Data quality has grown increasingly important across the private sector, as having accurate, complete and consistent information is key to developing long-term relationships and driving customer satisfaction, regardless of industry. If decision-makers fail to prioritize data quality initiatives, their organizations will likely experience a number of problems, including the inability to keep clients happy and deploying solutions that don't necessarily meet corporate goals.
A recent report by iWay Software highlighted the growing necessity of using advanced data quality tools and processes, especially as innovative technologies emerge and disrupt standard operations. Unfortunately, issues can arise due to a number of reasons, including manually entering information into the database or inherent complications associated with leveraging new services. Although many innovative web platforms can enhance an organization's ability to gather insight about any given landscape, it also makes it harder to govern data quality across the enterprise.
Furthermore, departments using varying applications may have data that does not match another section's resources, iWay Software noted. A customer relationship management system, for example, may have different information about a specific client than an accounting platform. This discrepancy can introduce a number of problems that may have long-term consequences.
Eliminating data quality issues
If executives want to understand what resources under their control are responsible for providing poor information, they need to understand how the records are supposed to look, iWay Software said. By using address verification software, for example, decision-makers can be sure customer contact data quality requirements are met.
Businesses also need to be proactive in their attempts to monitor accuracy, the news source said. A separate report by The Data Warehousing Institute said the first step of addressing data quality issues is to admit there is a problem and accept the challenge of resolving it. Unfortunately, it is often difficult to recognize a predicament exists before the headache impacts operations. In other words, executives need to recover and then address the dilemma.
Nevertheless, using the right monitoring and analytic tools can help businesses of all sizes identify and address any data quality problems that are introducing problems. By planning ahead and consulting with a trusted service provider, executives can mitigate the risk of using inaccurate, incomplete or inconsistent information, which will enable their firm to gain an advantage over competitors and support long-term growth.