garymdm

[garymdm]

Beyond Validation: How the Best Data Quality Rules are Actually Business Rules

Data quality is the lifeblood of good decision-making. Inaccurate or incomplete data can lead to missed opportunities, wasted resources, and even regulatory fines. But how do we ensure our data quality rules are effective? Conventional Data Quality MetricsData Quality Rules are Business RulesFraming the Data Quality ConversationThe Power of Business-Driven RulesMoving from Validation to Business…

View On WordPress

#best practice approach #data quality #data quality metrics #financial controls #financials #revenue

[garymdm]

Data Quality Management: It's About Prevention

Dirty data can lead to costly mistakes, missed opportunities, and frustrated users. That’s where Data Quality Management (DQM) steps in. But here’s the shocker: many DQM efforts fall short of their core objective – preventing data quality issues from happening again. The 1:10:100 Rule: The Manual MazeMonitoring Without Action is MeaninglessShifting the Focus to PreventionConclusion Imagine…

View On WordPress

#data quality #data quality monitoring #Master Data Management #root cause analysis

[garymdm]

Data Quality Issues: Unmasking Underlying Business Challenges

Data quality issues often serve as red flags, signaling deeper problems within an organization. While they may appear as mere glitches in the data, these issues can have far-reaching consequences. Let’s delve into the intricacies of data quality and explore how to address them effectively. The Age Quandary: A Case StudyThe Culprits: System Error vs. Human ErrorThe Illusion of Quick…

View On WordPress

#data quality #data quality issues #data quality tools

[garymdm]

Master Data Management: The Cornerstone of a Data-Driven Insurance Company

Modern insurance companies must extend risk and customer analytics beyond traditional actuarial approaches. Master Data Management (MDM) emerges as a cornerstone technology, ensuring data accuracy, integrity, and consistency across the organization. This translates to a multitude of benefits for insurers. Building a Single Multi-Domain Source of Truth:Beyond Accuracy: Efficiency and Customer…

View On WordPress

#claims data #data quality #insurance #Master Data Management #risk management

[garymdm]

Location Intelligence: A GPS for Smarter Decisions in Insurance

The insurance industry thrives on understanding risk. But what if you could go beyond basic information and truly grasp the spatial context of your data? That’s where location intelligence comes in, acting as a powerful GPS for insurers navigating the complexities of risk assessment, claims handling, and overall operational efficiency. Pinpointing Risks with PrecisionSharper Risk Assessments &…

View On WordPress

#data quality #insurance #location intelligence #operational efficiency #risk management

[garymdm]

Demystifying ESG: South Africa's Growing Focus on Sustainability Reporting

The other day I saw someone ask the question, “Why are companies wasting so much money on ESG consultants?” This person clearly did not understand the complexity of the impending CIPC mandated requirement for public and state-owned companies to report on their environmental impact. Understanding ESG: Environmental: This aspect focuses on a company’s impact on the environment. It considers…

View On WordPress

#CIPC #compliance #ESG #ESGReporting #regulatory reporting #SouthAfrica #Sustainability

[garymdm]

Dirty Data, Dirty Profits: Why Data Quality is Critical for Insurers

In the data-driven world of insurance, clean information is king. Accurate data underpins everything from risk assessments to pricing models, ultimately impacting the profitability and success of an insurance company. But here’s the sobering reality: many insurance companies struggle with data quality issues. “The greatest challenge facing our industry’s data leaders is the quality and the…

View On WordPress

#data quality #insurance

[garymdm]

Data Governance: The Unsung Hero of Insurance Success

In the actuarial-driven world of insurance, where faulty calculations can make or break a company, data governance often flies under the radar. But this behind-the-scenes hero plays a critical role in ensuring data accuracy, reliability, and security. Effective data governance unlocks a wealth of benefits for insurance companies, leading to better decision-making, enhanced collaboration, and…

View On WordPress

#active data governance #data governance #insurance

[garymdm]

The 10:1 Rule: Declutter Your Data and Unleash Your Inner Data Minimalist

Feeling #overwhelmed by data? Drowning in dashboards? The 10:1 Rule: #Declutter Your Data and Unleash Your Inner Data Minimalist

