Information Based Decision Making

Information Based Decision Making

Nature of Data and Information

The number of employees has no meaning when personal data is used by the business for the purpose of transfer, e.g. During bureaus and opinion research institutes. IT strategies enables companies provide more data Information is now regarded as the most important corporate asset often. However, the assurance of data quality in many companies is still neglected. Today we are back at the turn of purely market-driven to data-driven companies. Data is becoming increasingly important and information is now regarded as the most important company asset with (Tien, 2003).

A study by the MIT Sloan School of Management, for example, shows that companies that rely fully on digital technologies, are on average more profitable by 26 percent as appropriate other companies. 66 percent of respondents in the MIT study said they reached a competitive advantage through analytics.

Relevant sources of Data and Information

Companies may use data they have from generally accessible sources. Generally accessible sources include radio and television broadcasts, Internet, magazines, newspapers and other publications that can be purchased by anyone (Loch & Terwiesch, 2005). It is therefore allowed, for example, to locate the address of a contractor from the phone book out and attach the own address register because of the public directories such as the trade register, applies there like that.

Records that are in error due to the quality assurance and cannot be cleaned up automatically can now write in terms of a closed loop in an intermediate database, an error message is sent to the source of data collection. There, escalation management is initiated with the aim to rectify the error. This means a manual intervention by the participants in the process who has the necessary expertise to correct a rule.

If the record is cleaned up, it can be incorporated into the database and used in the process. In the intermediate database, it is then marked accordingly (Marsden, et.al, 2006). A Data Quality Dashboard (or even a simple report) provides information on the performance of this closed loop system for data quality management. Thus, one finally has the necessary performance management, to improve the control loop continuously, as it requires a TQM.

The result is a nearly constant quality data at a high level. Of course, such data quality management by TQM must also be supported by the organization. It has shown to the establishment of a competence center for data quality, which is the coordinating body within the company. In many cases, such a competence center is affiliated to the appropriate center of excellence for master data management.

The Competence Center works with the process owners closely, because the expertise of those involved in the processes is necessary to correct erroneous records in the context of escalation management. These employees are referred to mostly as data stewards. This is usually only when data quality is also a top priority (Leaptrott & McDonald, 2010). Therefore, companies need a professional data quality management, because the proper data quality means a ...