Data Quality

The path to success starts with accurate data

The use of inaccurate data by U.S. businesses is having a massive impact.

  • On average, U.S. organizations believe 32% of their data is inaccurate, according to research by Experian Data Quality.

 

  • Only 38% of executives have a high-level of trust in their data

 

  • 91% of respondents believe revenue is affected by inaccurate data in terms of wasted resources, lost productivity, or wasted marketing and communications spend.

 

  • IBM has determined that inaccurate data cost the U.S. economy $3.1 trillion in 2016.

To learn more about First Capitol Data Quality Services, start by getting your GIGO Data Quality Score today.

Workforce Data Matters.

While most RegTech companies are focused on financial data, First Capitol has chosen to focus on workforce data. Why? Salaries and benefits are becoming a more significant part of operating costs. 
 
 

  • Employer costs for employee compensation now average more than $36 per hour worked.

 

  • Wages and salaries averaged more than $24 per hour worked and accounted for more than 68% of these costs.Benefit costs accounted for almost 32%.

 

  • Total employer compensation costs for private industry workers averaged more than $34 per hour worked.

 

  • Total employer compensation costs for state and local government workers is more than $49 per hour worked.

Regulatory compliance is a growing risk.

At the same time, regulatory compliance is becoming a growing risk for employers and the impact of using inaccurate workforce data for complying with regulations can be significant.  U.S. companies spend $2 trillion annually on government regulations. The average first-year cost for a new business to comply with regulations is $83,019.
That does not factor in the significant penalties that can be assessed for failing to comply with federal, state and local regulations. Many times, these compliance failures are the result of organizations using inaccurate data. The challenge is collecting data from a mix of disparate data bases: Payroll, time and attendance, benefits administration systems, leave of absence, automated HR systems. 

First Capitol Consulting has the solution for workforce data. 

First Capitol's

Data Consolidation Process

First Capitol’s data consolidation process works to efficiently draw information from these disjointed databases onto a single platform where that data is consolidated, cleansed, and validated to assure its accuracy.

From this Single Source of Truth, First Capitol provides its business and regulatory compliance services and insights to help clients increase operating efficiencies help businesses and governments to increase operating efficiencies, lower financial and regulatory risk, and improve bottom line results.

Data Consolidation Process-Img-05

GIGO Data Quality Score

Our GIGO Data Quality Score provides clients with an analysis of the accuracy of their data. The higher the score, the more accurate the data. The lower score, the dirtier the data.
 
We provide a remediation program that can provide immediate improvements to data quality to ensure that organizations are using the most accurate information when using information to comply with federal and state regulations or to make important business decisions.
 
How accurate is your data?