Clean Data Pt 2 – Air your dirty laundry, don’t wait for ‘clean data’

Filter By Topic

All

In part one of this series, we explored how using a corporate performance management (CPM) solution can help clean your data. You may be thinking, “When is my data ‘clean enough’ to be useful?”

The hard truth is that your data is in a constant state of decay. Achieving clean data is a time-consuming and ongoing journey. There are many tactics to help you realise this goal (which we go into in the next blog in this series), but it could take several months, if not years, for your data to be considered ‘clean’.

That’s why we believe in using your data now, and we aren’t the only ones.

According to research completed by the University of Texas, increasing data usability by 10% would boost annual revenue for Fortune 1000 companies by more than $2 billion.

Don’t wait to publish your data. A significant benefit of publishing your data early, through a platform like CALUMO, is that it makes people more accountable. Share the data cleansing load with those responsible for collecting it, allowing you to use your data to better effect sooner.

More often than not, finance teams find it difficult to engage the business and drive accountability in the data collection process. Publishing and sharing your data, even before it is 100% clean, helps educate employees as to the importance of accurate information and increases ownership of the numbers. The use of reports, visualisations, and dashboards in sharing information help with quick distribution of data, so that the wider business can easily identify and investigate inconsistencies or anomalies. Automated reminders from your CPM system can highlight missing data to ensure best practices across your organisation.

Teams responsible for inputting data will see the roll-on effect sooner rather than later, and be able to make changes to correct current and future mistakes. Longer-term, those involved in data collection will be more deliberate in their data entry, because they’ll know what information is important. The Six Sigma practitioners refer to this as “First Time Right” and the benefits of even striving for it are immense.

Before putting the data to use, you need to develop a strategic framework to determine potential data security risks and applicable compliance requirements, working with a company like CALUMO can help you address these points.

To learn more, get in touch with us on +61 2 8985 7777 (AUS), +1 214 387 6030 (USA) or info@calumo.com.

Watch out for part three of this series, coming soon, to learn about tactics to keep your data clean.

Additional sources

https://www.edq.com/resources/data-management-whitepapers/2019-global-data-management-research/

https://www.pwc.com/us/en/services/consulting/cybersecurity-privacy-forensics/library/pulse-survey.html

https://www.wsj.com/articles/ai-efforts-at-large-companies-may-be-hindered-by-poor-quality-data-11551741634

https://www.datascienceassn.org/sites/default/files/Measuring%20Business%20Impacts%20of%20Effective%20Data%20I.pdf