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If you’re relatively new to the concept of utilizing a data quality tool to improve the veracity, timeliness, and structure of your data, then there are some benefits to this investment that you may have not considered. As a business leader, having more accurate metrics on which to run your business sounds great, but how does this change your business in such a way to justify the investment? Here are some simple, immediate, and overarching benefits to consider before you even get into the numbers themselves.
“Paralysis by analysis” is a running joke around a lot of companies, but the joke is a costly one. As doubts about the quality of company metrics cause hesitation, re-analysis, and delays, costs associated with what should be simple reporting tasks become time-wasting projects, drawing time and resources away from IT, analysts, and the C-suite itself. Additionally, lack of trust, coming in many forms, in a company’s data is a very real problem. This lack of trust needs to be addressed in order to improve the speed at which your organization operates in order to capitalize on metrics-driven insights.
Actions taken from metrics-based business decisions can be delayed, questioned, or in the worst case scenario, just plain wrong from the start. The ability to check and double-check metrics based on specific data parameters is crucial to proving to the C-level that actions being taken are based on sound data. Clean, accurate, and timely data can offer repeatable data points because it’s of high quality; this type of verification process is nearly impossible with low quality data sets.
Savings of Time and Resources
Good data does more than makes your data more accurate; it eliminates waste in its many forms within your company. As noted above, better data means fewer people need to be involved in the collection, data quality analysis, verification, and production of reporting because the data is more accurate, in a single place, and much easier to access. That means more of your team can spend their time doing what they are paid to do; utilize data to cut costs and spot business opportunities to grow the company.
If you’re considering investing in data quality to grow your business and reduce costs, these overarching themes should be incentive enough to at least get a demo. But there’s a very real ROI to be calculated for your business as well. To paint a picture of the enormous impact poor data has on American businesses, IBM estimates that in 2016, U.S. businesses wasted $3 trillion as a result of poor data quality. The question is how much of your bottom line can be included in that total?