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Finding Your Way Through the Data Deluge: Trusting Your Information Assets

Just one-third of organizations trust the analytics generated from their business operations, despite the critical role these insights play in decision-making KPMG – Building Trust in Analytics For large, modern businesses, data is king. Every click, swipe, and purchase generates a wealth of information. But with this abundance comes a challenge: how do you find, understand, and trust your…

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Data-Driven Decisions: From Chaos to Clarity

“You are not entitled to your opinion. You are entitled to your informed opinion. No one is entitled to be ignorant.” Harlan Ellison The quote by science fiction author Harlan Ellison perfectly captures the essence of data-driven decision making: ditch the uninformed opinion and embrace the power of knowledge. In today’s data-rich world, effective decision-making hinges on our ability to…

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Invoice Inaccuracy: The Silent Killer of Your Key Reports (and Your Bottom Line)

Invoices are the lifeblood of any business. They represent the culmination of sales efforts and the promise of incoming revenue. But what happens when those invoices are riddled with errors? Inaccurate data on invoices can wreak havoc on your financial reports, KPIs, and ultimately, your bottom line. The Financial Impact of Poor Quality DataKey ReportsKey Performance IndicatorsThe good…

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Perception vs Reality - how do we get business support for data management?

Very few people would argue that business involvement and support is not a critical success factor for data management initiatives such as data governance or master data management. And yet, in most cases, our clients biggest challenge is achieving this support. One option is to walk away – if we cannot achieve meaningful business involvement then our big initiative is extremely likely (I am…

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Don't Boil the Data Ocean: Why Phasing Your Data Catalog Implementation is Key

A well-implemented data catalog is a game-changer for large organisations struggling to make sense of data. It empowers users to find, understand, and trust the information they need to make informed decisions. But diving headfirst into a full-blown catalogue rollout can be a recipe for disaster. Here’s why phasing your data catalog implementation is crucial for success. Focus on Quality…

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The Road to Decision Nirvana: Why Data Still Reigns Supreme

We all strive for perfect decision-making. But let’s face it, flipping a coin isn’t always the answer. Decision Making vs Decision SupportThe Data Dilemma:The Takeaway: Decision Making vs Decision Support That’s where decision support systems (DSS) come in. These clever tools analyse data, run simulations, and offer insights, but they leave the final call to you. They’re the ultimate research…

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Beyond Validation: How the Best Data Quality Rules are Actually Business Rules

Data quality is the lifeblood of good decision-making. Inaccurate or incomplete data can lead to missed opportunities, wasted resources, and even regulatory fines. But how do we ensure our data quality rules are effective? Conventional Data Quality MetricsData Quality Rules are Business RulesFraming the Data Quality ConversationThe Power of Business-Driven RulesMoving from Validation to Business…

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Data Quality Management: It's About Prevention

Dirty data can lead to costly mistakes, missed opportunities, and frustrated users. That’s where Data Quality Management (DQM) steps in. But here’s the shocker: many DQM efforts fall short of their core objective – preventing data quality issues from happening again. The 1:10:100 Rule: The Manual MazeMonitoring Without Action is MeaninglessShifting the Focus to PreventionConclusion Imagine…

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Data Quality Issues: Unmasking Underlying Business Challenges

Data quality issues often serve as red flags, signaling deeper problems within an organization. While they may appear as mere glitches in the data, these issues can have far-reaching consequences. Let’s delve into the intricacies of data quality and explore how to address them effectively. The Age Quandary: A Case StudyThe Culprits: System Error vs. Human ErrorThe Illusion of Quick…

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Master Data Management: The Cornerstone of a Data-Driven Insurance Company

Modern insurance companies must extend risk and customer analytics beyond traditional actuarial approaches. Master Data Management (MDM) emerges as a cornerstone technology, ensuring data accuracy, integrity, and consistency across the organization. This translates to a multitude of benefits for insurers. Building a Single Multi-Domain Source of Truth:Beyond Accuracy: Efficiency and Customer…

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Location Intelligence: A GPS for Smarter Decisions in Insurance

The insurance industry thrives on understanding risk. But what if you could go beyond basic information and truly grasp the spatial context of your data? That’s where location intelligence comes in, acting as a powerful GPS for insurers navigating the complexities of risk assessment, claims handling, and overall operational efficiency. Pinpointing Risks with PrecisionSharper Risk Assessments &…

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Demystifying ESG: South Africa's Growing Focus on Sustainability Reporting

The other day I saw someone ask the question, “Why are companies wasting so much money on ESG consultants?” This person clearly did not understand the complexity of the impending CIPC mandated requirement for public and state-owned companies to report on their environmental impact. Understanding ESG: Environmental: This aspect focuses on a company’s impact on the environment. It considers…

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Dirty Data, Dirty Profits: Why Data Quality is Critical for Insurers

In the data-driven world of insurance, clean information is king. Accurate data underpins everything from risk assessments to pricing models, ultimately impacting the profitability and success of an insurance company. But here’s the sobering reality: many insurance companies struggle with data quality issues. “The greatest challenge facing our industry’s data leaders is the quality and the…

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Data Governance: The Unsung Hero of Insurance Success

In the actuarial-driven world of insurance, where faulty calculations can make or break a company, data governance often flies under the radar. But this behind-the-scenes hero plays a critical role in ensuring data accuracy, reliability, and security. Effective data governance unlocks a wealth of benefits for insurance companies, leading to better decision-making, enhanced collaboration, and…

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The 10:1 Rule: Declutter Your Data and Unleash Your Inner Data Minimalist

Feeling #overwhelmed by data? Drowning in dashboards? The 10:1 Rule: #Declutter Your Data and Unleash Your Inner Data Minimalist

Feeling overwhelmed by data? Drowning in dashboards? You’re not alone! But fear not, fellow data enthusiasts, because we have the solution: The Revolutionary 10:1 Rule! That’s right, say goodbye to information overload! The 10:1 Rule posits that you only need 10% of your data to make sound decisions. The remaining 90%? Just clutter clogging up your precious storage space and slowing down your…

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Real-Time Data Validation and Enrichment: Refining Clean, Complete Information "Oil" at the Source

Real-time data validation and enrichment at the point of capture are essential practices that can significantly impact the success of data initiatives. Research shows that the quality and completeness of information play a crucial role in driving informed decisions, optimizing operations, and enhancing customer experiences. Inaccurate or incomplete data collected at the outset create a ripple…

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The Data Revolution: How Insurance Companies are Embracing Digital Transformation

The insurance industry is undergoing a seismic shift, driven by the power of data and digital solutions. Gone are the days of paper applications and manual processing. Today, forward-thinking insurers are leveraging artificial intelligence (AI), machine learning (ML), and other digital tools to streamline operations, reduce costs, and ultimately, create a better customer experience. The Numbers…