Are you concerned about your data? You should be!
If you are like many businesses, you look to your “IT organization” for IT leadership. As the business leader, you are confident that he has your information technology components managed and have significantly managed your business risk in doing so. But there is another risk you probably haven’t addressed. Your organization is in constant need for quality information. You expect to have the right information at the right time to get the job done and expect the information to be accurate and consistent. The steady supply of high-quality information is not the only criteria for a successful business; but it is among the most critical! Nine out of 10 businesses fail in the first year of operation due to lack of coordinated enterprise information management practice. Business information is part of your business’ value chain. The foundation of this value chain is data, metadata, information, knowledge, and intelligence.
Your business depends on data, metadata, and information. Many people confuse these terms. Data are the single or combined facts, or raw data. Metadata is the set of data that describes that data (i.e., its name, meaning, format, where is it stored, and what it contains). Information is data-in-context that is relevant at a point in time. Together, data, its metadata, and information are the data resources your business requires to operate efficiently. Let's address the first three of five worst data management practices, the potential repercussions and review how a world-class company might mitigate this business risk.