Shafiq Mannan’s Post

Did you know that poor data quality can cost businesses a staggering $15 million annually? This is a reality many companies face due to the hidden implications of bad data management. In a recent article, the consequences of inadequate data practices are explored thoroughly. It highlights not just the financial impact, but also the potential for damaged reputations and lost opportunities. Many organizations underestimate the risks associated with flawed data, often overlooking how it affects decision-making, operational inefficiencies, and customer trust. Understanding the true cost of bad data goes beyond numbers; it's about recognizing how it can stifle growth and innovation. If businesses want to thrive, they need to invest in smarter data strategies and prioritize data quality management as a key component of their operations. What steps do you think organizations should take to improve their data quality? Looking forward to hearing your insights! https://lnkd.in/ezHx4_Tu H2K Labs

What impact could poor data quality have on your business? In the digital age, data drives decisions, influences strategies, and ultimately shapes outcomes. Many organizations overlook the significance of accurate data and the hidden costs of letting inaccuracies slip through the cracks. This article sheds light on the real consequences of bad data—ranging from missed opportunities to substantial financial losses. The complexity of maintaining data integrity is often underestimated, yet it’s essential for achieving reliable results. It's a reminder that investing in quality data management practices is not just an option; it’s a necessity for sustainable growth. What measures do you believe are critical for ensuring data quality in your organization? Let’s discuss! https://lnkd.in/ezHx4_Tu H2K Labs

Less Is More: Simplifying Your Data Strategy for Better Outcomes Is your data strategy too complex? If so, you're not alone. Here are three common mistakes: More data may not be better. Many businesses believe that more data means better decision-making, but this approach can actually lead to overwhelm, with leaders tracking everything yet missing the metrics that matter most. It’s a classic “can’t see the forest for the trees” problem. The truth is, better performance may come from simplifying your metrics to zero in on a narrow set of KPIs that consistently drive success. More technology may not be better. Over-reliance on technology can be a trap. While enterprise software, financial tools, and similar systems are useful, they can create a false sense of control. In reality, they may make it harder to see the critical indicators that actually impact business outcomes. For instance, it may be more effective and motivating to track customer contacts with a handwritten tally on a whiteboard that is situated where everyone can see it 24/7, rather than to generate a daily report that may get lost in people’s overflowing inboxes. More frequent tracking may not be better. While it might seem logical to monitor progress constantly, too much focus on day-to-day data can lead to micromanagement and skewed priorities. Instead of obsessing over daily fluctuations, businesses should identify key milestones and check in periodically. Weekly or bi-weekly updates on core metrics – such as new customer leads, product output, or cost management – allow for a more balanced perspective and prevent unnecessary reaction to short-term variations that may not reflect long-term trends. In the end, success is about focusing on the quality, not the quantity, of your data. It’s easy to fall into the trap of thinking more is better – more data, more technology, more tracking – but that often leads to complexity, confusion, and distraction from the bigger picture. Streamline your approach by identifying the metrics that truly drive results, using the simplest tools to track them, and spacing out your data reviews to align with meaningful milestones. Simplification is the key to clarity – and to unlocking consistent, measurable business success.

In the modern business landscape, data is the lifeblood of decision-making, strategy development, and operational efficiency. However, the benefits of data-driven approaches are significantly undermined when data quality is compromised. Poor data quality acts as a hidden tax on business operations, draining resources, skewing insights, and leading to suboptimal decisions. Understanding the causes of poor data quality, methods to ensure high data quality, and strategies for continuous improvement are crucial for businesses striving to leverage their data effectively. Some of the most common causes of poor data quality 🚫: 1. Data Entry Errors: Human mistakes during manual entry lead to typos and duplicates. 2. Lack of Standardization: Inconsistent data formats cause mismatches and confusion. 3. Integration Issues: Merging data from various sources without proper checks introduces errors. 4. Outdated Information: Data that isn’t regularly updated becomes obsolete and misleading. 5. Inadequate Data Governance: Without clear policies, maintaining data quality is tough. Ways to improve data quality 💡: 1. Develop a Data Quality Plan: Spot where the issues are and set goals to improve. 2. Leverage Advanced Analytics: Use tools to monitor data quality in real-time. 3. Enhance Data Integration: Clean and standardize data before integrating it. 4. Measure and Monitor: Set KPIs for data quality and keep track of them. 5. Continuous Improvement: Regularly review and refine your data quality practices. Poor data quality can severely impact business outcomes by draining resources, leading to poor decision-making, and eroding customer trust. By understanding and addressing the causes of poor data quality, you can keep your data accurate, reliable, and valuable.🚀 How do you ensure data integrity and quality in your business and tasks? Share your strategies and insights in the comments below! 👇 #DataQuality #BusinessIntelligence #DataDriven #BusinessGrowth #DataManagement

If you think your data operating model needs to disrupt your business to be effective, Think again. Your data operating model should support, not stifle, your business. YEARS of practice have shown me that you don’t need massive overhauls to see results. And you should understand this too: Start with this: use cases are a great starting point. Identify key offensive data and analytics use cases to drive business growth and innovation. → Subtle, tactical and incremental improvements to current processes and capabilities make already a difference. You don’t have all data domains in place or not 100% DQ scores – so what? It’s not about heavy-handed control. Start by building trust, both internally and externally by demonstrating quick wins. At DRIVA, our approach is straightforward: Small, targeted adjustments that enhance data quality, availability and usage. No need for a dramatic overhaul. These changes allow your data operating model to integrate naturally and mature as needed. By following this approach, you data operating model accelerated your pace and strengthened the position of your data management. Our clients see that our practices to enhance their data operating model supports their objectives and drives innovation. Clients trust us because our governance supports innovation, not stifles it. That's exactly how we navigate on the Data River - by letting data empower, not hinder, your journey.

