Companies rely on data to make some of their most important decisions.
The best marketing campaigns are built on strong data and the same holds true for employee evaluations. If you’re the top decision-maker in your company, you also have to use data to figure out which option is indeed the best.
Obviously, you need to accumulate as much data as you possibly can. However, it’s not enough to simply collect data. Maintaining and managing that data is just as important.
To put it simply, the quality of data refers to the condition of many stats, quantities, and facts.
According to Techopedia, several factors can impact the quality of the data. These factors include accuracy, completeness, credibility, integrity, and even the age of the data can affect its quality.
A letter missing from the name of a prospect can lead to the creation of a low quality data entry. An address with the house or apartment number omitted may also be the reason why a data entry ends up being useless.
Bits of data may also decline in quality simply because they no longer apply to the current situation of a particular customer/prospect. That individual may have moved sometime in the last few years, thus leading to the data entry no longer being wholly accurate.
Managing the quality of data means staying on top of all those things so that the pieces of information you have available remain reliable and helpful.
What Happens if You Have Good Data
When the quality of data at your disposal is sound, you can accomplish a lot of good for your company. As noted earlier, marketing campaigns can be more effective, employees can be assessed more fairly, and decisions can become more informed.
Beyond that, the availability of good data can also boost productivity. Employees don’t have to constantly double-check everything they’re doing if they know that the data entries they’re working with are always accurate and complete.
Forbes points out that having good data also helps with compliance. Your company does not have to worry about being fined for violations if you aren’t being led astray by your data.
What Happens if You Have Bad Data
Bad data can be just as harmful as good data can be helpful.
Moves made using bad data can erode trust quickly between your business and your customers. Your company may also be rendered unable to capitalize on golden opportunities if you don’t have access to the most accurate and up-to-date data.
Obviously, advertising campaigns, employee evaluations, and high-level decisions may also not benefit your company as intended if they are based on bad data.
It’s easy to see why data quality matters. This is why managing it correctly is essential to the success of your company.
How to Manage Your Company Data Effectively
Data quality management is something that cannot be taken lightly and there are various ways to handle it.
Short-term, it is smart to conduct reviews of the company data and see if there are any entries that may be inaccurate or incomplete. If possible, updating the data you have is a move worth making.
Companies that make use of multiple databases to house all of their information should also employ data matching to ensure that there is consistency and uniformity among the entries.
Long-term, company owners need to set up guidelines that will help promote consistency as it pertains to data entries. These guidelines can lay out exactly how entries are supposed to be encoded into the database. It’s also not a bad idea to invest more in your data department by adding more employees who specialize in managing it.
Lastly, you can also make use of master data management software to make general maintenance and handling of your data easier for everyone involved.