Regardless of your initiatives whether it is analytics, data integration, MDM, or application integration, your data need to be trusted. Without a data quality program and tools in place, you face:
- Unreliable analytics: The business value you glean from your analytics is only as reliable as the data feeding your dashboards, which impacts operations, planning, projections, and ultimately your bottom line
- Wasted resources: Data errors impact operations by incurring higher costs resulting in lost revenue (e.g., when a package is shipped to the wrong address)
- Damaged customer reputation: Your reputation with customers, prospects, partners, or suppliers can be damaged, sometimes irreversibly, if the wrong data reaches the wrong audience
- Regulatory fines: Inaccurate regulatory reporting can result in fines from regulations such as CCAR, BCBS239, and GDPR