Information asset management in financial institutions – How much is it really costing you?
Join Master Data Management partner, Precisely, for a webinar to learn more about how data, inconsistent data and lack of context is costing financial institutions more than they realise. The webinar will take place on the 1st of September 2021 at 19:00 (CAT). Register here.
It is hard to imagine that anyone would invest R1.00, but then lose R100 in the process – that would be considered an awful investment decision. It is widely accepted that investments should translate into positive returns.
The value of an investment is determined by the quality of the information provided, demonstratable consistency, and context in how it should be leveraged. This is how intrinsic trust and positive decision-making is formed. Data is a type of currency that banks invest in significantly, to transform into information assets. These information assets support decision-making, ensure compliance with regulations, control costs, optimise customer engagement, provide a seamless multi-channel, and positively impact customer experience.
The cost of investing in bad data quality is both escalating and profound. For example, if the cost to capture a single data element is R1.00, yet that data element is incorrect, it will cost 10x the original costs to fix, test and deploy corrected data. After the data is repaired, it will cost well over 100x the initial value to identify, correct and shift decisions based on inaccurate information assets.
This session will be delivered by Chuck Kane, Director of Sales – Industry Solutions at Precisely and Jeff Nelson, Senior Account Executive at Precisely.