As a business owner, there are many factors of your business that you consider valuable. While some are tangible, including real estate, inventory and equipment, others, such as your brand and your company values, are intangible. There is yet another factor of your business that is just as important as any property you own and that is your data. In fact, while often overlooked, quality data is one of your company’s most valuable assets.
When you think about it, your data is the backbone of your business operations. and without quality data, everything from your important financial decisions to your everyday operations can be affected. Bad data can lead to delays, financial setbacks, even regulatory infractions making the importance of quality data even more crucial.
Improve The Data Quality Of Your Business
With that being said, there are some ways that you can improve the quality of your data, thus improving the effectiveness and sustainability of your business. Let’s take a look at some tips than can improve data quality:
Understand Your Data- knowing more about the data that you are collecting, and if you even need it, is important. By understanding your data, you will have better control over the quality of it as well as the sources from which you collect your data.
Correct Data Issues At The Source- once you have found an inconsistency in your data, you want to make the necessary corrections at the source. This ensures that the current batch is accurate, and that any future data is correct before it reaches your final system.
Automatic Data Validation- using online tools to validate your data automatically will enable you to flag any data that contains any inconsistent, missing or unexpected information.
Run Frequent Reports- by running reports as often as possible, you can verify the integrity of your data more effectively. Create a core set of baseline reports that enables your system administrator to review your data more accurately and catch any errors before they become a problem.
Avoid Free-Form Text- wherever possible, you want to limit, or eliminate, free-form text, using it only for names, addresses and notes. This ensures that your data is free from any mistakes that could cost your business both time and money.
Choose A Single Administrator For Your System- many businesses will allow more than one data entry specialist to play the role of admin for their system. This could lead to mistakes and decrease data quality. Choose a single administrator for your system to avoid potential errors in data entry.
To learn more about the benefits of data quality for your organisation contact WinPure today. You can speak to our data quality experts who can answer questions you might have about improving data quality.