DataRobot Blog

MAY 10, 2022

Addressing the Key Mandates of a Modern Model Risk Management Framework (MRM) When Leveraging Machine Learning . The regulatory guidance presented in these documents laid the foundation for evaluating and managing model risk for financial institutions across the United States. To reference SR 11-7: .

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Risk Modeling Machine Learning Data Quality 64

Jim Harris

JANUARY 1, 2018

The Chicken Littles of Data Quality use sound bites like “data quality problems cost businesses more than $600 billion a year!” or “poor data quality costs organizations 35% of their revenue!” Furthermore, the reason that citing specific examples of poor data quality (e.g.,

Data Quality 77

Data Quality Cost-Benefit Consulting Dashboards 77

CIO Business Intelligence

JUNE 9, 2023

That gap is becoming increasingly apparent because of artificial intelligence’s (AI) dependence on effective data management. Without it, businesses incur steep costs, but the downside, or costs, are often unclear because calculating data management’s return on investment (ROI), or upside, is a murky exercise.

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DataKitchen

AUGUST 8, 2023

On 20 July 2023, Gartner released the article “ Innovation Insight: Data Observability Enables Proactive Data Quality ” by Melody Chien. It alerts data and analytics leaders to issues with their data before they multiply. It alerts data and analytics leaders to issues with their data before they multiply.

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Jet Global

SEPTEMBER 1, 2023

But we’re also seeing its use expand in other industries, like Financial Services applications for credit risk assessment or Human Resources applications to identify employee trends. Analysts can use predictive analytics to foresee if a change will help them reduce risks, improve operations, and/or increase revenue.

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O'Reilly on Data

NOVEMBER 28, 2023

Unexpected outcomes, security, safety, fairness and bias, and privacy are the biggest risks for which adopters are testing. 54% of AI users expect AI’s biggest benefit will be greater productivity. The second most common reason was concern about legal issues, risk, and compliance (18% for nonusers, 20% for users).

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IBM Big Data Hub

MAY 15, 2024

Business leaders risk compromising their competitive edge if they do not proactively implement generative AI (gen AI). Organizations require reliable data for robust AI models and accurate insights, yet the current technology landscape presents unparalleled data quality challenges. Users lower egress costs.

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DataRobot Blog

MAY 26, 2022

To start with, SR 11-7 lays out the criticality of model validation in an effective model risk management practice: Model validation is the set of processes and activities intended to verify that models are performing as expected, in line with their design objectives and business uses.

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Risk Modeling Metrics Business Objectives 52

IBM Big Data Hub

MAY 9, 2024

Healthcare organizations must adhere to data privacy regulations like HIPAA and GDPR. Noncompliance with these laws is costly and can damage your reputation, besides posing a danger to patients and practitioners when data breaches occur. The accuracy of these analytics is limited by the accuracy of the data used.

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IBM Big Data Hub

FEBRUARY 28, 2024

Because organizations with strategic sourcing mindsets look beyond price and cost savings-centered supplier selection initiatives. Successful strategic sourcing often results in process optimization, cost management, customer satisfaction, risk management , increased sustainability and other benefits.

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Strategy Technology Cost-Benefit Risk Management 96

Jim Harris

JANUARY 1, 2016

1 — Investigate Data quality is not exactly a riddle wrapped in a mystery inside an enigma. However, understanding your data is essential to using it effectively and improving its quality. In order for you to make sense of those data elements, you require business context.

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Data Quality Data Governance Cost-Benefit ROI 61

erwin

MARCH 25, 2021

And with many competing projects and activities vying for people’s time, it must be clear to people why choosing data governance activities will have a direct benefit to them. Usually we talk about benefits which are rather qualitative measures, but what we need for decision-making processes are values,” Pörschmann says. “We

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Data Governance IT Cost-Benefit Risk 109

IBM Big Data Hub

JANUARY 25, 2024

A recent report shows a significant increase in the cost of manufacturing downtime from 2021 to 2022, with Fortune Global 500 companies now losing 11% of their yearly turnover which amounts to nearly USD 1.5 regulations, undergoing digital transformation and the need for cost-cutting. A 40% reduction in inventory costs.

