Data quality used to be a one-dimensional term: Is your data right? As the data landscape has become more complex and sophisticated, data quality has evolved to require a more holistic approach to encompass much more to ensure trust in data. Integrated data quality, governance, and multi-domain data management provides a more robust single view that data-driven companies require to have more complete confidence in critical business decisions.
Join Chuck Kane, VP of Product Management, Precisely, as he shares use case trends that illustrate how innovation in data management continues to evolve. Topics that you will hear addressed:
Evolving Data Monetization: improve your bottom line with the ability to confidently leverage data as an asset Evolving to a Single View of Data: break down silos, and gain a powerful, comprehensive single view of your organization’s data Evolving Data on the Move: ensure consistent levels of data quality by monitoring data as it moves throughout the business Evolving Operational Value: enrich, fix, and validate data to open the door to new possibilities
2. 2
Optimizing Solution Value – Dynamic Data
Quality, Governance, and MDM
Chuck Kane
Vice President, Product
Management
Sue Pawlak
Senior Manager, Product
Marketing
3. Exploding need for trusted data
83% of CEOs
want their
organization to be
more data-driven
Digital transformation
investments to
top $6.8 trillion
globally by 2023
68% of Fortune 1000
businesses now
have CDOs – up 6x
in the last decade
Global data
infrastructure spending
expected to reach
$200 billion this year
Data is the fuel for decision-making today
3
IDC IDC Gartner Forbes
5. Challenges
Decision-making takes too long
Lack of visibility and alignment
around strategic direction and
execution
Top talent and subject matter
experts are not always involved
Sub-optimal business decisions
impacting revenue, costs, and risks
5
6. Evolved approach: Business Value Focus
6
Robust Data
Quality
Trusted
MDM
Integrated
Data
Governance
Business
Value
8. Data Quality + Data Governance
KEY FINDING*
Improving data quality is the leading benefit organizations
receive from their data governance programs, an added
value that contributes to a range of critical business benefits.
8
Improved data quality is the
leading benefit derived from
data governance programs.
How has your data governance
program added value to the
organization?
(n=449)
66%
Improved data quality
56%
Higher quality of data analytics and insights
52%
Facilitated collaboration
50%
Faster access to relevant data
49%
Increased regulatory compliance
* Data Professionals Speak: Trends in Data Governance & Data Quality, 2021
9. CHALLENGE
Improving Data Maturity Enterprise-wide
Needed tooling to drive a data
governance program that builds data
maturity, quality, and trust for advanced
analysis and decision-making.
SOLUTION
Data Governance, Data Catalog, Data
Quality, and Strategic Services. Early
Access Data Observability to expand
investment value.
BUSINESS VALUE
Greater analytic efficiencies and ability to
leverage larger data volumes with more
granular insights into data meaning,
accuracy, and relationships.
Strengthening the long-term financial
position of over $170B assets under
management.
Independently managed
public sector wealth
management fund
9
10. ESG stands for Environmental, Social
and Governance, and refers to the
three key factors when measuring the
sustainability and ethical impact of an
investment in a business or company.
World leading consumer
product manufacturing
company
Market Business News
CHALLENGE
Greater visibility around ESG metrics for
actionable business improvements
Data strategy called for a unified data
platform that provides data quality and a
data catalog that would deliver a
business-friendly experience across their
ecosystem.
SOLUTION
Data Governance, Data Catalog, Data
Quality, Strategic, and Implementation
Services.
BUSINESS VALUE
Pro-active business evaluation and
reporting around key environmental (ESG)
metrics including greenhouse gas
emissions.
