The power of Data Quality as a Service (with examples of data quality checks)

Data quality is the cornerstone of decision-making and compliance. Learn how to ingest, transform, & explain your data at scale with data quality as a service.

Chuck Chakrabarti and Emmanuel Richard
March 22, 2024
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In the world of finance, where every decision counts and compliance is non-negotiable, the quality of data isn't just important—it's indispensable. Yet, many institutions find themselves grappling with subpar data, hindering their ability to make impactful decisions. Managing disparate, redundant, and non-normalized data has become a daunting challenge, but there is a solution.

In our recent podcast, "Data Quality as a Service: Transform, Ingest, and Explain your Data at Scale," we explore the pivotal role of data quality in ensuring accurate analytics, driving informed decisions, and helping compliance.

This podcast is part of a series we started around the concept of explainability—understanding what your numbers mean and where they come from. To achieve explainability, we need high-quality data ingested into a high-value data store. This necessitates meticulous attention to data ingestion and transformation processes, integrating data quality at every step.

Challenges in Data Ingestion and Transformation: Weaving in Data Quality

The journey from disparate sources of data to a cohesive, reliable dataset is fraught with challenges. Systems of record (SORs) vary in format and structure, posing hurdles in normalization and transformation. Data inconsistencies, validity issues, completeness concerns, and anomalies further complicate the process. To address these challenges, organizations require robust data quality checks and rules, tailored to their unique business requirements.

Practical Examples of Data Quality Checks

Data consistency, adherence to business rules, completeness, and anomaly detection are paramount in ensuring data integrity. For instance, identifying missing risk factors or discrepancies between NPV and risk metrics is crucial for maintaining data accuracy. Implementing business rules, such as the relationship between risk and PnL, enhances data quality and facilitates informed decision-making.

Opensee’s platform provides a set of these data quality checks and rules out of the box with the ability for the user to tweak as needed. It also allows you to add specific rules using low code.

Leveraging AI for Enhanced Data Management

To elevate data management practices, organizations must harness the power of artificial intelligence. AI-driven exploratory and business rule checks enable proactive identification of key drivers influencing PnL, capital charges, and portfolio performance. By automating analysis and leveraging AI insights, institutions can streamline decision-making processes and unlock new levels of efficiency.

Navigating the Landscape of Data Quality Solutions

While a myriad of data quality tools and solutions exists, achieving true data excellence requires more than just software. It demands a holistic approach that combines technology with domain expertise. Organizations must invest in solutions that prioritize data quality throughout the data journey—from pre-ingestion to post-ingestion to consumption—and empower users to augment rules seamlessly.

Data Quality as a Service is a huge leap forward in data management, where challenges become opportunities for innovation. By embracing a comprehensive approach to data quality, institutions can transform their data ecosystems, driving informed decision-making, ensuring compliance, and achieving explainability.

Want to dive deeper into Data Quality as a Service? Check out the full recording of our podcast, "Data Quality as a Service: Transform, Ingest, and Explain your Data at Scale," to gain invaluable insights, practical tips, and expert guidance on revolutionizing your data management practices.

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