Data in Asset Management


Julian Watts

Data in Asset ManagementChair Associate Director

Data Quality Builds Trust

In our fourth instalment on data this month, we have a look at how data quality can build trust.

You may remember the previous article on data related to Google and the case brought against them by ACCC, who alleges the digital powerhouse has been less than honest with the public about what they do with our personal data. If you didn’t read it, check it out. It is a prime example of how data inaccuracies or ambivalent disclosures can break the trust of your customers.

There is no doubt the volume of data available to businesses today is huge. Technology has made data more accessible, but it has created new problems, such as information silos and inconsistent representation. And that leaves many businesses floundering with how to best capture and store data, and how to leverage it for its ongoing value.

Data quality needs to be a key focus area. But how?

  • Start by investing in a capability framework, rather than relying on an ad-hoc system.
  • Focus on the important data; remember there’s a lot of it, so there might be some that’s initially irrelevant.
  • Communicate with leadership about data quality.
  • Find examples of where insufficient data has negatively impacted your business in the past.
  • Bring data quality procedures into existing governance framework.
  • Measure and improve using quality techniques
  • Develop skills in your team, remembering that data is a people issue
  • Remember it’s a journey, not a quick-fix solution.

Once you’ve established a capability framework, using the above points as a starter, you can be assured that your business can begin to rely on the data that comes to hand. It will build value and trust, within the business and for your customers.

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