Organizations across the globe are heavily reliant on data to undertake their day-to-day operations and make significant business decisions. With so much data being created, managing data throughout the enterprise, which may be dispersed across different geolocations, is becoming challenging.

Today, businesses are collecting increasingly vast amounts of data on a daily basis. Each of these enterprises that collect and store data experiences noticeable benefits from incorporating a data warehousing solution into their data strategy. Regardless of where an enterprise is on its data journey, data solutions are set to offer advanced insights for better data-driven decision-making.

Implementing best practices for data management is helping organizations overcome the challenges associated with it. In addition, organizations need to follow the latest data quality management trends to get the most out of their data assets.

Unlocking the true value of data will result in tremendous opportunities for organizations. It is, therefore, vital to have a well-defined strategy in place to face the challenges that data lifecycle management implies.

What is Data Quality Management?

As we know, data is the driving force of every organization. And with organizations collecting more and more data, the need to manage its quality is becoming more prominent. Data quality management encircles a set of practices being undertaken by a to maintain high-quality data.

Data quality management aims at maintaining a high quality of data. The process ranges from the acquisition of data to the implementation of advanced data processes and effective data distribution. It also requires managerial oversight of the information. Effective data quality management is essential for consistent data analysis, as data quality is critical to derive actionable and accurate insights from the collected information.

Data Quality Metrics

Data quality metrics are important for measuring data quality as well as assessing efforts to enhance the quality of existing data. Enterprises use many different strategies to enhance the quality of their information. These processes prepare an organization to face the challenges of digital age data. Some important data metrics that assist organizations in measuring their data quality efforts-

The ratio of data to errors - This data metric helps track the number of known errors within a data set corresponding to its actual size.
Number of empty values - This metric assists in counting the number of empty fields within a data set. Empty values indicate missing information or data recorded in the wrong field.
Data time-to-value - This metric helps evaluate the time required to gain meaningful insights from a data set.
Data transformation error rate - This metric helps track how often a data transformation operation is likely to fail.
Data storage cost - If an organization stores data without using it, this could indicate that the data is of low quality. However, if the data storage costs decline whereas the data operations stay the same, then the quality of the data is most likely to improve.