Competing with High Quality Data: Concepts, Tools, and Techniques for Building a Successful Approach to Data Quality

Chapter 13 Data Analytics

13.0 Introduction

In previous chapters, we discussed data quality, how to evaluate data quality, and its impact on business, with some real-world examples. In this chapter, we will briefly discuss the importance of data quality in performing high-quality analytics and making appropriate decisions based on the analytics. We will also discuss the role of data innovation and its relevance in modern industry.

13.1 Data and Analytics as Key Resources

Harrington (2013) highlights the importance of managing processes, projects, change, knowledge, and resources for organizational excellence. As we know, in this highly regulated environment, there is an ever-growing need to creating and provide safeguards and tools to increase financial transparency and accuracy. This situation has significantly increased the role of data and analytics in business in general. For this reason, data management and analytics capability management have become critical functions in managing overall business and achieving business excellence.

Figure 13.1 shows seven levers of disciplined and effective organization. Besides having good processes, projects, resources, great knowledge, and the ability to change, we need to have the capability to ensure high-quality data and the ability to perform high-quality analytics to survive amid global competition, and these capabilities must be viewed like any other resources. Therefore, it is important to ensure that we have high-quality data ...