeness, consistency, conformity to standards and duplicates. The report then summarizes the impact that poor data has on your business and recommends next steps to achieve measurable data and business metric optimization.
Do you know what your most common drivers are causing data inconsistencies?
Commonly identified drivers are:
- Inventory Optimization
- Global Spend Analytics
- Supply Chain Logistics
- Timely and Accurate BI/Analysis
- Global Reporting Integrity
- Data Quality and Data Governance Initiatives
- IT Systems Consolidation
- Supplier and Trading Partner Collaboration
The purpose of a DHA is two-fold:
- Establishes a base line and foundation relative to the integrity of your data
- Illustrates how your business initiatives are compromised due to poor data
The DHA helps you uncover data issues and more importantly: it identifies how your data is compromising your business processes, reporting integrity and your goals. Poor data quality leads to impaired decision-making which hampers your company’s ability to leverage spend effectively. It also compromises your maintenance and compliance with rules and regulations.
A Data Health Assessment is the first step in gaining an understanding that clean data is the fuel that powers a business.
For more information on Utopia's Data Health Assessment, please visit: https://www.utopiainc.com/services/data-quality/data-health-assessment