Data – the lifeblood of your organisation

Data – the lifeblood of your organisation

Lydia Coyle
by Lydia Coyle

The cost of poor data quality and inadequate data management is at an all-time high and increasing as we speak. 90% of the world’s data has been created in the last two years, with poor data quality costing large organisations an average of $9.7 million per year.

It’s unsurprising then that a recent survey of business leaders conducted by Woodhurst revealed that Data Management is the number one area across the organisation requiring transformation.

Garbage in, Garbage out. Good data in, Great insights out

By placing a greater focus on implementing a holistic, robust data management strategy, organisations can empower better, more accurate decisions, improve customer service and reduce risk.

Reap the value of great Data Management tomorrow…

Empowering data driven decisions

Exceptional customer experience

Enhanced security, risk assessments and compliance

By building your data foundation today…

Businesses need to put in place a clear, focused action plan to improve the management and use of data across the organisation. This action plan should focus on three key areas:

1. Invest in tools and capabilities

2. Focus on data quality

3. Surface and analyse

Today, data is everywhere.

We live in a truly data economy. Banks are swamped with data from financial transactions, customer purchase histories, marketing campaigns, social media streams, third-party sources and more. This abundance of data poses valuable opportunities, but it can also create numerous challenges and have costly repercussions if it is of poor quality, inconsistent across different systems and handled incorrectly.

The insight that vast, timely, quality data gives us into our businesses, our people and our risks is invaluable. It is the crux of intelligent decision-making and is essential for moving forward in a digital world. 

High quality, consistent data will greatly enable digital capabilities to persist in every facet of the organisation. Without it, further digital transformation across the organisation will prove difficult if not near impossible. Good data management is the foundation of any successful organisation and without doubt the foundations to any digital change.

Along with Data Management, Woodhurst has identified 4 additional areas where digital capabilities specifically should be enhanced to better support customers over time.

This research, based on responses from senior leaders across the industry, can be downloaded here.

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