This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/10/15/what-happens-when-data-quality-goes-wrong-and-how-to-fix-it/
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From banking to pharmaceuticals and construction to every industry, corporate decisions are always driven by data. This determines a company’s long-term success. The quality of data a company can access determines their customer experiences, analytics, insights, retention, and revenue.
Despite understanding its value, 54% of all companies find data quality and completeness a challenge.
What Defines Data Quality.
Data cannot be qualified simply as good and bad. It can be assessed by many different dimensions. The first is how accurately the data reflects real-world values. Secondly, the data should contain all the necessary information and be presented in a form that can be easily understood. The data should be consistent throughout the organization’s systems. It should conform to standard formats and be present in a single unit, no records should be duplicated. Lastly, the data should be accessible as and when needed.
Effect of Poor Data Quality.
Data quality can impact a company in many different ways. An occasional error may not have very dramatic impacts but if all of your data is of poor quality, the consequences for your company could be significant.
Poor Decision Making.
The trouble with data is that it imparts a false sense of security. Companies base their decisions on the data available to them. Hence, a company’s decisions can be only as good as the data they are based on. Without high-quality data, you cannot make the right decisions for your company’s future.
For example, let’s look at a pharmaceutical company. They may have data that says there’s a spike in the number of people being diagnosed with a particular disease. This may make them invest in medication for that disease. However, if the data failed to mention that the people affecte… Read More
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