Such a concept as “Data Quality” is quite common. However, not everyone knows its definition. To understand this and other aspects of this issue, you need to familiarize yourself with all the available materials. There are a lot of them, so you need to stop only at the most important points.
Options for defining quality
Marketing evolution has led to the fact that various companies and organizations have been forced to pay a lot of attention to the issue of improving the quality of the data used.
This process is quite complicated and requires certain financial costs from the business owner. However, the benefits obtained will be disproportionate to the costs, which will positively affect the state of the business.
There are many ways to determine the quality of available information. Among them, experts identify several main ones that business owners recommend using. The first method is the least expensive, from a financial point of view.
It provides for the involvement of qualified specialists working in this field. All of them collect data from various sources, and then adapt it to the needs of the company. Such adjustment is carried out manually, which requires a lot of time and effort. In addition, this method does not exclude errors caused by the human factor.
An alternative method for assessing data quality is the use of modern software. His work is controlled by only 1-2 specialists, which reduces the cost of paying salaries.
At the same time, the programs used are often expensive, which negatively affects the financial condition of the company. The advantage of the machine method is called speed.
It is observed at all stages of work, from the collection of information of interest to the business and ending with the verification of data according to the specified parameters.
Both used options allow you to achieve cleaning of information from everything superfluous. The result is high-quality data that can be safely exploited for business needs.
Most often, carefully sorted information becomes the basis for the formation of various reports on the company’s activities. In addition, it will be useful when making decisions that affect important business issues.
Factors affecting quality
Dozens of factors influence the level of data quality. Each of them is used by specialists or software to sort the available information and fit it to the wishes of the business. Combinations of several factors are also often used to maximize quality.
- Uniqueness: When using data for statistical analysis, repetitions will become their main drawback. They will distort the final results and significantly reduce the quality. To prevent this, you need to check for uniqueness. Compliance with it will make it possible to use the information that is present in the general array in a single number.
- Accuracy: This factor is understood as the ability of information to reflect the current state of affairs, without any additions and adjustments. Such data are considered the most useful for situation analysis, so they are used in 99 out of 100 cases. Checking the information for accuracy eliminates inconsistencies in the array, which greatly affect the final quality score.
- Completeness: One of the key factors affecting data quality is completeness. Compliance with it guarantees the absence of this or that array of any missing information about a person, event, transaction, and so on. If complete, the data is bound to be useful even if it doesn’t meet several other criteria.
- Timeliness: Information for the past year will not be useful in assessing the performance of the firm in the current month. Therefore, it is important that the data used is up-to-date and does not contain useless outdated information.
- Consistency: The absence of contradictions is evidence of the high quality of the data. If information taken from different sources has any fundamental differences (contradict each other), then it is not recommended to use them without additional verification.
- Interconnectedness: This factor affects data quality only under certain conditions. However, experts do not recommend neglecting them. Interconnectedness is understood as the presence in the general array of information that is taken from different sources, but has a certain connection with each other.
- Relevance: If the information is selected in accordance with the wishes of the customer, then it automatically becomes relevant. At the same time, any inconsistencies and inclusions of data from adjacent areas are unacceptable.
- Reliability: This factor has a significant impact on quality. It shows the ability of data to be both accurate and complete. This combination increases the reliability of the information and its value to the business.
Benefit from high quality data
Compliance with these quality criteria gives the business a huge number of privileges. If you use them correctly, you can achieve rapid progress and reduce the risk of unwanted situations.
1. Qualitative assessment of actions
You can get the most out of quality data. With their help, the process of evaluating all the actions of the company will be simplified. This will provide a lot of important information and allow you to make informed decisions. The latter will minimize financial risks and provide high income.
2. Increase in the number of clients
Any business is inextricably linked with the search for new customers. This process does not stop for a second, so it is important to properly organize work in this direction.
For this, qualitative data should be used. They will become the basis for the preparation of marketing activities aimed at attracting new and increasing the activity of existing customers. Such actions will definitely give a positive result and the number of buyers/customers will gradually begin to increase.
3. Improvement of work with clients
All clients are individual. In this regard, it is difficult for a business to adapt to their needs and find the optimal range of services or goods offered. To simplify the task, you need to operate with high quality data.
They will help determine the target audience and simplify the process of finding points of contact with it. This approach will improve the quality of work with customers and help meet their needs.
4. Leading the competition
Companies are constantly looking for ways to compete. Some choose not entirely legal methods, while others try to get around rivals without using illegal actions. In the second case, qualitative data will be of great benefit.
They will point out the company’s problem areas and positive aspects, the influence of which should be strengthened. In addition, such information will give a certain margin of time, which will help to quickly adapt the business to changing working conditions.
5. Increasing income
Operating data that has passed multi-stage verification will positively affect the company’s income. They will increase due to a quick response to any changes in the market, an increase in the client base, and the adaptation of the assortment to the requirements of buyers/customers. In addition, high-quality information will reduce risks, and with them, possible financial losses.
6. Improve reputation
A good reputation is the key to the success of any company. To achieve this, a variety of methods are used, ranging from the simplest to the most complex.
All of them will give the desired result if high-quality information is used during the preparation for certain actions. It eliminates any wrong actions that, instead of a positive effect, will give only one negative.
Quality is a key indicator of the usefulness of information for business. Only carefully checked and analyzed information can be used to create various reports, make decisions and build plans for the future.
If you constantly operate exclusively with such information, you can get rid of many problems and improve the quality of work of even the smallest company.
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