Even if a firm is not contemplating any significant system changes, data discovery should be the No. 1 quality assurance task carried out each year by IT staff. Not only is it essential if a firm decides to migrate to other platforms and systems, but it can also offer unique business transformation opportunities.
Done correctly, data discovery allows a firm to see its data holistically and determine how current processes affect the bottom line. That permits leadership to make management decisions based on accurate information about current and future operations. Unfortunately, firms rarely take data discovery seriously as a routine part of IT operations.
DATA DISCOVERY REIMAGINED
Data discovery determines the current state of a firm’s data management — the good, the bad and the ugly. The mechanics can vary from laborious manual review to an automated process. Regardless, data discovery establishes a baseline for comparison between how the firm’s data is intended to be recorded, stored and used and how it is actually recorded, stored and used.
This benchmarking is crucial for firm management because leaders get a bird’s eye view of the firm’s data and its quality. That allows high-level questions such as:
- Does current data usage align with expectations?
- Is data usage supporting our business goals?
- Are there unexpected or hidden roadblocks hindering daily functionality?
- Are downstream and upstream systems being impacted negatively by poor-quality data feeds?
This “map” of a firm’s current data environment provides a trove of valuable information executives can leverage to create a relevant and future-focused technology infrastructure.
DATA PROFILING: WHAT’S REALLY HAPPENING WITH A FIRM’S DATA?
Data profiling is the process of examining, analyzing and summarizing data from an existing source and is the most crucial part of data discovery. It addresses the fact that data quality inevitably erodes over time, with each slight anomaly contributing to a larger web of inconsistencies. Inevitably this degrades data, lengthens processing times and generally mucks up systems.
Because data degradation often happens without a severe impact on workflow, a firm will keep operating as usual — but everything it does will be based on faulty data.
With data profiling, firms will spot quality issues quickly and easily. A report will show, for example:
- How data is distributed in core tables
- Where bad dates, incomplete records or orphan records are hiding
- Where and how data entry protocols differ
- How setup tables are syncing to actual data
With this report in hand, decision-makers can determine next steps: Which data can be purged? Are all the data fields still pertinent? Do the setup tables (e.g., ledger codes, etc.) need adjusting? Not only do these decisions improve data quality, but they also boost data relevance, making everything from time entry to billing concise, efficient and accurate.