Just what is a Golden record or Single view mean in data management, and why is it important in business?
A golden record (aka single view/complete view) is a term used in the field of data management and refers to a single, authoritative, and accurate representation of a data subject, such as a customer or an employee, that is derived from various sources and maintained in a centralised repository.
At a very basic level, you can think of a golden record being a little like a jigsaw puzzle, all pieces are required to see the full picture, or the 'Single view'.
However for complex businesses, all of the pieces aren't generally in the same box, same shelf, and some pieces are completely missing, or damaged.
Golden records are important because they provide a single source of truth for organisations, which can improve data quality, increase operational efficiency and help prevent errors and inconsistencies across various systems.
They also play a critical role in data governance and master data management initiatives, which are necessary for effective decision-making, regulatory compliance, and improved customer experiences.
The process of creating a golden record typically involves the following stages:
- Data Collection: Gathering data from various sources, such as internal systems, external databases, and manual inputs, to create a comprehensive view of the data subject.
- Data Cleaning and Standardization: Removing duplicates, correcting errors, and standardizing the data to ensure that it is consistent and accurate.
- Data Matching and De-duplication: Identifying and merging duplicates and conflicting information to create a single, authoritative representation of the data subject.
- Data Enrichment: Adding missing or supplementary information to the golden record to make it more complete and useful.
- Data Validation: Checking the accuracy of the golden record and ensuring that it complies with business rules and data quality standards.
- Data Maintenance: Regularly updating and maintaining the golden record to keep it accurate and up-to-date.
- Data Access and Distribution: Providing secure and controlled access to the golden record for authorized users and systems.
The value of a Golden Record across Retail, Healthcare/NDIS, and Tertiary Education
Golden Record for Retailers
With a single view of the customer, retailers can access all the relevant data in real-time, empowering them to make informed decisions and take action quickly.
This leads to:
- Faster and more effective marketing and customer service experiences
- Improved back office processes to reduce errors, save time, and lower costs.
- Additionally, having a centralised customer view eliminates the need for manual reporting, freeing up IT resources and allowing retailers to act on insights and make data-driven decisions more quickly.
Golden Record for Healthcare and NDIS service providers
A Golden Record for healthcare providers refers to a single, accurate and up-to-date version of a patient's information, such as their medical history, demographics, treatment details and support needs, that is accessible to all authorised providers across different healthcare organisations.
This information is critical to ensuring quality patient care and reducing errors, as it provides a comprehensive view of a patient's health history and current treatment.
Having a ‘Single view’ can help:
- Improve patient outcomes
- Faster decisioning for ongoing support needs
- Reduce duplicative tests and procedures
- and increase efficiency in the healthcare providers organisation.
Golden Record for Tertiary education and universities
In the context of tertiary education and universities, a Golden Record can provide significant value by providing a centralised and comprehensive view of each student's educational history, including their personal information, enrollment data, grades, and other academic information.
This information can help to:
- Streamline administrative processes
- Connect and correct data across disparate or siloed systems to ensure data accuracy and consistency
- Improve decision-making for various stakeholders such as faculty, staff, and students.
- Improve the ability of universities to track student outcomes
- Comply with regulatory requirements
- and make data-driven decisions that can improve the overall quality of education.
Ultimately, all Data projects should be driven by the need to deliver data trust.
Achieving data trust is a key competitive advantage, and that confidence comes from having access to trusted information and insight when you need it.
This means ensuring that data is accurate, consistent, and reliable, and that it is used in a responsible and ethical manner. Achieving data trust requires a combination of technical solutions, such as data governance and quality tools, and effective data management processes and policies, such as data privacy and security measures.
To do that requires and in-depth understanding of your current state, goals and challenges so we can move towards recommended solution paths with a phased delivery approach.
When data is trustworthy, organisations can make better decisions, improve customer experiences, and operate more efficiently, which ultimately leads to better outcomes and business success.
Unleashing your business potential relies on achieving data trust, and that can start with a simple conversation.
Let’s talk about how to unlock and unleash the power of your data, find out more, or reach out and together, we will solve them.
