Businesses around the world are striving every day to become more data-driven, and as such, how they collect and manage this data is evolving. One important topic that has arisen out of this shift is data governance. In this post, we set out to answer the following questions:
Data cleaning is part of a greater effort to achieve the highest data quality possible in used in business decisions and operations. It requires organizational effort and participation throughout a business and when done correctly, can help to provide valuable insights and analytics for decision making. A few additional benefits associated with data cleaning include:
- Streamlined business practices
- Increased productivity
- Faster sales cycle
- Better analytics
Given the ever growing quantity of data for many businesses, automation is required in data cleaning. The right data tool can fill in these gaps and manage a number of issues automatically before they have a chance to become truly problematic. This can ultimately help businesses to become more efficient and more profitable in their efforts.
Choosing the right data cleaning tool for your organization is essential to getting the most utility for your investment. To help in your decision making, this post answers the following:
With more of our decisions and activities becoming data driven, we need to ensure the quality of the data that we’re using. Data cleaning (or data cleansing, data scrubbing) broadly refers to the processes that have been developed to help organizations have better data. These processes have a wide range of benefits for any organization that chooses to implement them, but better decision making may be the one that comes to mind first.
Some common questions related to data cleaning that we cover in this post include:
Knowledge management is the process where value is derived from knowledge by making it accessible to everyone within an organization. It is a multidisciplinary approach that aims to achieve objectives through the best possible use of knowledge. To learn more about knowledge management, see our recent blog post on the topic.
Key benefits associated with knowledge management include:
- Improved performance and innovation
- Communication of ‘lessons learned’
- Integration and continuous improvement
Fraud detection is a major challenge for merchants that accept electronic payments, acquirers that manage electronic payment networks and for banks that are exposed to various types of financial fraud including money laundering.
Which companies are impacted by financial fraud?
Banks and other companies that receive significant number of financial transactions are at risk of suffering from financial fraud. e-Commerce companies, credit card companies, electronic payment platforms, B2C fintech companies all need to employ software to limit financial fraud.