Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, which is a podcast featuring an in-depth conversation around the uses of data and data analytics in compliance programs.
Is your company’s data fit for purpose? In this episode of the Data Driven Compliance podcast, host Tom Fox welcomes Malcolm Hawker of Profisee, a company that creates MDM software, to discuss the importance of data quality, master data management (MDM), and data governance. They also explore how proper data management can drive exceptional results, reduce costs, and ensure compliance.
Key Highlights:
- Data must be accurate, complete, timely, and unique to be fit for purpose within an organization’s business processes.
- Master data management (MDM) solves the “single version of the truth” problem, helping organizations maintain consistent and trustworthy data across various systems and departments.
- Effective data governance involves creating and implementing policies and procedures related to data management to optimize value, reduce costs, and ensure compliance.
- Regardless of technology trends, the foundation of accurate, consistent, trustworthy, and fit-for-purpose data remains essential for successful decision-making and operations.
Notable Quotes:
“Data quality is all about making sure that you have data that is fit for purpose, that can be used efficiently in operations within the business, can be accurate and consistent, and trustworthy within the analytics, the reports used by that organization.”
“My point here is that from a governance perspective, …the foundation of data quality, master data management – all the things that go into creating accurate, consistent, trustworthy, fit-for-purpose data – those things never go away.”
“Modern younger business leaders are turning to LinkedIn, and they’re turning to YouTube and podcasts for these types of insights. I need to be where the business leaders are.”
Resources:
Malcolm Hawker on LinkedIn
Tom Fox
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