10
12. Advanced insights from single view of data
12
Applying analytical capability
to create insight
Customer-centric
Insights
Explore Data
Predict
Optimize Interactions
Sales, Billing, Customer
center, Support, etc
Single View of Individual
+ relationships
+ all interactions
Transactional Information
with Business Applications
Interactions Information
from Social Media
Sales, Billing,
Customer Center, support, etc
Anonymous Web &
Mobile Interactions
Single View of
Individual Relationships Products and
services purchased
Household relationships
Organizational relationships
Social network
Location relationships
Single View
of Individual*
* Individual could be a profile, non-
profile or corporate customer
Data integration
Data cleansing
(data quality)
Data supplementation
(Reference data)
Data enrichment
(geocoding)
Complete View of
Individual Interactions
13. CHALLENGE
Single View: Merchant
• Unlock the value of siloed data to drive
critical business decisions
• Inability to understand merchants
• Inability to enrich their data-dependent
either on an entity or on a specific
location
SOLUTION
• Enterprise Data Quality with single view
capabilities
• Location Intelligence for location-based
enrichment
• Ability to support both on-premise and
cloud scalability
BUSINESS VALUE
• Collect and understand the enterprise
data
• Transform data assets into a solid
foundation supporting business
decisions
• Unlock key insights to enable further
sales/growth
Multinational financial global pioneer in
payment innovation and technology
connecting billions of consumers,
issuers, merchants, governments, and
businesses.
Large Multinational
Financial Services
Corporation
13
14. CHALLENGE
Master Data Management + Data Quality
MDM is vital to oil well operations. With
plans to invest $20B in deep water assets,
their legacy MDM was inadequate:
• Data domains weren’t linked together
• Managed critical data in multiple systems
• Day-to-day operations required IT
support
• Integrating across systems was inefficient
SOLUTION
A data hub to establish a single source of
truth across data domains, with advanced
data quality capabilities to ensure
completeness and accuracy.
BUSINESS VALUE
• Creating a golden record for master data—including vendor, location,
equipment, customer, and material
• Enriching and exporting data across systems to ensure data quality and
reduce costly downtime
• Enabling integrations across multiple source systems, both on-prem and SaaS
One of the world’s largest energy
providers and chemical manufacturers
with a global workforce exceeding
60,000
Multinational Oil &
Gas Company
14
16. Data on the Move
Data transformation &
modernization projects
System to system/Application to
application reconciliation
Merger & acquisition processes
System A System B System C
16
17. CHALLENGE
Data Modernization
The financial claims division initiated a
data modernization project to more
effectively leverage their data. They
anticipated that they would need solutions
to:
• Improve the data quality
• Balance and reconcile diverse and large
data loads
SOLUTION
• Out-of-the-box exception workflow
capability was a deciding factor in the
data quality tool selection in order to
meet implementation deadlines.
• Customer was able to avoid a second
tool selection process when they
discovered that the selected data
quality solution includes robust
reconciliation capabilities.
BUSINESS VALUE
• Modernize data streams in support of
administration system modernization
efforts.
• Provide more and better data for
Corporate reporting and analytics.
Regional Property & Casualty
Insurance Company
Mutual insurance company that
provides life, home, car, and business
insurance to over 3 million policyholders
within 26 operating states.
17
18. CHALLENGE
Data in Motion
Existing claims process resulted in missing,
late and duplicate claims. This resulted in
significant compliance fines.
SOLUTION
Precisely solutions enabled the insurer to
monitor 100% of claims across all systems
and interfaces and eliminate manual
reconciliation processes.
BUSINESS VALUE
Customer wanted to reduce compliance
risk and was able to reduce compliance
fines to $0.
State-based health insurance plan with
a diverse set of offerings serving
400,000 members.
Mid-Sized Health
Insurance Company
18
21. CHALLENGE
Advanced cloud-native data quality
Difficulties in standardizing data quality
validations across systems and
departments. Needed the ability to
visualize a variety of data quality results
including checks on critical business data
and validation & standardization of
addresses and names.
SOLUTION
Cloud native data quality solution with
built-in visualization and exception
management that can be standardized
across the organization.
BUSINESS VALUE
• Enable business users to understand the
state of data quality on key business data.
• Application of address standardization as
part of the enterprise standard.
• Ability to route specific types of issues to
users to investigate and resolve.
National health and wellness enterprise
that employs more than 35,000 people
and serves 40 million Americans in 50
states.
Large Health
Insurance Company
21
22. CHALLENGE
Advanced MDM + Data Quality
• Data inconsistencies across systems
• Inefficient business processes, redundant
data entry, and inability to keep track of
data flow
• Difficulties tracking and auditing data
changes
• Inability to allow vendors to self-manage
data
SOLUTION
Single system to manage multiple data
domains and streamline workflows, with
advanced address validation and
geolocation intelligence.
