With data a major driving force in business, it is important that individuals are focusing on data quality, not just quantity. Organizations are struggling to become data-driven, especially when there is a lack of useful data.
According to FinTech News, data quality is crucial for the FinTech industry, especially in banking. For instance, banks need quality data to understand their market and customers, as well as machine learning and AI. Poor data quality leaves businesses vulnerable to poor decision making, which is both expensive and inefficient. Machine learning and AI are also dependent on data, which banks are utilising to compete with startups and competitors that are including these features.
Revenue is being lost due to bad data, either ill-managed, wrongly categorised, or unanalysed/unsued. With the current surplus of data, businesses need both automated and customised process to address their data quality issues.
Startup ZScore addresses the data quality issue with a machine learning-based platform that increases the usability of data by automating manual tasks. AI is used to create an automated system that cleans and analyses data. This helps identify where and what the problems are, from mapping organisational workflows to developing business cases to measure ROI. And as each business is built differently, ZScore uses a template to personalise the platform based on an individual company’s needs.
Founder Deleep Murali describes the startup’s approach to data quality as “driven by the vision to enable organisations to achieve centralised intelligence, unlike the traditional siloed model.”
Keen to learn more about ZScore? Founder and CEO Murali will be pitching at Demo Day on 29 August at the Forum Melbourne. He will share his experience working with the SBC team, mentors, and partners as well as his plans for the company post-program.