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Optimization Cost-Benefit Prescriptive Analytics Manufacturing 74

CIO Business Intelligence

JANUARY 23, 2024

Quality metrics can be used to measure the improvements that come from reducing defects, lowering the impacts of human errors, improving data quality, and other program outcomes that illustrate how increasing quality connects to business impact.

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Measurement Digital Transformation KPI Metrics 122

CIO Business Intelligence

MARCH 24, 2023

The Business Application Research Center (BARC) warns that data governance is a highly complex, ongoing program, not a “big bang initiative,” and it runs the risk of participants losing trust and interest over time.

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Data Governance Management Metadata Data Quality 142

Alation

JULY 15, 2022

I recently led an online session, Data Monetisation and Governance , looking at the evolution of data governance , defining data ethics (from the Turing Institute ), and touching on the balancing act between using data to monetise (by increasing revenue, decreasing spend, or mitigating risk) and meeting ethical obligations.

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Cost-Benefit Data Governance ROI Risk 89

CIO Business Intelligence

FEBRUARY 8, 2024

People across industries envisioned AI as being the fuel for thousands of hours of time saved, replacing jobs to reduce costs, and unlocking innovation at a scale we have never before seen. Interacting with AI data or experiences in silos introduces risk and increases inefficiencies because it’s kept separate.

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Cost-Benefit Experimentation Interactive Risk 101

datapine

NOVEMBER 27, 2019

Companies are no longer wondering if data visualizations improve analyses but what is the best way to tell each data-story. 2020 will be the year of data quality management and data discovery: clean and secure data combined with a simple and powerful presentation. 1) Data Quality Management (DQM).

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Business Intelligence Analytics Prescriptive Analytics Data Quality 361

IBM Big Data Hub

NOVEMBER 29, 2023

To build that trust and drive broad adoption, vendors of synthetic data generation tools will need to address two critical questions that many business leaders ask: Will synthetic data expose my business to additional data privacy risks? How accurately does synthetic data reflect my existing data?

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Metrics Machine Learning Risk Statistics 81

DataKitchen

JUNE 19, 2023

Our recent survey showed that 97% of data engineers report experiencing burnout in their day-to-day jobs. The spiritual benefits of letting go may be profound, but finding and fixing the problem at its root is, as Samuel Florman writes, “ existential joy.” Failures on the Data Journey cost organizations millions of dollars.

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Testing Cost-Benefit Metrics Data Quality 130

CIO Business Intelligence

DECEMBER 19, 2023

After all, every department is pressured to drive efficiencies and is clamoring for automation, data capabilities, and improvements in employee experiences, some of which could be addressed with generative AI. Meanwhile, CIOs must still reduce technical debt, modernize applications, and get cloud costs under control.

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Digital Transformation Unstructured Data Machine Learning Risk Management 136

Smart Data Collective

SEPTEMBER 28, 2022

Big data management increases the reliability of your data. Big data management has many benefits. One of the most important is that it helps to increase the reliability of your data. Data quality issues can arise from a variety of sources, including: Duplicate records Missing records Incorrect data.

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Big Data Management Data Quality Cost-Benefit 104

Cloudera

MARCH 14, 2023

They are being asked to deliver not just theoretical data strategies, but to roll up their sleeves and solve for the very real problems of disparate, heterogenous, and rapidly expanding data sources that make it a challenge to meet increasing business demand for data — and do it all while managing costs and ensuring security and data governance.

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Cost-Benefit Data-driven Risk Data Governance 78

datapine

FEBRUARY 22, 2022

2) BI Strategy Benefits. Over the past 5 years, big data and BI became more than just data science buzzwords. In response to this increasing need for data analytics, business intelligence software has flooded the market. The costs of not implementing it are more damaging, especially in the long term.

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Business Intelligence Strategy Cost-Benefit Key Performance Indicator 218

Laminar Security

DECEMBER 1, 2023

As more organizations migrate their data to the cloud, they face an increasing range of risks and threats, including data breaches, data leakage, data loss, data misuse, data compliance violations, shadow data and more. million, the highest it’s been in 17 years.

