Technology Review for Improving Data Quality
Data quality management is considered as the cyclic process that mainly involves the logical systematic implementation of the different processes. This can easily help the organisations to maintain the ample amount of data regardless of their size (Karplus and Diederichs, 2015). There are different phases that need to be maintained in order to enhance the data quality. First of all the organisations need to assess the quality of the data set. This can be done by the proper usage of the different data analytics tool. The proper assessment of the data set mainly drives the organisations in order to improve their data quality. In addition to that, the organisations also need to measure the quality of the data set that they have derived from the different sources.
The outcomes from the data assessment mainly help the organisations to assess the quality of the gathered data properly. Thereafter, the organisations need to implement the data quality process into the different functions and the business process. The data quality analysts need to identify the exact requirements for each of the data quality applications in order to enhance the quality of the data that has been gathered. Along with that, the study also describes the data quality improvement tool Blockchain along with its impact over the different business processes of the different organisations. Therefore, it can be said that the entire study mainly provides a clear image of the importance of data regarding the business organisations and the fact that how the tool Blockchain can improve the data quality of the different type of organisations regardless of their size.
Improving Data Quality in Enterprises
Blockchain can be used in both the large and the small organisations in order to ensure the proper quality of the data that the organisations have gathered (Weiskopf and Weng, 2013). Wesfarmers is the well-known organisation in Australia and mainly deals in the retail industry of Australia. Therefore, they need to manage an ample amount of data regarding the product details along with the details of the customers. They also have to take care of the different financial data sets. Based on the data set they can easily analyse their business performance and interpret the upcoming business trends in the market (Wesfarmers.com.au. 2017). Therefore, the usage of Blockchain can enhance the business analytics for Wesfarmers as they would be enhanced in the field of proper data quality maintenance.
On the other hand, when it comes to the small organisations, Red Rooster can be taken into account. It is an Australian fast food restaurant chain operating since 1972 and has the speciality in the roast chicken (Red Rooster. 2017). The organisation has an ample amount of employees; therefore, it is very much important for the organisation to manage the data set in a well manner. Along with that, the Blockchain would also help the organisation to analyse the business trends and based on that aspect they can easily set out their business plans. In addition to that, the technology would also help the organisation to manage their inventory, as they would become richer with the data sets regarding the inventory systems also. Therefore, it can be said that the Blockchain can be used in order to improve the data quality of the organisations.
Block chain is the distributed database system that is mainly used in order to maintain the growing list of records, which are known as the blocks. The peer-to-peer network mainly manages the block chain. The block chains are mainly secured by the design. Therefore, it can achieve the decentralised consensus. This mainly makes the block chains suitable for recording the different events along with the different records from the multiple areas. Along with that, the block chain facilitates the secure online transactions. Along with that, this technology has a potential in order to transform the different business operating models in the long term. The important applications of block chain include cryptocurrencies that consist bitcoin, Dash, Nxt and BlackCoin (Blockchain.com. 2017). Each of the mentioned crypto currencies has their own features and the characteristics.
Along with that, this technology has a proper difference with the distributed ledger systems. The block chain is considered as a peer-to-peer network that mainly records the data sets by hashing them into the ongoing chain by generating a proper record that cannot be changed or altered without redoing the exact proof of work. Along with that, on the other the distributed ledger systems are the peer-to-peer network that mainly prevents the modification of the ordered series of the different time stamped records. Therefore, it can be said that the all the block chains are the distributed ledgers; however all the distributed ledgers are not the block chains (Blockchain.com. 2017). The global network of the different workstations uses the block chain technology to manage the database that keeps the records regarding the Bitcoin transactions. Therefore, it can be said that its own network manages the Bitcoin, not by any of the central authority. Along with that, the use of block chain reduces the amount of intermediary for the different financial transactions. The personal computing becomes accessible to the public with the advent of the GUI (Graphical User Interface) technology.
Similarly, the mostly used GUI devices for the block chains are termed as the “wallet” applications that the people now a day’s used in order to buy different things through online. The different online transaction processes are closely connected to the identity verification process. Therefore, it is easy to imagine that the different wallet applications would easily be transformed in the upcoming years to include the different types of identity management process. According to Saha and Srivastava (2014), the open block chains are the user friendly that the traditional ownership of the records. All the previous blockchains were with no permissions. Along with that, this also enables the transparency regarding the data set. The set of data is embedded within the network and by definition, it is considered as public. Along with that, it cannot be corrupted. That means the alteration of any unit of information over the blockchain means usage of the huge amount of computational power in order to override the overall network.
