One of the top concerns for businesses all over the world is data quality. We are able to access our business data any time, from anywhere in the world, on almost any device, but at what cost? From data inaccuracy and fragmentation to regulations, transparency and other factors, the quality of our data face many challenges every time we access it.
Let’s take a closer look at these factors and see the impact they have on data quality in today’s business world:
Data Inaccuracy-while the industry has done quite a bit to control data inaccuracy, it is still a problem that many businesses encounter. Accurate customer and prospect data is important for today’s businesses if they are going to remain relevant in their industries and succeed.
Fragmented Ownership – fragmented ownership is a factor that still poses a challenge to data quality. Not having data ownership means that the data quality could become compromised. While data ownership does appear to be more centralised, businesses and organisations need to start small with their buy-ins and prove the value of data quality for their needs.
Data Management Success Depends On Data Quality- the success of data management standards and data management software depend on the overall quality of the data. If data quality is low or the data is inaccurate, the successful outcome of data integration, analytics and migration could be compromised.
Data Quality’s Effect On New Regulations-regulations including the GDPR can make it difficult for organisations to remain efficient. With more data to deal with, the quality of that data plays a much more important role in the outcome of many data management projects where managing, analysing and reconciling multiple records is common practice.
Good Data Quality Makes Transparency Possible-transparency in the business world is important, especially when dealing with customers. How a business or organisation uses customer data is a popular topic, especially with the new GDPR regulations. Many businesses rely on the quality of their data if they are to adopt a more ethical, transparent stance.
As technology makes it easier than ever for businesses to access their data, we are seeing the importance of data quality in every aspect of those business’ daily operations.
To learn more about how data quality can improve the insurance sector, contact WinPure today.
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