BUSINESS VALUE
• Creating a single source of truth for product,
customer, vendor, location, and employee data
• Enabling vendors to import product data
• Enriching data and exporting to downstream
systems to improve data quality for all users
and reduce costly errors
National manufacturer and supplier of
professional-grade building products
and services with 26,000 employees
and 550 locations across 40 states.
Fortune 500
Manufacturer & Supplier
22
23. Benefits of
an evolved
approach
Optimized business decisions
Accelerated time to value
Clear alignment around strategic
direction and execution
Improved engagement of top talent
on strategic and innovative initiatives
23
24. The Data Integrity Approach
Modernize your
infrastructure for the
cloud, eliminate data
siloes, and automate
business processes
Build data governance
and quality into your
data-centric processes
to ensure accuracy
and consistency
Leverage the location
information inherent in
your data for more
sophisticated analytics
and actionable insights
Complement your core
business data with
expertly curated datasets
to add critical context
and increase value
Create seamless,
personalized
and omnichannel
communications
on any medium, anytime
Integrate Verify Locate Enrich Engage
24
Chuck
Thank you Jason and thank you the audience to attending today’s session. We have a lot to cover, but we hope its engaging and informative.
Organizations rely on trusted data to make good business decisions. As they drive towards being a more data driven there are some trends in the key business initiatives that revolve around transforming customer experiences, applying AI to proven business cases to derive new insights and increase efficiency, leveraging the power of location to solve new problems, and ensuring that the business is secure and compliant.
Each of these initiatives is heavily dependent upon integrated, clean, accurate, contextualized, enriched data in order to deliver the maximum benefit to the organization
CUE to Advance:
=============================================================================
Story points ---
Businesses rely on trusted data to make good business decisions.
Key business initiatives in 2022 revolve around transforming customer experiences, applying AI to proven business cases to derive new insights and increase efficiency, leveraging the power of location to solve new problems (optional light call out to covid-19 problems being solved), and ensuring that the business is secure and compliant.
Each of these initiatives is heavily dependent upon integrated, clean, accurate, contextualized, enriched data in order to deliver the maximum benefit to the organization
Chuck
Historically data problems were addressed by point solutions that solved specific data challenges. These types of solutions addressed data quality, master data or data governance, sometimes together, but often times in isolation or only in pockets within an organization.
The main issue with point solutions consists of the following areas:
Don’t always work well together
Work in silos and will not deliver the complete and accurate picture
quality, understanding, context is limited
CUE to Advance:
=================================================================================================================
Story Points
Historically data challenges were address by point solutions that solved specific data challenges. Specifically, these solutions addressed data problems directly like data quality, master data, data governance.
Unfortunately point solutions have limitations
Why point solutions are not sustainable
Don’t always work well together
Work in silos and lack of access will not always deliver the complete and accurate picture
Lack of visibility around data sets – quality, understanding, context is limited
Chuck
Each organization has data that should be a positive earning asset to support increased revenue, accurate decisions, and alignment around strategic initiatives.
But too often, we see that not having a fully integrated data quality, master data, and data governance programs leads to challenges where money is left on the table, the costs are too high to achieve results, and decisions are made that do not fully align to the business initiatives.
CUE to Advance:
Story Point:
In summary, challenge of solutions that are not deeply evolved include
Negative impact around revenue, costs, and risks
Lack of alignment around the business goals
Time it takes to find, aggregate, cleanse and enrich data takes too long
Lack of collaboration with subject matter experts and data stewards
Story Point: THIS IS A BUILD SLIDE
The focus has evolved to where it belongs – On the business value, not on the solving a specific data problem
Evolution also takes into account how to augment and extend to support future needs
This session will cover different business goals that we have seen that are driving the evolution of data quality and data governance in today’s environment
CHUCK: Jay Reilly, our VP in the Precisely Gateway is going to talk about evolving Data Monetization:
Jay: Thank you Chuck
Data driven organizations increasingly are seeking to leverage their own data as an asset to generate measurable economic benefits – or monetize their data. What we are hearing from our customers is that data quality deeply integrated with data governance works together to enable their business to understand and trust their data for confident decision making, operational improvements, and taking action to prevent – and even leverage regulatory requirements – to improve their bottom line.
