Integrity is earned! Trust in your Data Integrity comes from analyzing it first.
When errors in your data lead to inaccuracies in financial reporting, compliance, and analytical models you have two choices – Automate or Semi-Automate.
Companies in data intensive industries ranging from financial services, insurance, media and communications to healthcare have gone down one of two paths. Silo controls between systems that do spot checks with limited visibility or enterprise analysis with standardized business rules that span the business process. The later approach changes how the data integrity problem is solved and reveals real-time insights and trends not previously visible with a siloed approach.
Changing the Approach
Every organization has a data integrity process in place, but it’s usually not end-to-end, automated, and real-time. Infogix customers have experienced significant operational efficiencies in reducing semi-automated and manual process to streamline operations and gain what has been illusive – enterprise reporting, dashboards, and exception management.
Achieving enterprise data quality is based on a solid foundation of data integrity processes that continually monitor your data to ensure the bad data is immediately flagged and stopped before it impacts business operations. Areas that data integrity is instrumental in monitoring include financial reporting, regulatory compliance, risk management, system migrations, and fraud prevention.
Our customers have achieved significant efficiency and effectiveness gains in both productivity and customer satisfaction by implementing the Infogix Enterprise Data Analysis Platform by detecting bad data as early as possible, when it’s less expensive to fix. This is done with a non-intrusive approach to interface with your existing systems and data formats by automating four data integrity processes – Verify, Balance, Reconcile, and Track (VBRT). The best practices approach is to standardize and automate VBRT to mirror your business processes ensuring the end-to-end enterprise integrity of your data.
Verify: Duplicate files is a common occurrence when files are being received daily/weekly from another application. Sometimes, the previous day’s file has been sent in error. Prior to processing the file, Infogix business rules can be executed to ensure the correct day’s file will be processed, or in the case an incorrect file is received, an exception report will be immediately flagged and the process will stop to prevent the incorrect file from processing.
Balance: An example of the value of verifying balances is when a program is used to extract data from a source system as input into a destination system. Infogix business rules are used to balance the record counts and dollar amounts (summary level) on the source file and match the record counts and dollar amounts extracted for input into the destination system. If a discrepancy is found, the Infogix analysis will issue a return code and alert responsible parties.
Reconcile: This is often referred to as a pre-reconciliation in our customers mind. Whether it’s a one-to-one, one-to-many, or multi-level reconciliation, to ensure systems are in sync, Infogix business rules are the watchdog to reconcile transactions through automation and prioritized alerts to operators about issues that require manual intervention.
Track: A specific example of process time (latency business rule) is to verify that a transaction pass from one process point to another processing point within a specific time period. Since some business processes are time sensitive, they must meet certain timing requirements in order to be considered valid, or to comply with regulations. Infogix business rules establish acceptable timeframes for such transactions to pass from one control point to another. While the above are just representative examples of VBRT, there are numerous other examples and many creative ways that customers have used the https://www.infogix.com/products/ as core element of data governance to provide enterprise data integrity.
To understand more about how customers use data integrity, we invite you to pursue some of our short case studies.
Customer Lifecycle Analytics
Now with Data Integrity under control, you have higher confidence in analyzing quality data to accurately predict customer behavior and prevent fraud. The Infogix Enterprise Data Analysis Platform takes a four step approach by capturing, analyzing, acting, and communicating the results to transform your business using customer lifecycle analytics.