Data Gathering System

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    All the gurus say that we need to first ensure that the data collection system is robust. But there is awfully inadequate advise on how to go and set up one once you find the lacunae in your measure phase. Any ideas/references on how to set up an automated information gathering system that can capture and report the data that you want and in an accurate manner? Speaking from a financial services perspective.


    Adam Bowden

    It all depends upon your process and the precise definition of the
    metric you wish to measure. Typically in Fin serv there is a huge
    amount of information – usually a lot of the wrong data though.
    You can very rapidly drive your self into analysis paralysis with the
    huge amounts of data available and I advise to very carefully select
    the right metric and quantity of data. Some projects you can
    certainly get 100% of accurate data but in most cases a good, yet
    representative set of data is usually enough to get the project
    underway and to achieve a result. In most cases that I’ve seen in
    Fin Serv if you get data that represents say 80% of the
    data/variation, or even 80% accuracy of the issue magnitude, move
    forward as you will learn more the deeper you get into the project
    any way.If you want to chat specific give me a call.Best regards,Adam
    (1) 720 938 0321 (GMT -6hrs Mountain time)

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