Benefits of Using BlockChain to Improve Data Quality for Wesfarmers
Not only the different financial institutions and the government bodies use the digital ledger technology in order to ensure the safety of their data. Along with that, the retail industries also use this aspect into their account in order to make their data set safe and secure. Wesfarmers mainly uses this technology in order to protect their trusted source of records and make the interactions with their clients very much simple. According to Litman et al. (2015), an important function of Wesfarmers is to maintain the trusted source of information about their customers and the different activities. Management and the proper usage of this data set could get difficult as they have fragmented databases in the different departments. Therefore, BlockChain makes it easy for Wesfarmers to gather and manage the large data sources.
This also provides a proper backup of the data sets. Along with that, the data set is also protected from the unauthorised access with a little margin of error. The BlockChain is the encoded digital ledger that is mainly sorted on the different workstations in a particular private or public network. It includes the data records that are known as blocks and once all the blocks are collected in a chain, then a person cannot change them. This ensures the safety of the Wesfarmer’s data set from the hackers (Sikorski et al. 2017). Along with that, it also helps Wesfarmers to improve the quality of their data set. As the data set is safe in the BlockChain, therefore, there cannot be any kind of alteration in that and it can easily maintain the quality of the gathered set of data. In addition to that, as the BlockChain technology is evolving, therefore it provides an ample amount of benefits to the Wesfarmers regarding the maintenance of the data quality. The organisation has all the relevant set of data regarding their employees and customers such as the basic personal information or the record regarding the previous interactions with the organisation are stored in a particular ledger within an encrypted database of BlockChain. The employees of the organisation Wesfarmers can have an access to the ledger by using the internet connection. After that, the end users can give the organisation the actual authority in order to read or change the specific element of data using public-private-key cryptography.
In addition to that, they can use the private keys for getting a one-time access to the data set. Moreover, according to Biswas and Muthukkumarasamy (2016), the use of BlockChain ledgers has the ability to reduce the amount of risk factor that can be done from any kind of unauthorised access and the process of data manipulation. At the same time, it also reduces the risk factor regarding the privacy issues. Wesfarmers can easily deploy the BlockChains that can share their set of data to their employees; still they need to ensure the privacy issues regarding the strong encryption methods. Along with that, the management of Wesfarmers also need to understand the fact of the different rules and regulations along with their consequences.
Benefits of Using BlockChain to Improve Data Quality for Red Rooster
Along with the large organisations, the small organisations also need to manage their gathered set of data. As Red Rooster is emerging to the online delivery process, therefore they need to maintain the data set properly. Therefore, the organisation may use the BlockChain technology in order to have a qualitative set of data that should also be safe and secure. According to Mori (2016), it mainly provides them with the feature of disintermediation and the trust less exchange in between the two parties that are able to make exchange without the proper oversight of a particular third party. That mainly reduces the risk regarding the counterparties. This mainly ensures the security in terms of online transactions. In addition to that, the users of the technology are in total control of all the information regarding the transactions. In addition to that, it provides the organisation with the high quality of data. The set of data is complete and it maintains the consistency.
Moreover, the gathered set of data is very much accurate and widely available. Therefore, it provides Red Rooster with an ample amount of advantage regarding the online business processing. Along with that, as the BlockChain technology uses the decentralised technology, therefore it do not have a proper central point of failure. It also helps Red Rooster to understand the different malicious attacks. The customers of the organisation can easily trust the transactions that would be executed properly as the commands regarding the protocols need to have a proper trusted party (Tian, 2016). That can ensure the customers with an ample amount of safety and privacy. This ensures the process of integrity in between the transaction process. While adopting the online payment and delivery system, Red Rooster needs to make sure the fact that the data regarding the payment details should be kept safe; otherwise the customers’ loose trust over the system and the organisation may lose a set of loyal customer. That can easily hamper their business functionalities. Along with that, this system also maintains the proper transparency and immutability.
According to Weiskopf and Weng (2013), that mainly changes to the public BlockChains that are viewable publicly by all the different parties that needs to create the transparency and all the transactions that take place are immutable. That signifies the fact that the set of data should not be changed. This ensures the quality of the gathered set of data for Red Rooster. In addition to that, it provides Red Rooster with a fast transaction processing with paying a low transaction cost as it eliminates the third party intermediaries. Therefore, it can be said that Red Rooster should use the BlockChain technology in order to ensure the best quality of their gathered set of data.