One of the biggest challenges that businesses face today is data quality. With the rise of digitalization, businesses have more data at their disposal than ever before. However, with so much data being generated, it can be difficult to ensure that the data is accurate, reliable, and accessible. This is where data lineage comes in.
- Data lineage is the process of tracking the origin and movement of data within an organization, providing a clear understanding of how data is used, where it came from, and how it has been transformed over time.
By having a clear understanding of the data’s origin, analysts are able to make better business decisions, leading to increased efficiency and productivity.
- Businesses that have a strong data lineage strategy in place are more likely to see positive results, with a 9.7% increase in revenue growth and a 14.4% reduction in compliance-related costs.
- Another study found that organizations with a strong data lineage strategy experience a 28% reduction in data breaches.
Financial Services Company Solves Data Quality Issues and Establishes Data Lineage with OneDATA.Plus
The Enterprise and Data Analytics team of a major electronic trading platform was responsible for producing various reports pertaining to 21 different domains on the platform such as accounts, loans, orders, assets, and sales. However, they were faced with a major challenge – they had no data dictionary. By utilizing OneDATA.Plus platform, they were able to create a centralized environment connected to their data platforms, perform data operations, and have access to the graphs displaying data lineage and backtracking to all sources of records from day one.
The financial services platform turned to OneData.Plus to solve their data quality issues. Their analysts’ team connected their existing 4 landing zones and data warehouses of different technology origins to their OneDATA.Plus platform. They started performing data standardizations, exchanges, and transformations by using full and incremental load capabilities available within Data Management modules. OneDATA.Plus ensures operations comply with data governance and applies data quality checks to all data files used for different processes registered. By capturing all data operations ongoing within the platform, the Data Exploration module provided data lineage graphs that were able to identify the sources, the time of data integrations, the transformations, code blocks, and to whom the data belonged.
OneDATA.Plus: The Platform for Establishing Data Lineage and Improving Business Decisions
In conclusion, data lineage is a critical component of any data-driven business. It ensures that data is accurate, reliable, and accessible, and it is essential for making informed business decisions. The OneDATA.Plus platform provides businesses with the tools they need to establish data lineage and improve data quality, leading to increased efficiency and productivity, and ultimately, business innovation. By implementing a data lineage strategy, businesses can see a significant increase in revenue growth, a reduction in compliance-related costs, and a decrease in data breaches. By having a clear understanding of the data’s origin, the analysts were able to make better business decisions, leading to increased efficiency and productivity.
In short, OneDATA.Plus is the solution for having a data dictionary in your company and getting the best out of your data. Your data will be accurate, reliable, and accessible and your business will be able to make better decisions with OneDATA.Plus.