Data Observability for the C-Suite
Table of Contents
Do you trust your data?
Leaders eying artificial intelligence must improve their data health first
For the CXOs, the priority is running a tight operation that can pivot faster and outmaneuver the competition.
Read: Data Observability for Financial Services
These vast sums of files and tables and spreadsheets are essential to artificial intelligence and machine learning initiatives. They’re also, more often than not, inaccessible and unhealthy.
With effective data observability—particularly tools that can be managed by operations personnel—enterprises can improve their data health and begin reaping the insights within.
Read: Data Observability for Operations
4 Ways CXOs Unlock Value with Data Observability
Leaders looking to invest in data observability are poised to create stark competitive advantages within their industry.
Innovators are focused on creating value in the following areas:
Artificial Intelligence
Identify Areas of Risk
Improve Customer Experiences
Predict Future Trends
1) Enable Artificial Intelligence
The advantages of AI are moot without high quality data and consistent data monitoring.
As recent examples highlight, AI models are only as good as the data they rely on. Thus, instances of racial bias, missing information, or inaccurate fields can have an outsized impact on the results of these models.
AI models are only as good as the data they rely on.
Data observability allows organizations to reduce these issues at the source, limiting the negative effects of AI mistakes.
2) Identify Areas of Risk
Hidden risk in financial services data can have massive consequences for their customers and shareholders. For instance, many mortgage lenders review their loans every day to ensure that nobody who is an active servicemember gets a foreclosure, pursuant to the Servicemembers Civil Rights Act. If manual reviews fail, a soldier overseas could learn that they have no home to come back to.
Real-time data validation can identify upstream issues that create downstream headaches. Financial Services organizations can better understand their risk level and take proactive steps to mitigate headaches through more robust data observability platforms.
Real-time data validation can identify upstream issues that create downstream headaches.
To avoid penalties, fees, and complaints to the CFPB, banks leverage BaseCap’s automated compliance management capabilities.
3) Improve Customer Experiences
Personalized experiences, seamless digital portals, touchless banking—these are the promises of the future.
Yet, these innovations are only possible for organizations that first improve their data validation and monitoring capabilities. Gaining a deeper understanding of customer behavior, preferences, and needs helps financial services companies deliver more profitable products while improving customer loyalty and lifetime value.
A deeper understanding of customer behavior helps financial services companies deliver more profitable products
But when these insights are corrupted by inaccurate, incomplete, or missing data, the opposite can come true.
4) Predict Future Trends
Better data observability software can significantly enhance the ability of financial services organizations to predict future trends by providing insights into historical data patterns, identifying emerging trends, and facilitating data-driven decision-making processes.
Through real-time monitoring, organizations can capture incoming data as it occurs, making trends more accurate and responsive to changing market conditions. Moreover, higher confidence in your data quality can help generate stronger buy-in to new initiatives and products.
Higher confidence in your data quality can help generate stronger buy-in to new initiatives and products.
Proper data validation and observability also improves activities like historical trend analysis, scenario modeling and simulation, as well as predictive analytics and forecasting. For instance, data observability software provides the necessary infrastructure and capabilities to build, validate, and deploy predictive models at scale, enabling organizations to anticipate future developments and adjust their strategies accordingly.
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About BaseCap
BaseCap is the data health platform that helps operations teams prevent and correct bad data. Top US banks use BaseCap for quality control, process automation, and compliance management.
"I think the tool is great because it's an out of the box solution where you can give a business admin, or someone that's knowledgeable enough from a tech perspective and a business perspective, to really drive and make the changes and really own the administration of the tool."
