Data Management – Watch out for the Fundamentals

Every organisation all trying to deploy intelligent document management solutions for their data/records. However, according to Noreen Kendle, a principle consulting analyst at TechVision, there is a fundamental issue we have to look out for.

“Data is a business asset, and for many organizations it is one of their most important assets. When data is compromised, the organization is compromised: customers, stakeholders, employees, and regulators all hold organizations accountable for the accuracy and protection of their data. When inaccurate or incomplete data is used in financial reporting, compliance, transactions, or critical decision-making, an organization can be brought to its knees and possibly even to its demise. When the organization doesn’t protect sensitive financial, customer, or employee data, risk increases for theft and fraud. Compromise the data and you compromise the organization it represents. “ (Noreen, K, 2016)

With the rapid growth of the technologies, many companies seek their way to cut cost and move away from the “hand-on” operations and observations to intelligent automation. The expectation of the outcome were to reduce the operational expense and accelerate the process. However, these benefits sometimes turn into a huge chaos for poor quality, inadequate, missing data, underestimated, or unmeasured. After the failure, organisation will have to spend another significant time and effort hunting, fixing, creating workarounds for those broken information. This broken information not only cost extra money but also damage company’s reputation.

As different companies/organisations have different requirements of managing their records varied from simple worksheets to complex matrix. Before jumping in to the business intelligence, “BI”, solution, organisations should carefully analyse whether this facility can handle the complex requirement for different circumstances which including the flexibility to modify according to any scenarios. The fundamental goal for the solution is to create a reliable and accurate data set. Therefore, it is critical that the information should be carefully managed, taxonomy indexed, flexibly designed, and easily understood.
Data is one of the most valuable assets for a business organisation. Therefore, accurately categorization if important. By correctly index the core information of the information, it not only can avoid the “clean-up” process but also make the workflow more efficiently through different departments in the organisation. Accurate data yields reliable information and reliable information leads to efficient workflow which is not only represent the company’s reputation but also generate a satisfaction of the customer relationship.

Reference

Noreen Kendle, Data- The fundamentals are broken, 2016, TechVision Research, www.techvisionresearch.com

By |2017-09-13T03:46:27+00:00December 7th, 2015|Data Management, Document Management|