Data Management and Coffee
How do they relate?
Just as you would protect your business’ financial assets, a strong data risk and governance function is needed to establish measures to manage your data assets and mitigate risk exposure.
You might be wondering what does data have to do with your cup of coffee. Metaphorically, we can draw similarities between a good cup of coffee and good quality data.
What makes a good cup of coffee? It could be the aroma, the smoothness, its taste. What does a good cup of coffee do? It invigorates, enhances your mood, and gets you ready to take on the day.
Drawing on these similarities, what defines good quality data is data that you can trust and use to generate insightful information. The information is then used for reporting (be it regulatory, compliance, or performance), and generating insights on your customers’ behaviour, which help in understanding market trends and product development. Similar to what a good cup of coffee does for you, good quality data gets your organisation ready to face your day-to-day business challenges.
Now the question is, how does your favourite coffee outlet ensure the consistent quality and standards of their coffee? From controlling raw materials such as beans and milk, to the barista’s skills in frothing and getting the temperature right among others, there are many factors to consider behind the scenes.
To produce good quality data, there is also a lot to look into, to manage and govern data behind the scenes.
Organisations are starting to do the following:
- Controls placed to manage the quality of data throughout the data lifecycle
- Data management standards are defined and implemented by relevant data stakeholders
- Define clear roles and responsibilities for all data stakeholders
- Create awareness on maintaining good quality data
- Constant monitoring of the data quality to the data users
Now that you are aware of the activities behind the scenes to produce good quality data, the question is if you want to implement the following:
- Actions to mitigate risk of producing bad quality data or
- Corrective actions resulting from bad quality data issues
Get in touch with us to find out how you can start or better manage your organisation’s data risk and governance.