Data has emerged as a key decision-making tool for businesses today. The data-driven enterprises gather information from all the sources it can, structures this information and then analyzes it to get rich and actionable insights. This data could relate to customers, suppliers or employees depending on the source it comes from and the people it involves. Accordingly, the analytical insights received from it can be used for decision-making for that specific set of operations. For instance, the customer data is used to take sales and marketing decisions while that related to suppliers and employees drive decisions related to the production and operational functions.
Now that the significance of data for businesses is well understood, you also need to understand the importance of accuracy and reliability of the data that you plan to use for decision making. In simple words, only the data that is relevant, updated and accurate is capable of serving value to the business. Hence, you need to have a data quality management plan and process in place if you want your business to derive true value from the information you gather. The best way to do this is to invest in reliable data quality solutions like Firstlogic. Before choosing any such quality management tool, you should be aware of the features to look for in it. Let us list the features that a data quality management tool should ideally have.
1. It should maintain consistency and relevancy in data
A reliable and result-oriented database management strategy addresses the concerns related to accuracy, validity, integrity, timeliness and completeness of data. A quality tool that maintains consistency and relevancy of data forms the mainstay of such a strategy. Therefore, when you opt for a tool, you must ensure that it is capable of maintaining clean and consistent data sets at all stages. It should serve as a single, unified platform where different groups can report across and share information for subsequent use.
2. It should have a reliable architecture
Another feature that a data quality management tool must absolutely have is a reliable and robust architecture. Look for one that can engage different users through the data cleansing cycle by enabling them to store high volumes of information in an effortless and hassle-free manner. Additionally, ensure that the tool provides a smooth and easy flow of data along with simplified processes. Moreover, its architecture should be designed to eliminate duplicate data, monitor the integrity of the source systems and feed only accurate information into the entire systems.
3. It should have an easy user interface
The user interface of any tool is of great significance as it is the platform that builds a connection between the tool and its users. A simple and easy-to-use interface is a plus point for any data quality management tool as it makes it useful for even the novice users. Intuitiveness is the key as it enables the user to understand the entire workflow of the tool as a part of its design.
4. It should facilitate the management and enrichment of data
When you choose a quality management tool, look for one that facilitates the management and enrichment of data in addition to ensuring its quality. This is possible if the tool allows the creation of rules and incorporation of data standards for the purpose of managing and the information it handles. Data enrichment, on the other hand, encompasses the validation of the database you already possess within your systems and cleansing it. It can then be combined with the new information you fetch to deliver richer and broader insights.
5. It should support data security
With the implementation of regulatory compliances such as General Data Privacy Regulation (GDPR), information security has become a matter of great concern for businesses. So security is one feature that your quality management tool must absolutely have. It should be empowered with role-based security that enables you to define access rights to the database. It should ensure that the business data does not have any vulnerability which could be exploited from within the organization or by external parties.
6. It should provide effective reporting
Effective reporting is the key feature of any database management tool. This is the reason that you should opt for one which is capable of delivering timely and useful reports about the entire database as well as data management activities. At the same time, you need to make sure that these reports are easy to read, understand and utilize, in addition to being available in different formats.
The choice of a data quality management tool can make all the difference to the results that you can get with this business investment. Cleaner data drives better decisions, which are capable of taking your business to the next level. So you should invest in a tool that has all these features which make it a reliable one.