Shared services and GBS are striving for data integrity. Meaning organizations are trying to get accurate, consistent and contextualized data into their processing systems in order to drive better decision-making.
The software development company Precisely is the world leader in data integrity and gives businesses the accuracy, consistency and context in data that they desire. Last week Tim Fujita-Yuhas, VP of Product Management at Precisely, joined the SSONext podcast to discuss why hyperautomation is key to organizations receiving the data integrity they need.
Getting data in order
Shared service centers face multiple core business challenges related to data collection, transformation, and data integrity.
One way to address these challenges is to standardize data governance. This involves establishing a comprehensive data governance framework and defining clear ownership, responsibilities, and processes for data management. It also includes things like data quality standards, data definitions, and data validation procedures.
Another way to address these challenges is to implement data quality controls. This involves developing and enforcing data quality controls to identify and rectify data issues in SSCs. This includes things like data profiling, validation rules, exception reporting, and regular data cleansing activities.
Lastly, it is important to foster a data-driven culture. This means promoting the importance of accurate and reliable data and encouraging data literacy, training employees on data handling best practices, and fostering collaboration between the data users and the IT team.
The value of automation
Process automation is playing a significant role in improving data integrity for shared services.
For example, process automation can improve data integrity is by enforcing business rules. Business rules are a set of guidelines that define how data should be processed. When these rules are automated, they can help to ensure that data is always processed in the correct way.
Process automation can also improve data integrity by managing master data across multiple systems. Master data is a set of core data that is used by multiple systems within an organization. When master data is not managed correctly, it can lead to inconsistencies and errors. Process automation can help to manage master data by ensuring that the data is consistent across all systems.
Some other areas where automation is key for data integrity include:
- Improved efficiency: Automation can help to improve the efficiency of data-related processes by automating tasks that are time-consuming or labor-intensive.
- Reducing human error: Automation can help to reduce human error by automating repetitive tasks that are prone to errors.
- Improving visibility: Automation can help to improve visibility into data-related processes by providing real-time tracking and reporting.
“Everything's always changing. And so process automation allows you to track, monitor, and report on the efficiency and status of processes that essentially are opaque if you're managing them manually,” added Tim.
If you enjoy this episode, you can also join Precisely's webinar on the 26th of July focused on "The Truth (And Myth) Behind Artificial Intelligence and Data Integrity."