Latest Thinking

Importance of accurate data collection

The results of any research is directly dependent on the quality of data collected

Any data is bound to reflect facts, but with incorrect context of collection and interpretation, it becomes meaningless. Collecting appropriate data with befitting analysis assists researchers to discover answers to unanswered questions and even predict the future outcomes making correct data collection an integral part of the research.

The accuracy and completeness of data is extremely vital as right questions are answered, experiments are repeatable, and other researchers are not misleading.

While it is easy to confer that data is vital for today’s businesses but it has to be accounted for. New risks and pitfalls appear often as technology evolves. Correct data has the following three fundamental pillars;

  • Accuracy
    In simple terms, data provides insights. Businesses, when armed with right data, can take fruitful decisions. This applies from bottom to top of the pyramid. Any data in its raw state rarely proves useful. It needs to be processed, analysed and presented to work on appropriate levels. This is vital for implementations. Low data accuracy levels at the start of a process leads to incomplete insights and poor decisions. The quality of data is of greater importance than the quantity of data and the focus ought to be on that.
  • Integrity
    Data can be collected from anywhere and everywhere. For eg. mobile devices, loyalty cards, CRM software, social media websites, mobile applications etc. With this ever growing pool of sources, the governance of data becomes vital. Data exists in various formats right from numbers to formulas to texts. Usage of incorrect tool can make the data inconsistent and futile. Certain sources may be using a simple spreadsheet while others may rely on advanced tools. This disparity caused by these different mediums, can make the information unreliable and hence, should not be used to influence decisions. With right data governance, fitted data can be made accessible which in turn can lead to future changing decision making.
  • Real-time integration
    Data is undoubtedly a business’s single best asset. But, most often than not it consumes time to generate actionable insights from raw data. As time passes by, the value of such unused information decreases. Data needs to be quickly harnessed and applied in order to generate encouraging results. Time is a big differentiator affecting decision making the most. Instant access to the appropriate data enables firms to gain a competitive advantage over competitors. Firms need to be highly responsive to environment. A true competitive firm is versatile in action which sets them apart.

The danger of inaccurate data

Inaccuracy in data can result in something that will compromise all the previous hard work and efforts that were put into the project. Accurate data can bring efficiencies, profitability, and growth. On the contrary, inaccurate data can be detrimental to the business and its bottom line.

Inappropriate data management tools can result in inaccurate data that can be highly catastrophic in nature. Accurate and appropriate data can help businesses capitalize on the opportunity at hand by integrating business intelligence.

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