Last time I talked about the untold benefits of an Enterprise Data Model as a Reference Architecture for the Connected Enterprise. This week I would like to discuss the most valuable asset in any company, Data.
Good Data: Your Most Valuable Asset
Answering business questions and making good decisions require good data. Without good data, the decision making process becomes guesswork. Having good data implies having the right tools, the right people and the right processes in place. The Enterprise Data Model that I talked about in my last blog provides the foundation for producing good data.
Good data benefits an organization in multiple ways. In a recent study published by the Data Warehousing Institute (TDWI) participants concluded “good” data is critical to run an efficient organization. According to this study, the top three benefits of good data are:
- Greater confidence in analytic systems
- Less time spent reconciling data
- Having a single source of truth
Furthermore, these benefits have a direct correlation in customer satisfaction, cost reduction, and increased revenue for an organization. Data quality also reduces complexity and allows for more sophisticated types of collaboration between teams.
From Bad To Good
It may seem like a daunting task to think of cleaning up all of the bad data that may exist in your organization, but it doesn’t have to be. The following steps will help you to methodically improve the quality of your data without feeling overwhelmed.
- Find an executive sponsor that will support improving the data in your organization
- Create a communication plan that the executive sponsor can send out to the organization describing the data cleanup effort
- Identify all the systems used for the following disciplines
- Enterprise Portfolio Management (EPM)
- Project and Portfolio Management (PPM)
- Business Process Management
- Asset Management
- Service Management
- Business Service Management
- Configuration Management
- Resource Management
- Financial Management
- Find a stakeholder from each area and assemble a small team
- Select a system and determine what data is sourced from that system
- Create an Enterprise Data Model
- Communicate back to the organization the authoritative sources for all of the data used in each system
- Create data quality rules, policies, and governance
- Identify data stewards that can update and maintain the data, and hold them accountable for the quality and completeness of the data
- Communicate often to the organization the status of the data and set up quarterly data reviews
After completing these ten steps, you will be on your way to having good data in your organization. The Enterprise Data Model can then be used to start integrating all of the disparate sources together to enable sound, informed business decisions.
Does your organization have the foundation to provide good data for making better business decisions? Join in the conversation and share your thoughts.
See you next week, same time, same place.