Data Quality Management

With globalization, accessing the right data when it's needed can become difficult. Datactics can master even the most complex of data quality initiatives.

60% of all invoices generated contain errors due to data quality.

 Every invoice error costs $40-400 to reconcile¹.

As companies grow, organically or through acquisition, their valuable data becomes more disparate and difficult to manage. Accessing the right data when it’s needed can become increasingly frustrating.

Defining Data Quality...

Consider these facts:

• a major wholesaler has estimated that 37% of its 2.5 million invoices a year are incorrect because they display the wrong product number.
• in the consumer packaged goods industry, 47% of annual purchase orders cannot be matched to supplier invoices.

All this - the direct result of poor data quality - is costing industry millions in lost revenue and unnecessary costs.

With statistics such as these, data quality management, strategy and assessment clearly need to be higher on the agenda for many companies. Accessing the right data when it’s needed is becoming increasingly difficult.

One symptom associated with rapid growth is difficulty in determining precisely who has responsibility for data quality management, strategy and assessment. Sales people are a good example.  They often prefer to manage their own data since it defines their role – yet they may not understand in detail the importance of entering data in a specific way; a way that will render it useful to other departments and to management.

Even if you are confident that your data is sound now, according to PricewaterhouseCoopers, it degrades at nearly 30% per annum.

The Datactics Product Suite can locate missing data, errors, duplications and inconsistencies regardless of data type (e.g. customer, product, financial transactional). 

If Data Quality Management is of interest to you please look at the following Case Studies which highlight the real results achieved by organizations who overcame this challenge –

• Utilities Asset Management.  The largest water and wastewater company in England and Wales had hundreds of thousands of assets that needed to be managed, but without data quality management plans in place the asset data had become both degraded and unusable.  Datactics delivered a ‘Master Data’ solution which reduced risk, enabled accurate tracking and increased asset utilization.
• An Asian Trade development Council had an urgent need to replace an outdated, manual process of maintaining data.  Datactics was able to handle the de-duplication and cleansing of the data – which consisted of all variations of Chinese characters and other Asian languages – within the same data sets.  This unique capability enabled the Council to reduce the time taken in the process from months to days.  
• NHS Supply Chain.  The UK NHS (National Health Service) supply chain operation manages product sourcing and delivery for over 620,000 products to more than 600 NHS Trusts and Healthcare organizations.  Datactics delivered an innovative and automated solution for effective product and catalog matching to the NHS Supply Chain

¹ A.T. Kearney