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Modeling Cost-Benefit Risk Data-driven 52

CIO Business Intelligence

JANUARY 9, 2024

IT leaders say they’re discussing everything from the costs of AI implementations to whether AI is the existential threat to humanity some fear. Our firm’s leaders] wanted to make sure there were guidelines in place to protect the company, its data, and its people.”

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CIO Business Intelligence

MAY 2, 2023

Citizen developers are a vital resource for organizations looking to streamline processes, increase efficiency, and reduce costs, whilst supporting business innovation and agile change. While citizen development has a good deal of merits, the risk of building technical debt looms large on it.

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Cost-Benefit Risk Enterprise Optimization 87

CIO Business Intelligence

APRIL 4, 2024

The cost of implementing and running AI models can be quite high, so you have to be really careful in assessing the business worthiness of AI use cases,” he says. Production is another area that benefits from AI. “At Just check to make sure you can opt out of having your data used to train the vendor’s models, he says.

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Enterprise Cost-Benefit Forecasting Sales 123

FineReport

APRIL 9, 2024

Through interactive dashboards , these tools empower users across various departments to access and interpret data effectively. These benefits include enhanced operational efficiency through streamlined processes and optimized resource allocation.

Business Intelligence 52

Business Intelligence Software Data-driven Predictive Modeling 52

erwin

FEBRUARY 19, 2021

A strong data management strategy and supporting technology enables the data quality the business requires, including data cataloging (integration of data sets from various sources), mapping, versioning, business rules and glossaries maintenance and metadata management (associations and lineage). Harvest data.

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Metadata Management Data Quality Cost-Benefit 110

O'Reilly on Data

OCTOBER 22, 2020

It’s also a good indirect measure of training data quality: a team that does not know where their data originated is likely to not know other important details about the data as well. ML models directly involved in critical safety systems are generally easy to identify as areas of concern.

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Consulting Risk Cost-Benefit Modeling 292

datapine

FEBRUARY 17, 2023

That said, data and analytics are only valuable if you know how to use them to your advantage. Poor-quality data or the mishandling of data can leave businesses at risk of monumental failure. In fact, poor data quality management currently costs businesses a combined total of $9.7

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Analytics Cost-Benefit Dashboards Business Intelligence 191

CIO Business Intelligence

JANUARY 24, 2024

At Vanguard, “data and analytics enable us to fulfill on our mission to provide investors with the best chance for investment success by enabling us to glean actionable insights to drive personalized client experiences, scale advice, optimize investment and business operations, and reduce risk,” Swann says.

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Data Strategy Strategy Unstructured Data Data Governance 130

Anmut

APRIL 6, 2023

That’s where data maturity assessments come in – they help businesses understand their current data maturity, and equip them with the tools and resources necessary to climb the data maturity curve. What is a Data Maturity Assessment? What are the Benefits of Doing a Data Maturity Assessment?

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Cost-Benefit Data Quality Data Governance Measurement 52

Rocket-Powered Data Science

FEBRUARY 15, 2023

3) How do we get started, when, who will be involved, and what are the targeted benefits, results, outcomes, and consequences (including risks)? Clean it, annotate it, catalog it, and bring it into the data family (connect the dots and see what happens). Conduct market research.

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Strategy Experimentation Uncertainty Machine Learning 290

IBM Big Data Hub

APRIL 10, 2023

A well-designed data architecture should support business intelligence and analysis, automation, and AI—all of which can help organizations to quickly seize market opportunities, build customer value, drive major efficiencies, and respond to risks such as supply chain disruptions.

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Strategy Data Architecture Cost-Benefit Reporting 87

IBM Big Data Hub

MARCH 14, 2024

Businesses face significant hurdles when preparing data for artificial intelligence (AI) applications. The existence of data silos and duplication, alongside apprehensions regarding data quality, presents a multifaceted environment for organizations to manage.

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Cost-Benefit Metadata Optimization Management 77