The healthcare and life sciences vertical is expected to leverage the benefits of data quality tools substantially. The vertical has always been overloaded with data, chiefly from patient, clinical, claim, hospital system, financial, pharmacy, and most recently from wearable technology sources. The industry is pushing toward generating electronic health records and periodically updating reporting methods and data storage. The federal government is offering incentives to the hospitals to trade off paper medical charts with electronic health care records. With the records of the patients being captured digitally and getting stored on-premises or on cloud, any vulnerabilities in the data can be potentially hazardous. Thus, adopting a robust data quality program will be vital for this ever-growing industry.
Health insurance companies are also suffering huge revenue losses owing to poor healthcare data quality and data integrity within its critical business processes such as claims, billing and payment, enrolment, and membership. The healthcare industries need to comply with Affordable Care Act (ACA) but are grappling with the challenges of hidden data inaccuracies and lack of data integrity between numerous disparate systems. Data profiling and data matching features can come handy to tackle these challenges.
Frequently Asked Questions
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What is the expected CAGR for the Data Quality Software market?
The overall data quality tools market is expected to grow at a CAGR of 17.7% from 2017 to 2022. -
What is the purpose of deploying data quality solutions?
Data quality software refers to a wide range of tools and services specifically designed to deliver comprehensive and precise data to organizations. Data quality software vendors offer a broad range of functions and capabilities, which include data cleansing, profiling, parsing, monitoring, and enrichment. The data quality software allow organizations to comprehend, standardize, and monitor the data over the course of its lifecycle, ensuring continuous operation within the system. Ensuring data quality should be a paramount concern to the authorities, as a good dataset within an organization can be a key enabler to gain competitive advantage in the market by conducting better analysis and craft business strategies that will have long-term implication on realizing organizational goals. The 6 key considerations of data quality, which every enterprise should seek for, include consistency, conformity, completeness, uniqueness, accuracy, and integrity of data. -
Who would need to deploy Data Quality solutions?
Data quality solution providers, Governance, Risk Management, and Compliance (GRC) solution providers, Consulting companies, Government agencies, Risk assessment service providers, Investors and venture capitalists, Value-added resellers, Small and Medium-Sized Enterprises (SMEs) and large enterprises, Third-party providers, Consultants/consultancies/advisory firms, Support and maintenance service providers and Technology providers etc. -
What are the major application areas where Data Quality Tools prove to be effective?
Data quality tools are generally effective in four areas: data cleansing, data integration, master data management, and metadata management. The tools generally identify errors with the help of algorithms and lookup tables. They also helps in managing multiple tasks, that include validating contact details and mailing addresses, data mapping, data consolidation associated with ETL tools, data validation reconciliation, sample testing, data analytics etc.
Data Quality Tools Software in Healthcare and Life Sciences
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Informatica Data Quality software ensures best data quality for all business applications, whether they are on-premises or cloud applications. The solution includes unified role-based tools that facilitate the participation of business in the data quality process and deliver comprehensive support for applying data quality rules to products, assets, and customer data. The company provides enhanced flexibility and agility to its customers in terms of accessing and cleansing the data which is located at any source within an enterprise, be it on premises or on the cloud.
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IBM focuses on various aspects of data quality. IBM InfoSphere Information Server offers several capabilities that address data quality needs of businesses. IBM InfoSphere Information Server is an IBM data quality software which helps enterprises extract more value from complex, heterogeneous information spread across systems. IBM offers a substantial range of products for managing the end-to-end data quality requirements of organizations.
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Through the acquisition of Trillium Software, Syncsort gained unparalleled advantage in offering comprehensive solutions for the data integration and data quality tools markets. Trillium Software has a strong foothold in the data quality tools market and offers TS Quality, a single solution which is capable of ingesting both structured and unstructured data. Trillium Quality solution categorizes data across the enterprise including the unstructured and semi structured data to enhance the efficiency of the business and IT Teams.
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Talend offers Talend Open Studio as Data Quality Software as its prime solution in the data quality tools market. The software offers intrinsic features, such as data profiling tools, which are instrumental in providing a comprehensive view of enterprise data, and help to recognize grey areas in the organization where the data is either incomplete or duplicated or out of conformance with standards.
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Experian Data Quality is a global provider of data quality software and services. These software and services are offered via flexible Software-as-a-Service (SaaS) and on-premises deployment models. The company offers comprehensive data management solutions which help organizations achieve their business goals. Experian Data Quality assists in maintaining the accuracy of the collected data which leads to an efficient operational workflow. It offers a real-time capturing of the customer information which helps in keeping data up-to-date.
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Oracle offers various tools for maintaining the data quality of an organization. The Oracle Enterprise Data Quality product suite helps organizations achieve maximum business value by providing high-quality data. The solution provides businesses with multi-user project support with an ability to manage all types of data including customer, product, asset, financial, and operational data.
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Alteryx's Data Quality software allows organizations to understand the quality of a dataset and also enhance the data to make it ready for analytics. The company provides data profiling visualizations which offer a segmentation view based on quality and issues. The company also delivers specific statistics based on individual fields in the user's data, based on their data types. Moreover, Alteryx offers in excess of 45 tools like find and replace, that help companies in improving the quality of their data.
