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Data Rich Information Poor ( D.R.I.P) Business Environment – the Next Quality Frontier Proprietary and Confidential by Infogix Systems Inc.

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Presentation on theme: "Data Rich Information Poor ( D.R.I.P) Business Environment – the Next Quality Frontier Proprietary and Confidential by Infogix Systems Inc."— Presentation transcript:

1 Data Rich Information Poor ( D.R.I.P) Business Environment – the Next Quality Frontier Proprietary and Confidential by Infogix Systems Inc. All rights reserved Information Integrity Interest Group

2 Proprietary and Confidential by Infogix Inc. All rights reserved 2 Purpose of today’s discussion To discuss the challenges and opportunities of transitioning from a data rich information poor environment to an information rich environment To outline an information centric approach towards improving organizational performance for sustaining quality efforts

3 Proprietary and Confidential by Infogix Inc. All rights reserved 3 Research Sources Client Experiences Newspaper Articles Research Articles Collaboration w/ Information Integrity Coalition I*I IG Presentation at NQEC 2005 on Education Sector I*I IG Research and Presentation on SOX and Operational Risks Workshop at the Telestrategies conference

4 Proprietary and Confidential by Infogix Inc. All rights reserved 4 Agenda State of Information Integrity in the Business Data, Information,Knowledge Model Modeling Quality Management and Information Integrity Information Integrity Assurance Best practices for Continuous improvements Key Benefits

5 Proprietary and Confidential by Infogix Inc. All rights reserved 5 Agenda State of Information Integrity in the Business Data, Information,Knowledge Model Modeling Quality Management and Information Integrity Information Integrity Assurance Best practices for Continuous improvements Key Benefits

6 Proprietary and Confidential by Infogix Inc. All rights reserved 6 Data, Information and Quality If you can not measure something, you don't know much about it If you do not know much about it, you can not control it and Improve it If you can not control it, you are at the mercy of Chance Reference: ASHU BHATIA, 2005

7 Proprietary and Confidential by Infogix Inc. All rights reserved 7 Apparel Giant has Zero Visibility into Supply Chain "North Face was losing $100 million on $238 million of sales because it was producing too much inventory and could not match this inventory to orders or even ship it effectively," says Dan Templin, CFO of Outdoor Coalition, a division of VF Corp., the $5.6 billion apparel giant that bought North Face in May "The company had zero visibility into its supply chain," says Templin. "It didn't know what its orders were or where its purchases were logistically… Information Errors CLS computer glitch hits trades Published: March :00 By Alex Skorecki CLS Bank, the system that clears the world's currency trades, had its first major mishap on Tuesday, hitting all the transactions in the Asia-Pacific region.

8 Proprietary and Confidential by Infogix Inc. All rights reserved 8 IndustryImpact of Information Errors TelecomAbout 5-11% of revenue is lost [1]. That is about $ billion a year[1]. Banking30 banks had reported total operational losses of around 2.6 billion euros. [5,6] InsuranceUS Medicare program lost between 7-10% of its budget due to I*I related errors[4]. RetailUS retail companies lost about $5.6 billion in year 2001 [2] due to clerical and administrative errors. [1] D&T, Revenue assurance survey, PWC, KPMG publications[4] GAO report,1999, IIC report,2001 [2] 2001, National security survey, university of Florida[5] BIS, “Quantitative Impact Study”, 2002 [3] SITPRO, 2003 [6] Rick Harris, “Domestic regulatory approaches to operational risk”, 2002 Reported Loss Due to Information Error

9 Proprietary and Confidential by Infogix Inc. All rights reserved 9 Agenda State of Information Integrity in the Business Data, Information,Knowledge Model Modeling Quality Management and Information Integrity Information Integrity Assurance Best practices for Continuous improvements Key Benefits

10 Proprietary and Confidential by Infogix Inc. All rights reserved 10 Semantics Matter in the Information Age WO C1805E190 0E Date: July 23, 2003 Airline: World Flight Number: 2555 Take off time: 1:00 PM [CST] Scheduled Landing: 6:05 PM Eastern Actual Landing: 7:00 PM Eastern Percentage On Time Arrivals In Last: Month55% Six Months65% Year75% Average Minutes Late In Last: Month42 Six Months22 Year24 If I take this flight, I will probably miss my dinner meeting because an increasing number of flights are late by an increasing margin Maybe I should fly on a different carrier InformationDataKnowledgeWisdom

11 Proprietary and Confidential by Infogix Inc. All rights reserved 11 Information has many uses & dimensions TIME PastFuturePresent Analyze Compare Monitor Report Measure Control Exchange Service Design Predict

12 Proprietary and Confidential by Infogix Inc. All rights reserved 12 What is Information Integrity? Information Integrity (I*I) is the trustworthiness or dependability of information as defined by the accuracy, consistency & reliability of information content, processes and systems. Accuracy: The degree of agreement between a particular value and an identified source that provides the correct value at a specific point in time. Consistency: The degree of agreement among repeated instances of the same information (occur in space, over time, and in relation to one another at the same point in time). Reliability: The degree to which information is complete, current, and verifiable.

