Data Quality a Priority in 2017
Every two years, the Enterprise Data Management Council (EDM) sets out to learn how the financial industry accesses, evaluates, and utilizes data within the industry. The 2017 Data Management Benchmarking Survey shows that the financial industry is certainly taking data, and ever-increasingly, data quality seriously as a way to improve profitability and efficiency within the industry and within individual institutions.
The Data Management Benchmark Survey
The survey consists of over 150 participating institutions and is telling in its depiction of the industry’s efforts. As data becomes more valuable and trustworthy data becomes more actionable, institutions are hiring the best and brightest to run their data-driven initiatives. In fact, a full 70% of survey participants reported having a chief data officer on staff. It’s safe to conclude that over the next few years, almost every institution will have a data executive at the table within their highest leadership circles.
What’s more, the industry has a positive outlook on its data stewardship process. 55% of survey participants reported “substantial” progress in their data initiatives in 2017.
Persistent Data Quality Issues
The survey also suggested that the financial industry is facing the same challenge as many organizations across the business spectrum, that problem being the duplication or isolation caused by storing data in on-premise repositories and cloud-based applications, respectively. For many organizations, manual data verification is causing delays in gathering trustworthy and accurate reporting. To show just how prevalent this problem is, just 13% of respondents reported having control procedures for managing data quality.
In order to address these data quality shortcomings, organizations are working to find data quality solutions, identifying the parties within the institution who will be managing these solutions, and empowering these stakeholders to implement both the DQ solution and an effective process to address issues as soon as possible.
For more information on this survey, you can find the complete non-member version of the report here.