Whatever business you may be running, data lies in its core. It means that the quality of the data has to be up to par. Companies that can hold together with their data and follow the patterns of that data always tend to win. They grow to be more competitive and lift their businesses to new heights.
But if you are making choices using data of poor quality, you may face unfortunate results. You may not be able to use your marketing information to target the right customers. So, we need to understand that data quality has a striking influence, and it is something to be focused on by all the companies. Let’s understand the nuances of the data quality.
First of all, let’s find out the consequences of inappropriate data quality
Inappropriate data used to promote business does not deliver the required outcome and eventually leads to failure. According to Gartner, a global research and advisory firm, at the very least, 40% of all business enterprises fail to gain profits due to improper quality of data.
Some impacts on businesses due to inappropriate data quality are:
- Sunk ability to build and execute strategy and inefficient decision-making
- Financial barriers such as an increase in operating cost, decrease in revenue, and loss of income
- Compromised productivity due to late data availability
- Missing product information results in unfinished orders
- Difficulties in the supply chain
- Faulty archive data
- Customer dissatisfaction that affects the brand reputation
- Hurt employee’s confidence drives doubts for the organization and makes it more challenging to manage the company
What is the right data quality?
There are five criteria for determining legitimate data quality.
Accuracy is the most crucial aspect of data quality. It implies the correctness and decency of the data and gives your team a reason to trust you. For guaranteeing the accuracy of your information, it is essential to verify, enter, and update data right from the origin. It saves you from the pain of inaccurate data.
Example – wrong addresses of places, incorrect spellings of person/products.
Data should be complete in the context of potential data. We should have all the information we need for our records because incomplete data can be a massive query.
Example – Missing data like pin code/zip code in addresses, missing email addresses.
Misguided data can be irritating, complicated, and even useless. Consistency in data creates supervisory and informative rules that help our team use the data ideally and ultimately boost productivity.
Example – keeping all the phone numbers and email addresses consistent everywhere in the system.
Matching data creates hassles for users when they are looking for what they need. Data should be recognized and listed just once. You don’t want to collect data from everywhere and then realize that more than half of them are duplicates.
Example – Details of an individual customer is entered twice in the system, a user accessing their data several times with multiple channels.
It is necessary to keep our data up to date; that is what timeliness is all about. We need to ensure that the data is accurate and unique at the required time duration. For this, routinely organize and clean the system to remove any outdated information.
Example – To enter information like an address that has changed or does not exist anymore.
Importance of Data Security
Modern technologies like cloud storage, the Internet of Things, Big Data can give huge benefits, but they also bring concerns like data security. These systems manage most of our information that grows and empowers our business. Any loss of such data can affect in the form of time, money, and reputation. It should be seen not to give far too much access to many users.
In a nutshell, it needs to be the company’s approach to care about the accuracy of data and utilize it for the smart decisions because the business decisions have a significant impact on the company’s future.
Today is the time to emphasize data transformation and seek modern data management techniques for optimizing our performance and boost our outcomes.) It does not mean investing in the information itself gives you an instant return on investment, but it sure drives the business and makes the most of it.
Now, we know that when it comes to data, it should be errorless. For years, TransForm Solutions has invested in the latest technologies to provide you the superior quality data services that define your success. Headquartered in Austin, Texas, we combine our thorough research and 18 years of vast experience to serve you the best. Reach us out at www.transformsolution.com or call us on 732 829 6935.
Think about how you can create the right data sets to help your business gain ground and set the ball rolling.