Data Quality and Decision Making
Data quality is quickly becoming a high priority for many businesses in a variety of industries. But it’s important to realize that the objective of clean data isn’t just to tick a box at a quarterly meeting. The implications of having clean, reliable and accessible data reach far outside any conference room or goal list on a whiteboard. The reality is that your data, whether clean or otherwise, likely affects nearly every aspect of your business - from the C-level to the mailroom, and most especially your bottom line.
The ability to make informed decisions based on accurate information is one of the most important aspects of data quality. It’s certainly a high priority, with 84% of CEOs saying they currently question the quality of the data they use to base their business decisions, according to KPMG’s “2016 Global CEO Outlook” report.
But having accurate data aids employees at all levels, not just those at the top. The difference between clean data and poor data is a successful marketing campaign or a waste of money; a customer satisfaction score of 100 and one of just 50; a productive, happy workforce and an overworked, over-stressed workforce and high turnover rate. Making these decisions based on less than perfect data is likely detrimental to your business in more ways than you might realize.
Speed of Business
As Michele Goetz said in a report from Forbes Insight, “If you can’t trust your data, your business just can’t operate at the speed of the markets and at the speed of demand anymore.” We couldn’t agree more. As business trends change at previously unseen paces, the ability to recognize opportunities and spot dangers needs to happen before either are missed out on forever. If your data isn’t accurate, the ability is recognize opportunities and threats is reduced; the ability to avoid them is likely lost completely. In a world where nimble businesses are rewarded with opportunity, clean data is likely your greatest ally.
A Quick Summary
Data is everywhere in your business. Profit, expenditures, productivity, consumer satisfaction; all can be measured, analyzed, and then adjusted to boost efficiency, profit, as well as make employees and customers alike happier. But none of this is possible if your data is inaccurate, untrustworthy, or altogether non-existent. By making sure your data is accurate and accessible, you empower your entire company to become more efficient, more accountable, and more than likely, more profitable.