Data is hugely important to the finance industry, and it’s used to make almost every decision in a financial services firm. What’s more, good data quality can be a key measure of success and it’s necessary for both regulatory requirements as well as gaining important insights. Data can drive many different aspects of a financial services business, from credit checks to customised marketing.
With that in mind, ids explain just 4 ways the financial services industry could benefit from having better data quality.
Improve visibility
The pool of data within the financial services industry is constantly growing, and it’s important to keep a handle on it. Having better data quality within your organisation can mean information is cleansed and monitored accordingly, leading to data that is fit for purpose.
Being able to access reliable data can result in better visibility and improved productivity throughout the company, particularly when it comes to decision making. Whether you’re hoping to migrate data to a new system or cleansing your data to avoid duplication, good data quality is the solution for better visibility across your organisation.
Improve accountability
In the world of financial services, it’s important to remove ambiguity and reduce the risk of surprise when it comes to tasks and projects. When it comes to data quality, accountability needs to be high, with the status of each project easily tracked. Delivering a competitive edge to your financial services business, higher data quality can lead to finding new opportunities before your competitors.
Quality data can help to facilitate an adequate audit trail, helping you to understand the stages of your projects and tasks. In turn, this can ensure different departments work well together and function effectively.
Recruit the right talent
The better your data quality, the more appealing your business will be to those looking for a role in a data quality, DevOps or quality assurance team. In turn, this can result in hiring the best talent in the industry, which could drive further growth and success.
Data quality in recruitment can also ensure you hire the right person, with robust screening tools available to find candidates with the most suitable skill set for the job at hand.
Improve testing services
Testing data is an important part of ensuring it is safe from security hacks and risks. Having better data quality can result in safer data, with the ability to see any issues that need to be fixed. Data analysis, storage and testing should be at the heart of any financial services company, improving compliance and risk assessment.
The right testing solutions can help you understand the data you have, and the better your data quality is in the first place, the easier this will be.
Interesting related article: “What is a Financial Analysis?”