What is data quality?

Information is often valued more than money these days. It is a valuable resource that various companies use and benefit from. At the same time, it is always worth remembering that only reliable and carefully verified data can bring benefits. With their help, they evaluate the work of the company, study the needs of customers, organize marketing events and do much more. In this regard, special attention is paid to such a concept as data quality.

Data engineering and analysis

Marketing evolution and financial analysis forces businesses to use only qualitative data. This leads to the need to collect relevant information, its processing and detailed study. All this work is coordinated by data engineering. It provides businesses with access to accurate, reliable and timely information that is used for a variety of purposes.

Data engineering involves the need to collect information. This work is performed by specially trained people or modern computer programs. They also send all relevant materials to a common database. After that, they are analyzed and transformed in accordance with the wishes of the business. Ready quality information becomes available to companies. Based on it, important decisions are made and forecasts for the future are made.

What is data quality?

At all times, information was valued dearly. The situation has not changed even today. In the 21st century, it has become an even more valuable resource that many companies seek to obtain. However, not all data collected is of high quality. To be called such, they must meet certain parameters, the list of which is quite long.

Basic data quality parameters:

1. Uniqueness. This indicator is important because it makes it possible to identify a particular set of data. It is characterized by the presence of each array of information that is not repeated anywhere else.
2. Accuracy. It shows the ability of information to display error-free information or values. At the same time, the presence of any inaccuracies, even minor ones, is unacceptable.
3. Completeness. It characterizes the absence of any gaps in the data. The latter can be anything from personal information of clients to the history of their transactions.
4. Timeliness. Qualitative data will be useful if used at the right time. At the same time, delays of even a few hours can turn the collected material into a useless bunch of reports, graphs and diagrams.
5. Relevance. It shows the level of compliance of the information provided with the wishes of the business. Submission of data relating to other aspects will automatically make them irrelevant.
6. Consistency. This indicator characterizes the identity of the data used in all known sources. Any inconsistencies will cause the collected information to become inconsistent.
7. Interconnectedness. It is called the ability to link together data from different sources. This will give a chance to achieve the maximum completeness of the array of information and spend a minimum of time on it.
8. Reliability. If the information is accurate and complete, it will automatically become reliable. This indicator is one of the key indicators in the data evaluation process and is used by almost all specialists.

Operating with high-quality data gives businesses many privileges. If you use them correctly, you can leave all competitors far behind you.

Importance of using only qualitative data:

1. Minimization of spontaneous actions. The use of accurate and reliable data allows a sound assessment of all risks and possible benefits. This will reduce the number of decisions made spontaneously or after “consultation” only with one’s intuition.
2. Correct selection of the target audience. Using data that has passed quality control, you can quickly and accurately determine the categories of people who are interested in the services or products of the company. This will make it possible to use the information received for business purposes, adjusting it to the needs of customers.
3. Increase in the number of clients. With the help of carefully selected and quality-tested information, you can increase your customer base. To do this, you should study the needs of people, their preferences and wishes. Guided by these data, it will be possible to correct all the shortcomings and attract the attention of a larger number of customers.
4. The effectiveness of the fight against competitors. In any case, you can not do without competitors. To leave them behind you, you need to use qualitative data. They will help to identify business shortcomings before anyone else and adapt it to changing conditions as quickly as possible.
5. Increasing reputation. A business that owns and operates high-quality information automatically raises its status. This becomes noticeable not only in a narrow environment, which improves people’s attitude towards the company and increases their level of trust.
6. Profit growth. The quality of the information used helps to make correct business decisions, come up with unique marketing moves and find contact with customers. In addition, this approach will reduce the risk of making wrong decisions that could negatively affect the reputation or financial condition of the company.

Getting quality data is hard enough. It is important to involve the best specialists from this field, as well as special software, in this case. At the same time, even they will not be able to achieve the desired result if the process of collecting information is not properly organized. To ensure the quality of the collected data, it is necessary to use not only common, but also self-established, more stringent standards. This will make it possible to reject most of the materials and leave only the best. In addition, it is important to follow a specific data collection plan. Its presence will allow you to determine the direction of the search and paint the “roles” for each employee.

In the modern world, there is widespread automation of all processes. It allows you to work faster and achieve better results. In the case of data arrays, it will also be useful. With the help of special programs, it will be possible to collect the required amount of information, sort it and analyze it in the shortest possible time.

Finding information is one of the main goals of any business. Its presence makes it possible to get an idea about the current affairs of the company, customer preferences and allows you to make predictions for the future. Data quality depends on many parameters. Compliance with them makes information a valuable capital that cannot be bought for any money.