13 Proprietary and Confidential by Infogix Inc. All rights reserved 13 I*I Risks are linked to “Static” processes in changing environment Focus on data collection Inconsistent data collection and analysis procedure “Off System” and localized work “Static” processes in changing environment Focus on data collection Inconsistent data collection and analysis procedure “Off System” and localized work

14 Proprietary and Confidential by Infogix Inc. All rights reserved 14 Information Risk Factors Intrinsic Risk Design errors Development errors Deployment errors Detection errors and Data errors Extrinsic Risk Change Complexity Communication Conversion Corruption

15 Proprietary and Confidential by Infogix Inc. All rights reserved 15 Agenda State of Information Integrity in the Business Data, Information,Knowledge Model Modeling Quality Management and Information Integrity Information Integrity Assurance Best practices for Continuous improvements Key Benefits

16 Proprietary and Confidential by Infogix Inc. All rights reserved 16 Enterprise Information Model The Infogix’s Enterprise Information Model (EIM) is a comprehensive framework for identifying focal business processes for integrity evaluation The four quadrants can be populated with issues and processes representing every aspect of enterprise operations

17 Proprietary and Confidential by Infogix Inc. All rights reserved 17 Systems Approach | Baldrige Framework

18 Proprietary and Confidential by Infogix Inc. All rights reserved 18 Quality and I*I Integration

19 Proprietary and Confidential by Infogix Inc. All rights reserved 19 Information Supply Chain Integrity

20 Proprietary and Confidential by Infogix Inc. All rights reserved 20 Agenda State of Information Integrity in the Business Data, Information,Knowledge Model Modeling Quality Management and Information Integrity Information Integrity Assurance Best practices for Continuous improvements Key Benefits

21 Proprietary and Confidential by Infogix Inc. All rights reserved 21 Common Challenges Businesses focus more on data, process and input versus information(results) Validity of benchmarking tool/process Standards mean different things to different stakeholders After the fact Information Integrity

22 Proprietary and Confidential by Infogix Inc. All rights reserved 22 Information Integrity Assurance Best Practice Understand the business objective, its validity and requirements Collect required data and translate them into information on an ongoing basis Focus on results. Validate results and Quantify improvements by benchmarking Adopt In-process Information Integrity measurements Inspection versus continuous improvement

23 Proprietary and Confidential by Infogix Inc. All rights reserved 23 Transition from “DRIP” to “DRIR” Identify Integrity objectives Identify Information (results) that are critical to the decision making process Define Integrity requirements ( targets) Discover the corresponding Information Supply Chain Examine integrity issues and root causes Monitor Key Integrity Indictors continuously

24 Proprietary and Confidential by Infogix Inc. All rights reserved 24 Agenda State of Information Integrity in the Business Data, Information,Knowledge Model Modeling Quality Management and Information Integrity Information Integrity Assurance Best practices for Continuous improvements Key Benefits

25 Proprietary and Confidential by Infogix Inc. All rights reserved 25 Cross Industry Observations | Best Practices 1. Define Key Result Indicators (KRIs)/KRIs aligned with strategic and tactical objectives 2. Identify benchmarks ( Internal and External ) 3. Define goals and targets 4. Standardize information collection process. Use rule based repositories to store data/information 5. Analyze with Integrity 6. Assess the effectiveness of KRIs/KPIs 7. Communicate

26 Proprietary and Confidential by Infogix Inc. All rights reserved 26 Agenda State of Information Integrity in the Business Data, Information,Knowledge Model Modeling Quality Management and Information Integrity Information Integrity Assurance Best practices for Continuous improvements Key Benefits

27 Proprietary and Confidential by Infogix Inc. All rights reserved 27 Information Integrity Assures Quality goals and controls environment that are aligned with, and support, your business objectives. Effective, efficient information processes Reliability of financial and other reporting. Compliance with laws and regulations as related to accurate, consistent and reliable information.

28 Proprietary and Confidential by Infogix Inc. All rights reserved 28 Benefits of the Approach Enterprise-based E mbraces all major processes in the enterprise. One approach provides the total perspective Process-Focused F ocus on practical process understanding and builds on Quality Frameworks Effective/EfficientEvaluations based on both effectiveness and Efficiency Compliance-richS upports compliance initiatives Adaptable Supports to Risk and Quality Models

29 Proprietary and Confidential by Infogix Inc. All rights reserved 29 Thank you


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