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Data quality has a clear impact on analytics

Richard Jones Archive

There's a great deal of hype out there today, in the business world and elsewhere, about the promise of analytics. Corporate leaders are eager to see how much they can elevate their bottom lines by collecting more insight about their target consumers, analyzing it and finding key truths within.

This is an exciting step for global industry. Analytics has become a glamorous field, which is why it's one of the fastest-growing sectors in the world today. There's another related area that admittedly might not have that same panache, but it's equally important as companies look to achieve their growth goals, and that's data quality.

It's vital that all businesses strive to improve the accuracy of the information they use for improving their operations. Every company is looking to find better knowledge about potential customers, where they live and why they spend their money. If any of this information is erroneous or outdated, it defeats the purpose.

According to Midsize Insider, this is a common problem. Marissa Tejada, who has worked for IBM Systems and Technology in public and media relations, is concerned about companies' lack of attention to data quality.

"Firms of all sizes around the globe are taking a closer look at their data," Tejada warned. "Those that want to remain competitive understand that the accuracy and reliability of the data they use in their analytics is an integral part of their growth. For midsize firms, the investment in having better data through the right partnerships and consultants will pay off in better analytics overall, leading to increased productivity."

She went on to note that perhaps the most important thing businesses can do is to invest more heavily in data stewardship. If they have people in house who are specifically tasked with managing data and ensuring its quality, they're far less likely to encounter any problems down the road.