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July 20, 2005
Business data and the market value of a business
Data has become so valuable for corporates that they store it in warehouses especially constructed for them. Applications such as CRM, ERP, Inventory management systems, etc are implemented to utilize the data and add to it. The data that they create and refer to reveals important purchasing and buying patterns, dispatching options, and consumer buying trends. However, inaccurate and incomplete data is not uncommon in most data warehouses. It has a negative effect on the decision making process. Frequently, the scope of the problem is such that companies have to introduce an enterprise-wide quality solutions program. This enables the executives to access uniform data from a centralized source and be confident about the decisions taken on the basis of that data. It is important for this purpose that the company has measurable business goals and an alignment between business and IT objectives. Businessintelligence reports:
Well seasoned data quality experts, particularly ones experienced in turning business requirements into lasting data quality standards, are generally far more effective than part-time programmers whose job is to “fix” glitches, or contractors that don’t know your business.
Read More: Business Data – The New Gold Standard
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