Bad data costs the U.S. businesses $3 Trillion per year – Harvard Business Review September 2016
Data quality has a direct and measurable impact on business process efficiency.According to the Forbes Insights and KPMG “2016 Global CEO Outlook,” 84% of CEOs are concerned about the quality of the data they’re basing their decisions on. The role data plays in enabling future technologies such as artificial intelligence and the Internet of Things is critical—but one that will be undermined if businesses do not make data quality a priority.
In the purchase to pay process, poor quality vendor data causes missing purchase contracts or pricing information for important materials leading to delays in the procuring vital goods. This can result in production material shortages, use of unapproved procurement channels and ultimately higher costs of goods sold.
In the order to cash process, incomplete or inaccurate customer records, incorrect credit limits, or inaccurate pricing information result in lower overall customer service, lost or delayed revenue, increased service costs and a huge effort by the customer service team to resolve without losing customers. Furthermore, inaccurate data result in incorrect management reporting meaning that vital business decisions are made based upon incorrect information.
Expedien helps you do systematic analysis of data, or data profiling, and gather actionable and measurable information about its quality. Information gathered from data profiling activities is used to assess the overall health of the data and determine the direction of data quality initiatives.
Data Quality Assessment
Data compliance consists of the ongoing processes to ensure adherence of data to both enterprise business rules, and to legal and regulatory requirements. We help you achieve data compliance across four areas – controls, audit, regulatory compliance and legal compliance.
Expedien has deep experience working with global organizations to help develop solutions that effectively manage data quality from all points of the business. Through our understanding of the importance of balancing business priorities, we create a realistic approach to ensuring that data is available, accurate, consistent, reliable and secure, ultimately enabling better business management and organizational performance.