Gartner Analyst Ted Friedman Talks Data Quality at Summit
We made a very important announcement at Summit this year on our release of the iWay 7 Information Asset Management Platform. And who better to be there to witness it firsthand but Ted Friedman, VP & Distinguished Analyst at Gartner, who specializes in information management technologies. Ted not only attended Summit to learn about our iWay 7 solutions, but he also hosted a session in our Trends and Strategies track.
Ted presented on the topic of Data Quality, with special attention on how to ensure you have trusted data to support business analytics. He outlined why people continue to struggle with Data Quality issues, when they are painfully aware that they exist. It’s the “elephant in the room” because nobody wants to deal with the issue, and it is a hard problem to solve quickly. So that’s the people/process and cultural side of dealing with data issues.
He then talked about why it is critical for organizations to deal with Data Quality issues instead of ignoring them. Staying competitive in the market was the top of the list. While the session focused on how Data Quality helps improve analytics, he also outlined other critical operational requirements such as ensuring that Master Data is correct and transactional systems have the correct and most recent information.
Ted had a ton of data from Gartner surveys and the one that stood out to me was that 38% of companies have no idea what Data Quality issues are coasting them and 26% estimate that their cost is over $1M per year! It was reassuring to hear Ted talk about how Data Quality is more than just a one-ff project; it’s a never-ending process and needs to be a strict discipline. Both the Business and IT sides of the house need to be involved. This fits right into our proven Data Management Life Cycle and our Data Quality Firewall approach. Our Data Steward Portal allows us to help bridge IT and the business and helps the business take ownership of the data by giving them an automatic workflow and portal to manage data exceptions.
Ted wrapped up with an action plan to get started and says start SIMPLE but start NOW! A great take-away message for us all. Thanks Ted!
The session was spot on for our customers who see the value in presenting accurate and trusted information for better decision support and operational excellence.
Information Builders can help you start SIMPLE and start NOW with our Data Quality Challenge.
And we'll be on the road this summer hosting "lunch and learn" executive seminars on the topic of Big Data and Master Data. Come out and see us.