It has never been more important to make informed choices within an organization and the first place you should look for that insight is your data. Tech Republic brought us this interesting information in their article, “4 ways to use data to make better business decisions.”
Among the reasons cited for poor decision making in business are lack of strategy, a poor decision-making process, lack of communication and information loss. However, in the world of fast-evolving technology that we are living in, poor data quality and business data practices should rate high in that list.
Data provides insights in real time. When you can trust the quality of that data, it will lead to sound business practices. Organizations can achieve quality data by using a master data management (MDM) methodology that defines how data is collected, aggregated, matched, consolidated, checked for quality and distributed. Much like a taxonomy, a MDM provides consistency in data and data processing.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.