“Garbage in, garbage out” – we know that already, right? Well … what we know about information quality and what we do are not always in sync. Just for kicks, consider information quality through the lens of the industrial quality movement.
Looking down from 30,000 feet, the history of industrial quality goes something like this – Medieval Guild craftsmanship, then Industrial Revolution product inspection, and then the post-World War II focus on quality process management. It sounds arcane, until one remembers the 1980’s visceral fear that Japanese manufacturers were beating the pants off of U.S. manufacturing in terms of quality and value. Enter W. Edward Deming, who had been deeply influential in Japan’s post-war industrial recovery, and who became the evangelist for quality management practices in U.S. industry. Deming exhorted American management to adopt product and service quality as the driving force in all business practices.
What’s that got to do with Information Governance? It’s this – regardless of industry, in today’s world you’re actually in the information business. So, business quality increasingly means information quality.
Key attributes of data for business are sometimes referred to as the four Vs: volume, variety, velocity, and veracity. Most folks focus on the first three, but the veracity of data – its integrity, its reliability, its quality – is crucial for business decision-making. In a 2016 survey of executives by the Chartered Institute of Management Accountants, 80% of respondents admitted that their organization used flawed information to make a strategic decision at least once in the last three years. And IBM estimates that poor data quality costs the U.S. economy $3.1 trillion each year.
Continue Reading Why govern our information? Reason #5: Bad information results in bad decisions.