Video produced by Steve Nathans-Kelly
Monte Carlo CEO and co-Founder Barr Moses identifies and shows viewers how to tally the labor costs, the compliance risks, and opportunity costs of data downtime during her presentation at Data Summit Connect 2021.
"There's a stat that we had found that says data engineers spend about 30% of their time fixing data, quality issues, or data downtime, plus, any compliance risks you might have," she said.
The opportunity costs can change depending on the needs of your organization, she explained. To justify investing in data quality or investing in and more reliable data pipelines in best practices, she gave a helpful calculation that organizations can use. The formula includes the number of engineers times their annual salary times 30% of their time.
"Another really important component of effective data observabilityis setting service level agreements and service level objectives to track its reliability," Moses said. "In many different industries, engine engineering being one of them, use SLS to track how reliable their software is in part for their own own benefit and to build better systems but also as kind of part of a contract with customers."