Thursday, June 30, 2016
Boosting Data Quality Can Optimize Your Company’s Performance
Over the years, the rapid development of information technology has greatly optimized the day-to-day operations of businesses. Companies collect and store an enormous amount of data, which in return, demands superior and diligent data management. However, organizations typically overestimate the quality of their data and the cost of errors, according to a study.
Because of this, Third Pillar Business Applications Inc. – a globally recognized business partner in providing best-in-class services and solutions – helps businesses transform their organization into a more innovative, cost-effective, and revenue-earning business through exceptional data governance.
According to Alan Alipao, managing director and head of consulting of Third Pillar, a regular data assessment and cleansing for data quality maintenance should become a standard practice to all organizations. “It informs the organization as to where the risks are within the data, thus allowing them to create preventive measures against business process failures, non-compliance, and other scenarios leading to profit losses.”
Data cleansing is the process of amending or removing data in a database that is incorrect, incomplete, improperly formatted, or duplicated.
Clean data can actually improve customer acquisition activity results, fine tune the decision-making process because of reliable information, increase revenue and productivity, and improve account management and analysis.
The study titled ‘The cost of poor data quality” published in the Journal of Industrial Engineering and Management also noted that 75 percent of organizations have identified costs stemming from poor quality data while less than 50 percent of companies claim to be highly confident in the quality of their information.
“That’s why Third Pillar continues to strive for more polished business services,” Alipao said. “With that in mind, we seek global players as partners to better assist companies with solutions and services that can guarantee 99% data quality.”
With its alliance with BackOffice Associates—a world leader in data migration and data governance solutions—Third Pillar can help organizations achieve better business outcomes.
BackOffice Associates maximizes three key strategies that perfectly suffice an organization’s performance-boosting necessities. First, it rapidly identifies data quality issues through a data assessment that can give executives a better understanding of their company’s data conditions.
The benefits of doing a Data Assessment includes a quick two to three week evaluation of costly data errors and the development of a roadmap for businesses to address these data errors and maintain a high percentage of data quality that can be assured to the business. Second, it ensures a smooth data migration process for companies who have complex data moving from legacy to new systems or ERP with a combination of methodology, a powerful software platform for analysis and cleansing, and experienced consultants.
The results include early data quality visibility which dramatically improves go-live readiness; focus on loading business-relevant data eliminates post go-live data clean up; elimination of dependency to spreadsheets by simplifying data mapping exercises; and its vast content library lowers cost of custom programming and rule creation.
Finally, a well-created guide for data governance can help organizations reduce cost and risk while maintaining top quality data. A single-console approach can holistically manage the processes over governance policies on all data within an organization, and saves time, money and user effort by leveraging the reuse of decisions and policies across the lifecycle of data.
“Business interruptions due to erroneous or unnecessary data to an organization’s system are better off removed,” Alipao said. “As part of Third Pillar’s commitment to promoting data quality among businesses, it also sees data cleansing as a crucial step in mitigating business’ risks.”
“Effective service and excellent execution are always our top priority,” Alipao emphasized. “We are continuously developing an effective service infrastructure comprised of goal- and value-driven subject matter experts, industry experts, and technical consultants to help in bolstering business performance.”
Alipao concluded, “Today, businesses are facing different crises that impede their growth and development. Third Pillar, however, will continue to pin down each issue as we are strongly dedicated to optimizing performance among organizations towards realizing their limitless potentials.”
Minimizing business disruptions through the IoT platform
As part of its great commitment to optimizing business productivity, Third Pillar recently sponsored a two-day Asia IoT Business Platform conference at the Manila Marriott Hotel. Internet of Things (IoT) stakeholders shared the latest Information and Communications Technology (ICT) developments.
Numerous policy makers, government officials, telecommunication operators, solution providers and local enterprises gathered together during the conference to help them better understand the IoT technologies and how useful it can be to their businesses’ efficiency.
According to Jennifer Ligones, president and CEO of Third Pillar, IoT offers prolific opportunities to the Philippine market. “Its major advantages will absolutely minimize business disruptions through tracking behavior for real-time marketing; enhanced situational awareness; censor-driven decision analytics; optimized resource consumption; and instantaneous control and response in complex autonomous systems.”
“A big win awaits a businessman that has adequate knowledge and understanding of the Internet of Things. Recognizing and targeting pain points and maximizing an outstanding strategy can make all business’ goals real,” Ligones emphasized.
The two-day conference focused on helping businesses in Manufacturing & Industrial IoT, transport and logistics, smart cities, healthcare, and banking and finance industries.