Jay Reilly: Tell the story in your own words: Emphasize business value
Jay Reilly: Tell the story in your own words. Emphasize business value
When you are done, Chuck will jump in and introduce Todd
Chuck: Our next section will address the evolution of achieving a single view of data….
Chuck: I don’t have to coach you on this slide, but we do want to tie how a Single View of Data links to Business Value(your outer ring, right?)
Questions:
Beverly, in your experience, what is the business value of a single view of data?
How/Why is it important
Chuck: Tell the story in your own words. Be sure to highlight business value
(Julie) Master Card
https://www.mastercardservices.com/en/reports-insights/video/data-services-overview
https://syncsortinc.sharepoint.com/ContentHub/Win%20Wires%20Library/Forms/AllItems.aspx?id=%2FContentHub%2FWin%20Wires%20Library%2FWIN%5FMastercard%5FE%5F201020%2Epdf&parent=%2FContentHub%2FWin%20Wires%20Library
Chuck: Tell the story in your own words. Be sure to highlight business value
Chuck: Let me introduce Jeff Brown, Director of Product Management that will talk about evolving data on the move
Jeff: Thanks Chuck and thank you to Todd and Beverly for sharing your insights! Another way we are witnessing the evolution of data quality and data governance is through the recognition of the importance of data on the move. Data on the move is really any type of data that is really any data that is not considered to be in its final data destination. This is basically transitory data that is moving through multiple locations or from one format to another.
[CUE] Lets take a look deeper at examples of how organizations are evolving their data on the move.
Jeff: Data on the move includes a number of different key business initiatives. From data transformation/modernization projects where data is moving from legacy, on prem and/or third party sources to the cloud or other destinations to realize greater business value. This also includes any data that may be altered while hopping from source to another. This could be moving data from a mainframe to the cloud via Kafka or even APIs/web services.
It also includes any movement of data related to mergers & acquisitions initiatives which demand accurate and consistent mapping and transition of data to quickly capitalize on the business value of the M&A.
And finally, data on the move includes simply monitoring and observing data quality and anomalies as it moves across your organization between systems and processes to ensure quality and consistency. This includes monitoring from system A-B, system B-C, and even system A-C.
[CUE] Next, we will walk through two customer use cases to learn more about data on the move.
Jeff: Auto-Owners is a regional property and casualty insurance company that provides life, home, car, and business insurance. They serve over 3 million policy holders in 26 operating states.
The challenge that they faced was within their financial claims division related to data modernization and movement to a large data warehouse. Their main goals were to A) improve the quality of their data and B) balance and reconcile their diverse and large data loads.
Their main drivers were to modernize their data streams in support of their administration system modernization and to provide more accurate and reliable data for corporate reporting and analytics.
The part of our solution that was a deciding factor for Auto-Owners was having an OOTB workflow within the tool which helped them get the right identified data to the right stakeholders to fix.
Another great outcome of the solution was that initially they had created two RFIs to help with two separate projects: one for data quality and one for reconciliation. After reviewing our solution, they determined that our tool was able to satisfy both use cases for data quality and reconciliation and they were able to consolidate the vendor selection by using our solution.
[CUE] Lets continue to dive into another use case, this time in the
Jeff: This mid-sized health insurance non-for-profit company serves over 400,000 members for their state.
The challenge that they faced was that their existing claims process resulted missing, late, and duplicate claims that ultimately led to several compliance fines. This was even escalated to the CEO who wanted to put in place the proper monitoring and validations to ensure this would not happen again.
Their main drivers were for their business were to reduce compliance risk and to strive for a $0 Compliance Risk Fine environment
As a result of selecting Precisely, this customer was able to provide monitoring of 100% of their claims across all of their systems and interfaces. This gave them better insight into any escalating issues they might have faced by having poor data within their claims process, also drastically reduced the amount of manual reconciliations.
