Data is an absolutely vital business resource in every organization. While the organizational complexity and the complexity of corporate IT landscapes are ever growing in our globalized economies, the amount of business data is increasing at an even faster speed. Hence, data and the insights created from data become more and more difficult to manage.
Data is very often of poor quality leading to major risks in all parts of an organization, affecting operational efficiency, bottom-line results, customer satisfaction and strategic decision making. In fact, there are so many data and information quality problems that managers cannot solve all problems at the same time and have to select carefully where they focus their efforts on.
Managers struggle to understand and to measure how data and information quality impacts their business objectives - both financially and non financially.
This impedes organizations to set the right priorities in their business analytics initiatives, to build believable business cases for these initiatives and to manage information quality for business value.
Our research team at the University of Cambridge has developed an innovative approach, the Total Information Risk Management (TIRM) Process.
The TIRM process provides companies with a clear, simple and easy to follow process to measure and treat the risks generated by poor data and information quality, which is completely driven by business value.
Watch this video to learn how the TIRM process helps your company to succeed in managing information risk.
- Experiences from an In-Depth Case Study in the Utility Industry
Alexander Borek, Philip Woodall, Ajith Kumar Parlikad, University of Cambridge, UK
Mark Godsen, Manx Electricity Authority, Isle of Man
From: The IET Asset Management Conference 2011, Session 3: Modelling, 30 November 2011, London
"The Total Information Risk Management Process supports practitioners in finding the right path through the jungle of information management. TIRM helps you to sort out that complexity by having a more formal way of managing information risks against business values. It is a step by step approach with useful templates and can be directly applied by every information manager today."
"The use of a Risk Based Approach to establishing the cost of poor quality is the most innovative development I have seen in data quality management in the last five years!
Dylan Jones, Founder and Community Leader, Dataqualitypro.com, May 2012.
If you are interested in finding out how TIRM can be applied in your organization or you have any questions,
please feel free to contact us.
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