BackOffice Associates Issues Advice for Ensuring High Quality Data Through Business Relevancy

May 28, 2014 Press Releases

BackOffice Associates Issues Advice for Ensuring High Quality Data Through Business Relevancy. Information Governance and Data Migration Leader Emphasizes Critical Difference Between “Accurate” and “Relevant” Data

South Harwich, MA – May 28, 2014

As enterprises grapple with data quality issues costing their businesses millions of dollars each year, BackOffice Associates, the worldwide leader in information governance and data migration solutions, today offered five tips for achieving business-relevant data—an often ignored but critical step in ensuring proper data quality. The company also released an infographic titled, “How Data Quality Impacts Business Process” to illustrate the financial, business process and security stakes of getting data quality right.

INFOGRAPHIC: How Data Quality Impacts Business Process

To help enterprises maximize the value and unlock the power of their data, BackOffice Associates emphasizes that accuracy is not synonymous with relevancy. While accuracy reflects data that satisfies field requirements such as entering a business address, relevancy refers to confirming that the information is correct and appropriate for business use. BackOffice Associates offers the following top five tips for establishing business-relevant data:

  1. Comprehensively assess the state of your entire organization’s data quality and how/whether your data supports your desired business outcomes
  2. Determine the work and processes required to achieve data readiness and relevance
  3. Establish a data quality program that captures and reflects activity, recommends steps for action and illustrates the impact on your data quality
  4. Develop a remediation plan that addresses your organization’s desired business outcomes
  5. Maintain an ongoing information governance program that continuously monitors and remediates data across the entire organization to maintain relevancy

“Research across the industry has confirmed that more than half of enterprises have both suffered losses or other problems due to poor data quality, but they have also seen significant gains such as up to a 50 percent reduction in corporate IT budgets and up to a 40 percent reduction in operating costs with a data quality initiative in place,” said Rex Ahlstrom, Chief Strategy Officer at BackOffice Associates. “There is no better time for enterprises to take a hard look at their data management and migration programs and determine whether their data is truly business-ready. This means going beyond assessing the accuracy of data and determining whether it is truly relevant.”

Sample highlights of BackOffice Associates’ infographic include:

  • For Fortune 1000 organizations, a 10 percent increase in accessibility to data can translate into an additional $65.67 million in net income per year
  • Companies with high quality, business-driven data can enjoy up to a 57 percent increase in customer satisfaction
  • Poor data quality is the main reason cited for data migration projects running late and/or over budget
  • 140 large companies in various industries and geographic regions are losing an average of $8.2 million annually because of data quality issues
  • Data migration projects present an opportunity to eliminate redundant, outdated and trivial data by up to 60 percent in some cases, decreasing data management costs and reducing legal and regulatory risks
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