What is Data Quality Management: How to Improve Your Business

Saturday, June 8, 2019, 6:00 AM | Leave Comment

Data is very valuable in every business, and in today’s digital world, it is becoming more important for organizations to pay attention to the information they need and hold.

For this reason, your business needs data quality management (DQM) to be able to maintain quality data, especially because the data you have will be used to make major decisions.

DQM can be defined as a set of rules that help organizations to maintain quality data for business. What is data quality? Data quality is an assessment of data’s ability to serve the purpose it is intended to serve.

The basis of assessment includes completeness, accuracy, relevance, reliability, among other dimensions.

DQM involves acquiring data, data processing, protection, and distribution. You will need a data steward to help in overseeing data management, and with an effective DQM, you will be able to enjoy the following benefits in your business.

  1. Better Decision Making

    When your business has reliable data that is easily accessible to decision makers, it helps in making more informed decisions. This is because people are not relying on anything, but quality data gathered and processed by the department responsible for data management. The good thing is that anytime a decision needs to be made, updated information will always be available because data management emphasizes on consistency.

  2. Become A Better Compliant To Regulations

    A business may not grow or may land into big problems with lawmakers if they do not comply with rules and regulations laid for them. However, if your business has an effective DQM team, then you will always have information about these regulations because again you can’t comply with something you do not know of. Also, the quality data processed by the department will help to prove the transparency of your organization whenever this information is needed.

  3. Improved Security

    In today’s digital world, data is one of the things that have become prone to theft, among other cybercrimes. You have a responsibility to take care of customers’ data without compromise. Otherwise, you might find yourself facing data breach cases, which can be very messy. It is therefore important to embrace data quality management because it is one of the ways you will effectively secure your data from such issues.

  4. Increased Profitability

    Having data in your business can be very profitable in different ways. For instance, you all know that data can be monetized and having an effective DQM allows you to have this data readily available. With customers’ data, it is easy to reach and interact with them, making your relationship stronger. Good customer relationship means the ability to retain them, and customer retention translates to increased profitability in business. Again with data available for those who need it, they will deliver their work efficiently and improve performance. All these places a business in a better position to make more money.

  5. Improved Overall Performance

    For one, quality management of data ensures accountability whereby every person dealing with what task or what data can be held responsible for anything they do. The few people designated to oversee this department will be answerable in case of any issue concerning data acquisition, procession, distribution, and protection. Also, every employee and their leaders will easily deliver their targets when data quality is upheld at all levels. They will not only deliver but also deliver it efficiently, and this results in improved overall performance.

DQM has proven to be a crucial discipline for many organizations when it comes to data acquisition, assessment, processing, management, distribution, maintenance, and protection. There is a lot to gain than to lose and among the advantages, are the benefits listed here.

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