Dealing with incorrect and outdated human capital information costs organizations billions of dollars each year. Having clean and consistent HR data may appear to be a simple task, yet organizations are constantly challenged with maintaining the integrity of workforce information. The use of disparate data sources can lead to incorrect information transmitted throughout the company, as organizational changes may not be promptly reflected. With in-depth visibility into accurate, updated organizational changes, companies are well positioned to make informed, strategic decisions to compete in today’s global marketplace. Effectively managing the integrity of HR data is critical to enterprise success. Basing decisions on outdated information leads to ineffective HR reporting and analysis that could adversely affect business results. According to Gartner, “Over the next two years, more than 25 percent of critical data in Fortune 1000 companies will continue to be flawed, that is, the information will be inaccurate, incomplete or duplicated.”
To contribute directly to the organization’s bottom line, it is crucial for HR departments to have quality data for analysis and strategic decision making. As well, employees waste much time searching for accurate information. By having clean data, employees can focus on their tasks and key issues, reducing administrative costs and increasing operational efficiency.
Changes in economic and regulatory compliance also demand that organizations have accurate and up-to-date information. Quality data is required for successful compliance. Implementing an information tracking and auditing tool enables organizations to effectively manage the accuracy of human capital data. Having an in-depth and accurate view of the workforce will help ensure your organization complies with initiatives such as Sarbanes Oxley.