Feeling overwhelmed by data? Drowning in dashboards? You’re not alone! But fear not, fellow data enthusiasts, because we have the solution: The Revolutionary 10:1 Rule! That’s right, say goodbye to information overload! The 10:1 Rule posits that you only need 10% of your data to make sound decisions. The remaining 90%? Just clutter clogging up your precious storage space and slowing down your…

View On WordPress

#analytics #big data #data quality #humour

[garymdm]

Real-Time Data Validation and Enrichment: Refining Clean, Complete Information "Oil" at the Source

Real-time data validation and enrichment at the point of capture are essential practices that can significantly impact the success of data initiatives. Research shows that the quality and completeness of information play a crucial role in driving informed decisions, optimizing operations, and enhancing customer experiences. Inaccurate or incomplete data collected at the outset create a ripple…

View On WordPress

#data enrichment #data quality #precisely #validation

[garymdm]

The Data Revolution: How Insurance Companies are Embracing Digital Transformation

The insurance industry is undergoing a seismic shift, driven by the power of data and digital solutions. Gone are the days of paper applications and manual processing. Today, forward-thinking insurers are leveraging artificial intelligence (AI), machine learning (ML), and other digital tools to streamline operations, reduce costs, and ultimately, create a better customer experience. The Numbers…

View On WordPress

#digital transformation #insurance

[garymdm]

Facing Water Scarcity with the Power of Data

On World Water Day, we thought we would celebrate the ground breaking ways that South Africans are using data for sustainable water management. Here’s how they are making a splash: Reliable Data, Reliable Decisions: Time-series data and standardized updates ensure accurate information to track trends and measure progress towards water sustainability in cities. This data becomes the foundation…

View On WordPress

#data analytics #data quality #DataForGood #IoT #WorldWaterData

[garymdm]

When Populating Your Data Catalogue: Quality Over Quantity, Every Time

When it comes to populating your data catalogue, should you prioritize sheer quantity of entries, or meticulously focus on quality? ask Neil Burge on LinkedIn. While I have seen both strategies taken, my experience firmly leans towards quality being the crown jewel. I’ve seen first hand the pitfalls of prioritizing quantity. Users overwhelmed by wading through a vast data dictionary brimming…

View On WordPress

#CDE #critical data elements #data catalogue #data dictionary #metadata management

[garymdm]

Continuous Controls and SoD: Watchdogs Against Fraud and Regulatory Woes

With over 60% of South African organisations admitting that they’ve been the targets of economic crimes and fraud, enterprises must adopt a proactive stance to protect themselves. Robust strategies such as Segregation of Duties and Continuous Control are critical to effectively thwarting fraud attempts and ensuring adherence to regulatory standards. With fraudsters continuously evolving their…

View On WordPress

#audit #Continuous Controls #corporate governance #fraud #GRC #SoD

[garymdm]

Ensuring Quality, Integrity, and Consistency Across Diverse Sources and Systems

Strategies to ensure quality, integrity & consistency across complex enterprise landscapes, diverse sources & systems. #DataQuality #DataIntegrity

To survive and grow, business leaders are turning to their data to support rapid, data-driven business decisions. Yet, with increasingly complex data landscapes and ever-growing volumes of data, how can we ensure data quality, integrity and consistency across diverse sources and systems, each speaking its own dialect of data? Consistency? Integrity? Forget it! Ensuring your data is trustworthy…

View On WordPress

#BARC research #data governance #data integration #data integrity #data integrity suite #data quality #trusted data

[garymdm]

Trusted data – the foundation for extracting value from your data

As the world adjusts to the ‘new normal’, the entire pattern of work and life has shifted. One thing has especially become clear – everything we thought we knew about customers has changed, from their movements to their purchasing habits, to the products they buy. Trusted data is now more important than ever and extracting value from the data is a critical source of competitive advantage.…

View On WordPress

#data strategy #decision-making #trust #trusted data

[garymdm]

Data Governance: The Invisible Armor Fortifying Your Seven-Layered Data Security Citadel

Lock down confidential data with 7 layers of security & #datagovernance! Unify policies, control access, and track data flow across all layers. #datasecurity

Should data security be a focus of data governance? While we agree that data security is the realm of the Chief Information Security Officer(CISO), typically reporting to the Chief Information Officer(CIO), data governance programs and frameworks provide business oversight and guidance for data security priorities. Using the popular seven-layer model for data security, we explore the role of data…

View On WordPress

#access governance #data governance #data security #seven-layer model