DATANOMIC URGES FINANCIAL COMPANIES TO DETOX DIRTY DATA

Cambridge, UK: With new research showing that many organisations are still failing to implement effective strategies for data quality management, Datanomic is urging companies in the finance sector to commit to a long-term regime to detox dirty data, improve business performance meet compliance standards including Sarbannes-Oxley and Basel II.

Globally, billions of dollars are spent on sophisticated business process systems, but fundamental flaws in the accuracy of source data are compromising their effectiveness. In 2004, the PricewaterhouseCoopers Global Data Management Survey highlighted the need for organisations to prioritise and improve data quality management.

Laurie Mascott, Datanomic CEO said, "Despite heavy investment in data applications, many financial service organisations still struggle to get a real-world picture of their data and what it means for their business. Problems in managing data are creating a real headache with business process systems being hindered by masses of information littered with inaccurate and incomplete data.

He continued, "With a proven track record in delivering data quality solutions for major banking and finance clients, Datanomic is the fastest growing company in its sector - the combined revenues of our customer base in 2004 was over $40 billion. Datanomic is the only company that can deliver a complete software solution for data quality management, with an integrated suite of products to help companies comply with industry standards. It can work with data of any type, in any format for any business process application including CRM, ERP, billing, data warehousing, systems integration, knowledge management and asset data."

In 2004 Datanomic significantly strengthened the value that it can deliver to its customers – ranging from organisations that need to solve a specific one-off data quality problem to those that require a complete solution for managing data as a strategic corporate resource. Datanomic will continue to expand its scope in 2005 with a series of new initiatives and product innovations. Datanomic customers include Alliance & Leicester, AMEC Oil & Gas, COLT Telecom and Powergen.

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