The importance of Data Quality in the age of Digital Transformation

Digital transformation is the process of incorporating digital technologies throughout a company to generate new value for clients, employees, and shareholders. It involves reshaping business processes and customer experiences to adapt to changing market demands, enhancing agility and efficiency.

Digital transformations enable businesses to fundamentally change operations and deliver value to clients, but the approach varies depending on factors such as maturity, resources, market, and client base. However, all these initiatives face the common challenge of overcoming complex data issues. Despite 87% of businesses recognising the importance of data quality for successful digital transformation, many fall short due to an unreliable foundation. In fact, 68% of firms surveyed are currently experiencing problems with poor data quality negatively impacting their transformation projects (Experian).

Better data to avoid bad decisions

Data quality is a critical aspect of digital transformation, acting as a cornerstone and key performance indicator for progress. Good data is essential for making informed decisions, while bad data makes it significantly more difficult to make accurate choices. Poor data quality has wide-ranging negative effects on an organisation's digital transformation objectives.

Data Quality Issues and Accuracy

Organisations, in general, may have a wide array of data quality problems. A way of categorising these issues could be as follows:

1.     “Views” of Data - Issues associated with the models of the real world captured in data such as data relevancy, granularity, and level of detail

2.     Inadequate Data - Issues associated with data values, such as accuracy, consistency, and completeness

3.     Data Impediments- Issues associated with the presentation of data such as the appropriateness of the format, timeliness, and ease of interpretation

4.     Data Stewardship - Issues such as privacy, security, and ownership

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Implementing a Data Quality Framework – Our Approach at Delta Capita

We support our clients bycreating and implementing an effective data quality framework that covers thefolowing:

How Delta Capita assisted an Investment Bank in improving their Data Quality

Delta Capita was approached by an investment bank to drive the development of data quality detection controls following issues from their poor data quality that raised concerns during their audit. The client was required to demonstrate that KYC data across all active client accounts adhered to internal policy to ensure good data quality and regulatory compliance.

We delivered the programme under 4 key work streams:

This process created 3 main benefits for the client:

How Delta Capita are improving data quality  

Delta Capita can leverage the wide-ranging experience of our global Data & Technology teams to address complex data challenges within the financial services industry. Our experts can help to support and establish a sustainable transformation journey and work with clients to maximise the effectiveness and efficiency of their digital transformation initiatives.

To learn more, contact us today.

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