You must know your data.
Do you know what's in your data box of chocolates?
You must know where it is, what it should contain and what it actually contains.
When your data does not contain what it should, you must have a process for correcting it.
CEOs, CFOs and CROs often take the above as “given”. They make business critical decisions using information derived from data within their organisation. After all, its applied common sense.
For the insurance industry, Solvency II requires evidence that you are applying common sense.
In my experience, data is like a box of chocolates “You never know what you’re gonna get.”
Do you know your data?
The excellent IAIDQ World Quality Day webinar looked at what the Data Quality landscape might be like in 5 years time, in 2014. This got me thinking. Dylan Jones excellent article on The perils of procrastination made me think some more…
Plug and Play Data
I believe that we data quality professionals need a paradigm shift in the way we think about data. We need to make “Get data right first time” and “Data Quality By Design” such no brainers that procrastination is not an option. We need to promote a vision of the future in which all data is reusable and interchangeable – a world of “Plug and Play Data”.
Everybody, even senior business management, understand the concepts of “plug and play” and reusable play blocks. For “plug and play” to succeed, interconnecting parts must be complete, fully moulded, and conform to clearly defined standards. Hence “plug and play data” must be complete, fully populated, and conform to clearly defined standards (business rules).
How can organisations “get it right first time” and create “plug and play data”?
It is now relatively simple to invoke cloud based verification from any part of a system through which data enters.
For example, when opening a new “Student” bank account, cloud based verification might prompt the bank assistant with a message like “Mr. Jones’ date of birth suggests he is 48 years old. Is his date of birth correct? Is a “Student Account” appropriate for Mr. Jones”?
We Data Quality Professionals need to educate both Business and IT on the need for, and the benefits of “plug and play data”. We need to explain to senior management that data is no longer needed or used by only one application. We need to explain that even tactical solutions within Lines of Business need to consider Enterprise demands for data such as:
- Data feed into regulatory systems (e.g Anti Money Laundering, BASEL II, Solvency II)
- Access from or data feed into CRM system
- Access from or data feed into Business Intelligence system
- Ad hoc provision of data to satisfy regulatory requests
- Increasingly – feeds to and from other organisations in the supply chain
- Ultimate replacement of application with newer generation system
We must educate the business on the increasingly dynamic information requirements of the Enterprise – which can only be satisfied by getting data “right first time” and by creating “plug and play data” that can be easily reused and interconnected.
What do you think?
This post is one of a series dealing with common Enterprise Wide Data Governance Issues. Assess the status of this issue in your Enterprise by clicking here: Data Governance Issue Assessment Process
I'm right, he's wrong!
Different Business Units sometimes use different business rules to perform the same task.
Withing retail banking for example, Business Unit A might use “Account Type” to distinguish personal accounts from business accounts, while Business Unit B might use “Account Fee Rate”.
Impact(s) can include:
- Undercharging of Business Accounts mistakenly identified as Personal Accounts, resulting in loss of revenue.
- Overcharging of Personal Accounts mistakenly identified as Business Accounts, which could lead to a fine or other sanctions from the Financial Regulator.
- Anti Money Laundering (AML) system generates false alerts on Business Accounts mistakenly identified as Personal Accounts.
- AML system fails to generate alert on suspicious activity (e.g. large cash lodgements) on a personal account misidentified as a Business Account, which could lead to a regulatory fine.
- Projects dependent on existing data (e.g. AML, CRM, BI) discover that the business rules they require are inconsistent.
Agree and implement the following Policy: (in addition to the policies listed for Data Governance Issue #10)
- Responsibility for resolving cross business unit business rule discrepancies lies with the Enterprise Data Architect.
For further details on Business rules – see Business Rules Case Study.
Have you faced a situation in which different business units use different business rules? Please share your experience by posting a comment – Thank you – Ken.
Lego blocks allow the average person to build practically anything, because they come in standard sizes, and interconnect with ease.
Having built a model, one may later take it apart and reuse the standard blocks to build other models. One may do this time and again, giving hours of enjoyment.
Plane carved from wood
By contrast, few people have the skill to carve models from wood.
Once carved, it is practically impossible to ‘remodel’, and completely impossible to reuse any of the parts for other than firewood.
What has the above ‘common sense’ got to do with data quality?
Imagine trying to build a lego model using partially moulded lego blocks? Imagine opening your lego model kit to discover that some of the pieces were missing. Truly unimaginable.
We in the Data Quality Profession need to educate both Business and IT on the need to create “standard data components”, that can be easily interconnected to satisfy the information requirements of the business.
Currently, the focus of the Data Quality Industry is on data “Fixing” – remoulding data into parts that are more complete, and more useable. I see this continuing for a long time, due to the vast quantity of legacy data. I see the focus moving more towards “get it right first time’ with the emphasis on creating completely moulded, standard component parts from the outset.
Ajay delves into my past, my present, and my vision for the future.