Shivila

Data has become the fuel that powers businesses. Data is necessary for every facet of the company. Correct data helps in faster decision-making and better market analysis, assisting the business to grow quickly.

Data quality attributes to the reliability of a particular data set. High-quality data helps arrive at solutions effectively and ensures that the data is consistent and accurate in every aspect. A high-quality data helps in formulating better marketing strategies. 

If an organization makes its strategies around data from incongruous sources, it runs the risk of being misguided. This can lead to a waste of money and, in the worst case, can damage the relationships with the customers.

Importance of data quality

The primary purpose of high-quality data is for organizations to make informed choices so that maximum returns can be assured. 

Data quality is helpful for marketing analysis in the following ways:

  • Faster decisions: In the current, when every business wants to put their best foot forward, high-quality data can come to your rescue. It will help in making decisions keeping the customer at the center. It gives the organizations that their decisions are based on solid ground and right to the best of their ability.
  • Integrates the teams: Different teams working with a consistent data-set ensure a high level of productivity. It helps in making the processes streamlined, yielding more cohesive and positive results.
  • Helps in getting a sneak peek of customers: Knowing your customer is one of the best ways of making strategies. A high-quality data ensures that you know the preferences of your customer. It is also helpful in gaining their trust.

Dimensions of Data Quality

  • Comprehensiveness: Make sure that the data that you collect is complete in all the essential aspects. Make sure to mark the required fields as mandatory so that they are not left out by mistake.
  • Consistency: It is crucial to maintain the same format while entering any particular information. Specify the format that you want so that inconsistencies can be avoided later.
  • Accuracy: Maintaining accuracy is essential so that the consistent values are entered and reflected correctly while analyzing the data.
  • Periodicity: It is vital to ensure that the decision-making body has updated data available at its disposal whenever it needs it.
  • Integrity: Integrity of the data ensures that the data set follows all the specifications as mandated by the organization. It helps in better analysis of the patterns and helps detect the relationships.

How bad data can affect your business?

  • Increased costs: According to IBM, bad data was costing them $3.1 trillion in 2016. This is a considerable amount to pay by any standards. It shows that bad data can lead to increased costs of operations.
  • Incorrect inferences: Bad data can make you overlook some of the critical parameters associated with your business. This can lead to wrong assumptions and can lead to erroneous conclusions.
  • A fall-out with customers: If based on bad data-sets, marketing strategies are formulated, it can adversely affect the relationships with the customers. It can lead you to market a product that the customer is not interested in, leading to a fall-out and loss of a precious customer.