There is hardly any business that can be profitable without using data. Data has become an indispensable part of business strategy and has also offered businesses an opportunity to grow significantly. Data can indeed help you accomplish a lot, but ensuring its quality is a difficult task. Businesses invest a lot in cleaning up their databases, but how effective are those cleanups?

When it comes to data quality, a lot of businesses struggle to understand if their data is up to the standards or not. There are obvious questions one grapples with, such as how you ensure your data is of the right quality and, more importantly, how to maintain the “Data Quality at Source” in the times when new data keeps emerging. If your business is struggling with these questions, too, then this is the right blog for you! Scroll down to learn the importance of improving data quality at the source and how it can positively impact your business. 

What is Data Quality?

To make the most of your data, it is important to ensure its good quality. This includes data accuracy as well as data that is reliable. A small inaccuracy can cost you a lot of money and resources. While good data quality can help you make smart business decisions, inaccuracies can end up increasing your operational costs and may even cause losses in the long term.

Good data quality means that your data is accurate, up-to-date, and reliable. It also means that the data is not replicated and there are retractions made at the correct time. Good quality data is a necessity to grow your business and it is important to ensure that you have good data starting at the source to ensure quality strategies and smart decision-making.

Markers of Good Data Quality

The importance of data quality cannot be underestimated. Data that is of good quality can help businesses grow exponentially. However, how do you know if you have good-quality data in your hands or not? There are a few things to look out for to ensure that your data is good. Check out these markers below.

• Accuracy – You should ensure that your data is accurate and does not have discrepancies. You should aim to minimize errors as much as possible.
• Completeness – Your data should be complete. It is important to ensure that it fulfills all your purposes and there are no missing values in it.
• Consistency – When it comes to good quality data, it needs to be a consistent process. Your data should be standardized and adhere to specific rules.
• Timeliness – Your data is of good quality when it is relevant and can be used when actually needed. It should be available readily and captured timely.
• Uniqueness – Good quality data at its source also includes distinct value. Making sure that your data does not have duplicate values is of utmost importance.
• Validity – Valid data means that the data is formatted correctly. It means that the data is within an acceptable range and is defined as per the rules set in place beforehand.
• Accessibility – Good quality data needs to be accessible to all the parties involved who have a use of it. Using systems that are not easily accessible can hamper its overall use and quality.

Benefits of Improving Data Quality at Source

There are multiple benefits of improving data quality at source. It is an important aspect of operations that should not be ignored. Check out the benefits of improving the data quality at source below.

• Fixing insufficient data requires a lot of money. If you already have good-quality data at the source, you can save a considerable amount of money and reduce losses.
• Having quality data at source also improved the accuracy of analytical tools. This results in faster processing of data in different types of tools as well.
• Improving data quality at source also improves the overall quality of decision-making in an organization. Having the correct data at hand makes sure that one is able to make the right decisions for the growth of the business.
• Good data quality at the source also makes processes regarding data processing and data analysis smoother. When one does not have to revise data again and again, then more focus can be given to other activities.

To Sum Up

Having good data quality at source can set your business up for success. It can eliminate the risk of re-doing and correcting the data, which can help you save considerable time and resources. Investing in good data will surely pay off in the long run. It might require considerable resources, but it is important for the overall profitability of your business. Hence, when dealing with data, make sure you use the correct methodology to ensure good data quality at the source.