Going forward, companies will need to leverage automation to ensure their data is updated, accurate and is regulation compliant.
According to research, poor data quality costs an organisation an average of $15 million per year in losses. Along with maintaining accuracy with their data, companies will also have to focus on data cleaning. For instance, with realities like moving of households and death, companies are at the risk of hoarding inaccurate, outdated and incomplete data.
API-driven data cleaning technologies can be the answer to all data management and data governance-related problems. Automated data cleaning tools help to remove time-consuming processes of manually identifying and rectifying personal assets. Similarly, while this allows businesses to draw on data effectively and securely, it also enables data specialists to focus their resources on other pressing issues.
With data protection regulations maturing by the day, legal frameworks will evolve to award greater protections to individuals, highlighting their right to privacy. Moreover, organisations can make use of automated tools to ensure legal compliance when it comes to handling data.
[6 minute read]