Data is the lifeblood of every decision. But not all data is created equal. Here’s why the value of data isn’t just about quantity—it’s about timeliness and quality. I've been spending time with Michael Clark, one of the world's top data scholars, and we've been discussing data as an asset. This topic comes up often: the importance of accurate data. Without accuracy, data is just noise. Michael emphasizes that businesses that treat data as a strategic asset—focusing on accuracy, validation, and timeliness—position themselves for success in ways their competitors cannot. Data is an asset that can either empower or mislead. When it's accurate, timely, and properly validated, data provides insights that drive better decision-making, streamline operations, and unlock new opportunities. However, when businesses overlook the importance of data quality, they risk making flawed decisions that can be costly in terms of both money and reputation. Michael often points out that in today’s hyper-competitive environment, data-driven strategies are the differentiators, but only when the data is reliable. He says, "Data without validation is like trying to build a house on quicksand." Consider these statistics: - Current data is 50% more effective at improving decision-making compared to outdated data. - Validated data results in a 20-30% increase in overall operational efficiency. - Poor data quality costs companies $15 billion annually on average. - 48% of newly created data records have at least one critical error. - Companies that leverage high-quality data see an average 30% increase in revenue. - Organizations that utilize real-time data are 2.5 times more likely to report an increase in their business value. So, ensuring your data is current and accurate isn’t just a best practice—it’s a necessity for any business that wants to stay ahead of the curve. It’s not about having the most data; it’s about having the right data. Are you focusing on the quality and freshness of your data, or just gathering more of it?

Welcome to First Global Data: Your Trusted Partner in Data Solutions At First Global Data, we specialize in providing comprehensive data solutions that empower businesses to make informed decisions. Our innovative services are designed to help you harness the power of data, streamline operations, and drive growth in today’s competitive landscape. Our Services Data Management: We offer robust data management solutions that ensure your data is organized, secure, and easily accessible. Our team works with you to develop strategies that optimize data storage and retrieval, enhancing your operational efficiency. Data Analytics: Unlock valuable insights with our advanced data analytics services. We utilize cutting-edge tools and techniques to analyze your data, helping you identify trends, forecast outcomes, and make data-driven decisions that propel your business forward. Custom Data Solutions: Every business is unique, and so are its data needs. At First Global Data, we provide tailored data solutions that align with your specific requirements. Whether you need data integration, migration, or custom reporting, we’ve got you covered. Why Choose First Global Data? Expertise You Can Trust: Our team of data professionals brings years of experience and industry knowledge to the table. We are committed to delivering high-quality services that meet the highest standards of excellence. Innovative Technology: We leverage the latest technologies and methodologies to ensure that our data solutions are efficient, scalable, and future-proof. Our commitment to innovation means you can stay ahead of the curve in a rapidly evolving data landscape. Customer-Centric Approach: At First Global Data, we prioritize our clients’ needs. We work closely with you to understand your challenges and goals, providing personalized support and guidance throughout your data journey. Commitment to Security: We understand the importance of data security. Our solutions are designed with robust security measures to protect your sensitive information, ensuring compliance with industry regulations and best practices. Get Started with First Global Data Today! Ready to transform your data into a strategic asset? Contact First Global Data today to learn more about our services and how we can help you achieve your business objectives. With our expertise and commitment to excellence, we’re here to support your success every step of the way!

Wage war on your data chaos with data governance. Most companies struggle to capture the value of their data. But it doesn't have to be that way. Gartner recently revealed that poor quality data costs businesses an average of £11 million per year. Firms instead need to figure out how to craft data governance strategies that deliver value in the near term and at the same time lay the foundations for future data use. Read this infographic to find out how!              #DataGovernance #Strategy #Analytics

Data management can pose a challenging problem to solve, but by implementing a well-defined strategy and utilizing effective tools, we can assist you in revamping your data procedures to guarantee streamlined and accurate reporting. Our blog showcases a success story from one of our clients. #data #technology #innovation #business #triyounginc

Reliable data is the backbone of sound decision-making. It provides a solid foundation for analytics, fuelling insights that lead to strategic decisions and competitive advantages. It’s not just about having data; it’s about having data you can trust.   Covering a wide array of topics ranging from defining clear data quality standards to implementing robust data governance frameworks, this article is packed with in-depth and technical insights that can transform your data management strategies.    Discover how accuracy, completeness, consistency, reliability, and timeliness can drive better-informed decisions and give you a competitive edge and start applying these best practices to your data today!   Read the full article - https://lnkd.in/gP44UDfD   #DataQuality #DataIntegrity #DataGovernance #BusinessIntelligence #Analytics