5 Indicators That Your Company Is Using Low-Quality Data
Data Reports Vary
If your data analytics software is generating different reports for the same volume of data then it’s time to consider your data quality.
There could be only two possible answers to why your data analytics solution is generating faulty reports – a) the software system isn’t up-to-date and is lagging or, b) your company’s data inventory is filled with errors and redundancies. Even if your system is collecting both structured and unstructured data for analysis, it must be sorted to transform the shreds into high-quality information for producing accurate insights. If you have doubts about the data, check for unlikely results to confirm the anomalies in your data sets or analytics system.
Your Data Inventory Is Overflowing With Data
Collecting more data isn’t always the right way of going about data analytics. If your data sets are overflowing, chances are, they have a lot of duplicate data.
Storing and working with excessive data might open doors to irrevocable losses. The scope of using low-quality data increases when customer and market information is recorded manually on spreadsheets. This is why business intelligence tools like Microsoft Power BI that can automatically collect, process, refine and produce precise insights in no time is the best way of dealing with data analytics. Once the KPIs are assigned, the tool can sort data automatically based on its artificial intelligence capabilities and ensure that you are only using the accurate and latest version of information for smarter decision-making.
Important Pieces Of Data Are Stored At Various Places
If your data storage isn’t centralized, treat it as a red flag before issues related to it start blowing out of proportion.
Data that isn’t centrally stored implies that you cannot run analytics easily, might turn to duplicate records, cannot update information easily, and are at the risk of violating compliance standards and regulations. The fact that the key decision-makers of your company will not have access to accurate data when they need it the most goes without saying in the case of a data storage system that uses multiple standalone tools and applications. Apart from this, maintaining these isolated systems becomes a daunting task too. If you have multiple data systems at different points of time, it clearly means your business is lacking an overall strategy.
Decision-Makers Of Your Company Aren’t Satisfied
Your entire data analytics strategy will crumble if the decision-makers of your company doubt the authenticity of data and depend mostly on their instincts to make vital choices.
According to reports, the decision-makers of more than half of the companies around the world do not trust the data or insights sent to them for formulating crucial decisions. They are doubtful about every step through which the data has been processed starting from its collection and storage to the data analytics tool used for uncovering insights. This finding automatically renders the data analytics and business intelligence solution faulty which thus compels the professionals to depend on their instinct for choosing the best for their business. Even if the decisions aren’t always incorrect, they always have the risk of failure attached to them.
The Data Analytics Process Is Complicated And Costly
The insights revealed by your company’s data analytics tool aren’t of much use because they take a lot of time to come through owing to their complicated systems and process and lead to wastage of resources.
If your company relies on a prolonged data analytics system that is costly and involves a set of distinct tools, it is time to rethink both the quality of your data and the analytics process. High-quality data used by a robust business intelligence tool would make the process quick and as straightforward as possible. It would involve a single self-service tool that offers customization of services depending on the present needs of the company and presents insights through real-time reports and dashboards to make it easy for the users to gain access to them and share them with others.