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Microsoft Data Quality Services is a knowledge-based product that provides both computer-assisted and interactive methods to govern integrity and quality of the data sources. The DQS solution performs data cleansing through cloud-based reference data services provided by reference data providers. Microsoft Data Quality Services also provides data profiling integrated with data quality tasks, allowing analysis of the integrity of enterprise data. The data quality tools offered by Microsoft Server DQS empower an information steward or an IT expert to keep up the quality of data.
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Pitney Bowes offers a wide range of products in the data quality tools market. These products include Spectrum Data Discovery Module, Spectrum Advanced Matching Module, Spectrum Data Normalization Module, Spectrum Universal Name Module, and Spectrum Universal Addressing Module. The various capabilities offered by the company’s products are data profiling, advanced data matching and consolidation, data enrichment with reference data, standardization and normalization of data, monitoring trends, and Key Performance Indicators (KPIs).
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Ataccama's Data Quality software & Cleansing solution helps users in transforming their data. It allows companies to use an extensive set of predefined algorithms or enables them create their own. The company's Anomaly Detection feature leverages AI to identify problems in data loads, including data volume changes, etc. Ataccama's Data Profiling helps users learn about the critical patterns in their data. It also finds duplicate records and uses multiple edit distance metrics to reveal hidden relationships in the data.
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Information Builders offer a comprehensive product suite that helps organizations monitor and manage their information assets. The company offers the iWay Omni-Gen Data Management platform which has Omni-Gen Data Quality Edition as one of its chief components. Omni-Gen Data Quality Edition is instrumental in offering all-inclusive features and capabilities that are designed to optimize the integrity of the enterprise data irrespective of the data source, location, or format.
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Datamatch Enterprise creates fully scalable configurations for deduplication and record linkage. The solution has the ability to identify and transform complex product data from disparate sources. Data Ladder’s advanced semantic recognition technology assesses product data instantly from various data sources, understands the context, and helps users make informed decisions by precisely matching, categorizing, and deriving complex product hierarchies. The company's data deduplication software also allows organizations to find matches across all the data sources with a 96% accuracy.
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Trianz offers DataVision as its core offering in the data quality tools market. DataVision+ is an automated solution, designed to meet the needs of data comparison across various sources. The cloud and mobileenabled platform enables users to write custom SQL queries, compare data between source and target environments, and generate meaningful reports. DataVision+ is also capable of synchronizing metadata and generating queries automatically to compare. In addition, the solution can test crystal reports and big data.
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Tamr offers a patented enterprise data unification platform that combines machine learning with human expertise for combining numerous data sources to provide unmatched scalability, speed, and accuracy. The company distinguishes itself from other market players by offering a bottom-up, machine-learning based approach which is instrumental in unifying disparate enterprise datasets.
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Backoffice Associates has developed a Data Quality Scorecard that provides web-based analytics, reports, and insights through a consolidated dashboard that allows businesses to view their critical business metrics. The company also conducts Data Quality and Readiness Assessment, which is supported by their applications which instantly deliver report findings with specific data challenges. The company also offers the best practices in Data Quality developed by experts to help organizations in addressing their data problems.
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Infosolve's Data Quality software identifies and eliminates nulls and invalid data. It also discovers data patterns and frequency counts. The company's Data Enhancement provides organizations an opportunity to supplement information in their existing data and also supports organizations through their planning cycles. The company's Data Quality solutions offer well-defined data profiling capabilities which are important for the identification of data quality problems. OpenCDI has been developed on the Infosolve’s innovative Zero Based solution platform which delivers maximum flexibility with the open source technology and high ROI.
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Ixsight’s Customer Information Management solution helps assess customer, supplier, product and material data including unstructured text information in order to enable smarter decision-making for companies. Dedupe collaborates customer information and internal information to provide in-depth analysis of potential loyalty. Deduplix assesses records in real-time and offers total flexibility in providing the best results. It also enables businesses to categorize modules to validate matches and create golden records.
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Innovative System's Enlighten instantly scales from thousands of records to hundreds of millions. The solution's in-depth understanding of data context eliminates errors and saves considerable effort and money. The company deploys teams who have expertise in data quality which provides seamless and rapid implementation along with consistent support. The company provides multiple delivery options such as on-premise and SaaS or a combination of both, depending on the business situation. These options are fully scalable.
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DQ Global offers Perfect & Merge which is a simple CRM deduplication solution, that ensures that the company's CRM system remains duplicate-free, trusted, and fit for use. The appRules Portal with DQ inside provides the tools to match, cleanse, and provide users with clean data. It also provides users with a consolidated view of their data, helps in improving revenue, saves time, and enables them to make better decisions. The solution also helps companies to reduce development time and risk in the delivery of Data Quality Projects.
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Neopost's ConnectSuite e-Validate is a simple cloud-based solution that helps businesses instantly update customer addresses. It minimizes instances of returned mail and parcels, with savings of up to USD 25 per piece. The solution also enhances email delivery by rectifying addresses for customers who have changed their addresses. The company's Quadient Bulk Mailer helps companies simplify their mailings, improve deliverability, and acquire the lowest postage rates. Quadient Architect is another contact data quality solution offered by Neopost that validates contact data across digital channels and updates existing records for compliance and customer experience.
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The Uniserve Customer Data Platform provides a multi dimensional view whereby all customer data is consolidated into a single dataset. It then creates a Golden Profile that delivers consistent high-quality data required for successful customer data management on the Customer Data Platform. The platform offers better scaleability which allows businesses to choose the data sources to be integrated. It manages customer data without interrupting running businesses and also provides quicker deployment and rapid return on investment (ROI).
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