30 Mar 2010

Data 'is critical asset'

Companies have been advised that putting in place systems to boost data quality should be a top priority in the months ahead.

Daragh O'Brien, former director of publicity and member of the International Association of Information and Data Quality, said data is a mission-critical asset for businesses and as such, all measures should be taken to ensure files are as accurate as possible at all times.

He commented: "High-quality consistent data supports risk management by enabling organisations to put together a reliable, big-picture view of their exposure."

Mr O'Brien added that failure to ensure this was the case was one of the overriding factors in the run up to the credit crunch and this is something companies should be looking to stamp out.

According to a study by research firm Lepus, more than three-quarters of top financial services firms intend to increase spending on projects that address data quality and consistency issues.

Indeed, the report revealed that 87 per cent of the firms surveyed cited improvements in this area as a priority.