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Blog > May 2017 > Tracing Data Lineage Creates a Clear Path

Tracing Data Lineage Creates a Clear Path

In my last blog, I addressed the mass consumption of data and how companies need to have data ools in place in order to use data to their advantage. We have seen companies have success utilizing data lineage tools to help understand their data’s origin. With the rapid evolution of data coming in, companies are more susceptible to errors and complexities because they don’t know where their data is coming from or where it’s going within their business.

Tracing data is crucial for companies to make better business decisions with trusted data. When you can chart a clear path for data, there’s no questions as to the accuracy of it, particularly if data quality measures are included. You can trace exactly where data came from, verify that it’s a trustworthy and relevant piece of information for your needs and determine how value is being created.

What is data lineage? It’s a solution to help you map the data within your organization. With the proper data lineage tool, you can identify where each piece of data originated, observe its path through different systems within the organization, its transformation and its effect on those systems and business processes.

This will ensure you can act on real-time on data insights, including these crucial junctures:

  • Timely Business Opportunities – The speed of business today not only means that opportunities with new and existing customers can crop up at a moment’s notice, but also that the window to leverage those opportunities is shrinking. Data can help you take action quickly, but without assurances of accuracy, how do you know you’re making the right decisions?
  • Forward-Looking Strategic Decisions – Long-term strategy is also built on data, whether historical or predictive. However, gaps in data understanding can lead to inaccurate assumptions or poorly devised strategy.
  • Compliance Audits – This is a big one. The margin for error in regulatory reviews is non-existent, and a bad audit could lead to expensive violations or mitigation strategies. If you don’t know the data that auditors will review is accurate, how can you have confidence in the result of your review?
  •  Focusing Resources-By ensuring your data quality, you are broadening the range of capabilities that can be supported with data quality information – Enterprise/ Line of Business, impact analysis, and project management. You’ll gain insight into what business processes and groups are impacted by data quality issues, so that data stewards can focus their efforts accordingly.
  • Value Your Business – Understanding and tracing data lineage, not only gives the opportunity to secure and improve your business but also gives a clear picture on the real valuation of your companies including data assets. After all, given the increased importance they have, shouldn’t they be on your balance sheet?
With the speed of data evolution, data lineage tools must not only be complete and accurate, but also updated in real time to support timely and accurate decisions.

Is it really possible to create a complete and accurate map of the data lineage in your business? We believe it is, and we’re developing enterprise data intelligence solutions to prove it.

You can learn more about data lineage and the power of data quality analysis by registering for our webinar with Trillium Software on May 31st 11:00am EST.

What capabilities do you think businesses must adopt to improve the speed and accuracy of their data supply chain? Let us know in the comments below!