In 2017, GS1 Germany will again offer an in-service training programme in six modules to become a “Certified GS1 Data Quality Manager”. Experts from the industry will provide more in-depth knowledge about selected topics. parsionate will support this excellent training programme again: Michael Weiß, Head of Business Consulting, will be one of the invited speakers from industry.
In the first two articles of this series we discussed what steps need to be taken in order to be able to calculate the ROI of product data quality. This part will focus on how to define ROI metrics based on the previously outlined technical metrics to prove with hard figures if data quality will be benefiting the business and whether it will be worth the investment.
In the first part of this series of articles about the “ROI of Product Data Quality” we talked about data quality and the reasons for its increasingly important role. This part will focus on parsionate’s general approach in DQ projects – prerequisites that are necessary in order to be able to reliably measure the ROI of product data quality.
We live in the Information Age, an age characterized mainly by an increasing digitalization and exponential data growth. If we are to believe a well-known American market intelligence company, the amount of data being generated annually will grow to 44 zettabytes by 2020 (IDC, 2014). This is about ten times more than in 2013 and corresponds to the staggering amount of 44 billion 1 TB hard disks. We certainly notice that, in our everyday life, more and more devices are equipped with sensors and probably our refrigerators will soon be able to automatically detect when to order new groceries.
This incredible amount of data will need a more efficient data management – not only on an individual level. More and more companies are appointing a CDO (Chief Data Officer) to drive overall data management strategy, implement enterprise-wide data standards and set up data governance initiatives. This central role is supposed to help firms to harness today’s flood of available data and to protect sensitive information from prying eyes.