In nearly every company, there is a strong, almost visceral, belief that data from digital systems is always right. However, as data is combined, recombined, extracted, and moved, the consistency necessary for accurate data may become compromised. And data that doesn’t have fidelity can lead to bad business decisions.
Data inconsistencies are increasing as information goes from being used in only the application that it was created in to being merged into other apps and reports. The most common inconsistencies tend to arise from time sequence issues or the practice of including only some of the data, resulting in an incomplete perspective. Further, data is not often well defined, and assumptions about what information is in the data can turn out to be wrong. Documentation of legacy systems is often sparse. Making matters worse, many data integration projects or even simple ETL (extract/transform/load) efforts are done without standards or sufficient process. The focus is on the integration effort to get the data, not identifying and documenting what the data contains.
To support a modern, data-driven organization, IT teams need to take a broader perspective and start down the path of building a corporate information resource that is consistent, accurate, and supported by structured and documented processes for integrating disparate datasets into a cohesive whole. There are two critical components necessary to build a corporate data resource that meets these demands. The first is that the processes must be comprehensive and designed to ensure consistency, accuracy, and timeliness. The second is that individuals with substantial subject-matter expertise and proven skills must be part of the project.
Combining people and processes is the best way to build a successful data integration and management infrastructure. The goal is to move past tactical, one-off projects that can’t ensure that quality levels are being met. Data needs to move out of application silos and become a corporate resource that can be used in innovative new ways that help the business identify new opportunities with certainty. This level of discipline is mandatory if the firm is going to use data to make the best business decisions.
Building a corporate data resource, or a data layer, is a project in which Maverick Technology Partners is well versed. We have completed several different projects that leverage our expert team and documented processes for delivering a consistent, accurate, and timely corporate data resource. For example, Maverick completed a project involving integrating numerous, discrete financial systems into a single, unified truth using WorkDay.
To contact us or learn more about building your own data resource, please check out our website.