Critical Business Data- Measuring What You Manage
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The 3 Additional fields
4. Timeliness: Is the data timelydoes it arrive when it needs to arrive and get to downstream processes when it needs to?
5. Process efficiencies: Measure the time it takes to create and update the fields in your systems.
6. Total Cost of ownership: What does it cost to buy and maintain this data?
How to Track It
Measure these dimensions monthly, starting with an accurate baseline. Establish targets that support the business processes for which the data is being used. If there is a variant to the target, a corrective improvement program is established by the respective owner. The monthly metrics reports will provide status on whether the improvement programs are working.
Tools from software vendors exist that automate profiling, data quality and reporting. These tools can automate the initial baselining as well as the monthly collection and reporting of the metrics. Many vendors also provide cloud services to help you get started profiling your data and establishing the business case for further investments.
However, dont let the lack of software tools deter your efforts. You can also get started with a simple spreadsheet solution, sampling the records in your system where this data resides.
Reaping the Rewards
Companies that measure their critical business data and take corrective actions to address the gaps have seen tangible business benefits.
The time employees take to correct erroneous information is reduced, making them more productive and able to spend more time with customers. Your marketing campaigns will be more effective, because the customer information is accurate. Internal business processes will be improved due to less rework caused by data errors.
Buying more contact data from data vendors will be reduced because the contact data in your systems is accurate and useful so it does not require additional enrichment. Even days sales outstanding (DSO) is improved due to accurate customer addressees for invoicing. The sooner you get started the sooner you can reap these benefits in your company.
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