Jeff : I’m going to turn it over to Andrew Chumley, our Principal Product Manager to talk about evolving operational value of data quality
Andrew: Thank you Jeff,
Evolving operational value is defined as a realized value by our clients to solve complex operational picture problems quickly using Precisely technologies. These solutions can take the form of data quality issues as already described or complex data integration and data augmentation to complete the operational picture to close the gap between perception and actionable fact.
Andrew: Full Time:
DataOps is an emerging discipline in many organizations. Clearly Precisely supports this concept and existing data operations by completing the cycles between data fit for use operations and operational demand for a more complete operational picture.
Examples include:
Complex Product interchangeability matrix solutions – what products are compatible with what assets in use in the field.
Customer Demand Recommendations – What products would we recommend not just by social association and buying patterns, but also by known purchased items and compatible/related products.
Supply Chain Management – Consolidate vendor performance metrics and actual demand forecast to rapidly identify supply gaps and top performing vendors.
Physician Association and practice attributes – Building and maintaining over the dimension of time (critical) the association of Physicians – area of specialty, location of practice(ies), association of rights to care facility, distance and drive time estimates, etc.
Compressed:
DataOps is an emerging discipline in many organizations. Clearly Precisely supports this concept and existing data operations by completing the cycles between data fit for use operations and operational demand for a more complete operational picture. As we have discussed, this is supported for traditional data management methods, emerging data integration methods and monetization aspirations.
Next Slide
Andrew: Full Time:
An example of this concept was implemented by a large health care organization, which has an initial business need to validate addresses. Once this addressed data had been enhanced, made trustworthy and integrated into the operational picture, the client recognized the opportunity to bring more data into process and expand the fit for use method to solve many other operational picture gaps.
This included data remediation and management functionality to correct data integrity issues and drive adoption of the data solution by correlation to multiple sets of data into a more complete operational picture. For healthcare providers have data traceability and clear understanding validation & standardization methods that are not black box solutions are critical. The more strategic benefit of the Precisely technology offering is the minimizing of pre-defined taxonomies and data processing methods that force customers to “customize” or adopt non-optimal business processes due to technology frameworks.
Compressed:
An example of this concept was implemented by a large health care organization, which has an initial business need to validate addresses. Once this addressed data had been enhanced, made trustworthy and integrated into the operational picture, the client recognized the opportunity to bring more data into process and expand the fit for use method to solve many other operational picture gaps.
Next Slide
Andrew: Full Time:
Data integration and data quality issues same many of the same characteristics and business impacts, but resolution of the issues can be resolved in several methods. The power that Precisely brings to the solution are a collection of best of breed solutions to meet individual organizational challenges; not forcing the organization to adapt to the one technology offering of a chosen vendor.
To highlight the power of this, we choose a complex data integration business challenge. In this scenario there is not only a multi-source system issue, but also a timeliness issue. This solution incorporates the need for data consistency across systems for the creation of multiple operational pictures to be created in near real-time to prevent data gaps and increase operational awareness across multiple domains. The primary benefit to the client is the focus of fit for use data resolution at the beginning of the operational process subsequent refinement of the data to mirror the operational picture demand throughout the transaction. This is different from a BI driven aggregation of metrics to master elements and data standardization.
These types of solutions are largely driven by the use of configurable, agile and highly integratable; both Precisely branded technologies and existing client side technologies.
Compressed:
Data integration and data quality issues same many of the same characteristics and business impacts, but resolution of the issues can be resolved in several methods. The power that Precisely brings to the solution are a collection of best of breed solutions to meet individual organizational challenges; not forcing the organization to adapt to the one technology offering of a chosen vendor.
Next Slide
Andrew: Now I will turn the discussion back to Chuck Kane to summarize the message. Chuck.
Chuck: Summarize benefits of an evolved approach
Chuck: Today we specifically discussed the evolution of data quality and data governance, core components of our Verify gateway, to build trust in your data. Our Data Integrity Approach enables you to deliver accurate, consistent, contextualized data to your business – wherever and whenever it’s needed.
I think we have some time for questions:
Jason will ask questions if time permits.