Are Professional Services Organisation leaving data quality to chance?

The importance and accuracy of business data is well documented, yet so many Professional Services Organisations (PSOs) still leave the quality of their data to chance.

Article by James Brier, CEO ids.

Poor quality data can mean inaccuracies in the information available to your team, and inaccuracies can cost you time, money and even damage the reputation of the business.

When asked, management teams express concerns over data quality but many have yet to implement companywide policies that help to resolve these issues. In fact many do not fully understand where to begin in making changes or even where the issues lie.

Data quality issues can be caused by a wide variety of different complications and factors. It may be as simple as human input error, or you may have entirely incomplete or inconsistent data parameters and processes between different departments in your firm.

Data is used across many areas of the business, from finance and marketing too assisting in business critical decision making, so its ever more important to ensure that data is consistent and complete.

The first step for any Professional Services Organisation is to identify the current state of your data quality, and pinpoint exactly where it is that things are going wrong, update data entry procedures and processes accordingly and, where possible, implement data governance processes to monitor these processes.

Secondly, depending on the data’s importance can largely determine how accurate data held by specific departments is. Such as financial, legal or compliance related information. However the importance of quality should also be reflected in those other departments such as Marketing (CRM), case management or sales and logical steps taken to ensure users are educated in the importance of data management.

Only too often do we see the importance of data accuracy when an organisation is updating or migrating to a new business system rather than it being a longer term commitment.

The time is now for Professional Services Organisations to re-evaluate and execute data strategies that work.  Let us guide you around this complex data minefield by talking to our data quality experts to assess if iData could be the answers to your current data nightmares.

 

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