Learn, explore and unleash your inner chef.

Why is data quality an important component of data management?

Managing, defining and understanding data ensures data can be applied to one or more context/s. If the data is not fit for purpose in terms of quality then it cannot provide maximum value. It is also important to understand that data does not always need to be of high quality but understanding the level of confidence or gaps also provides value.

How can firms take advantage of the focus on data? How can we communicate this need for data to other departments?

For me, data by itself is not as useful as data and process combined. To me, they are NOT mutually exclusive. Using a process to contextualise data means its purpose and value can be better understood and also allows prioritisation to occur as most companies have limited time, people and cash. By focusing on critical business processes (outcomes) you understand and manage how an activity is completed in a way that drives customer satisfaction, employee engagement, cost and revenue opportunities and also ensuring you can meet regulatory demand. Traditionally companies have fixed symptoms by looking at critical data and process you can start to address the root cause of inefficiency and make better decisions.

Could you please explain the Ownership model?

In simple terms, we have taken the accountable and responsible terms and added 100% committed (no stone unturned) and reasonable (what can be done should be done).
This has been done to drive a shared ownership model. For example:
A discrete process is assigned responsible on a 100% committed basis
A critical data element is assigned accountable on a 100% committed basis, and
An end to end process is assigned accountable on a reasonable basis

This recognises that in order for an organisation to function in today’s environment collaboration is needed and while clear accountability is needed, to be truly accountable you need to have people who understand the detail and how discrete processes connect to drive a key outcome.

What would you like to achieve by attending the Data Quality and Consistency in banking conference?

Looking to see how others are simplifying the overly complicated world of data management with a focus on data quality.