VIDEO | Inaccurate Data Can Lead to Dissatisfied Customers — Enterprise Data Management Head, TD Bank

(US and Canada) Wes Anderson, Vice President and Head of Enterprise Data Management at TD Bank speaks with Jeffrey Dobin, Head of Sales at Duality Technologies, in a video interview, about utilizing quality data to unlock value from technology initiatives, the importance of robust data foundations, building data-driven organizations, and maximizing the benefits of AI, ML, and analytics.

At the onset, Anderson acknowledges that technological advances depend on access to reliable data, highlighting the phrase 'good data is fundamental.' He contends that customer processing technology capabilities, such as chatbox analytics, can only produce quality results if the data is good and managed according to best practices.

Anderson states that bad decisions are made based on poor data quality, and are inevitably detrimental to the organization. He affirms that it is imperative to set the right foundation of reliable data or any technological changes will not benefit an organization. He also emphasizes the importance of a robust foundation to ensure that the data that customers interact with is of high quality and accurate.

Inaccurate data can lead to unsatisfactory customer experience, Anderson notes, and he insists on the need to accurately retrieve customer information to make better decisions about providing services.

He further affirms that data, analytics, AI, and machine learning offer people promising opportunities. At the same time, he voices the necessity of setting up the necessary foundational elements to guarantee the success of those endeavors.

In addition, Anderson suggests that leveraging ChatGPT-type technology with some automation can automatically add technical metadata to datasets. He highlights that currently, this process requires multiple human beings to do this. Furthermore, he discusses how this tech-based process can add business context to the datasets, which can save employees time and effort, allowing them to focus more on using the data instead of managing it.

Moving forward, Anderson proposes pointing a dataset to a technology and letting it determine the outliers without requiring manual rule definitions. He asserts that this would be an ideal goal to aim for and that some vendors in the data management space are already committed to getting ahead of this need.

According to Anderson, automation can benefit data asset owners and data consumers. He reckons that by automating routine tasks, owners can focus on more value-adding activities, while data consumers can simplify their jobs and engage with more value-adding tasks.

CDO Magazine appreciates Wes Anderson for sharing insights and data success stories with our global community.