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Reducing the Risk of Inaccurate Data

Article
Ben Wilde | Feb 27, 2023
Reducing the Risk of Inaccurate Data

Poor data quality is one of the biggest challenges business owners face. Consequences from inaccurate data or its inadequate analysis eventually lead to poor business decisions, which have an adverse effect on performance.

With businesses worldwide moving toward greater data use, it’s important to determine the main reasons why data is inaccurate and determine which preventative measures organizations should choose to bypass problems in data collection and processing.

Non-Integration of Databases

Using a variety of databases that are not integrated with one another is a recipe for poor data-entry habits. Processing duplicate records or having to re-enter information is not just a waste of time, it degrades data quality. A sound way to avoid running the risk of poor data entry is to employ a data specialist to help with systems integration and confirm that your databases and enterprise systems work together. This can prove to be a rewarding investment to reduce errors, eventually saving you time and improving productivity. Where direct integration is impossible due to resource, time or technology constraints, it is possible to implement specialist managed services that can move information from one system to another efficiently, using tried and tested processes with appropriate quality control.

Inconsistencies in Data Capture Protocols

The way data is formatted and entered greatly affects its quality. An example could be as simple as “1-3, 1 to 3, One Two Three or 1,2,3.” When there are inconsistencies, data is managed and interpreted in different ways, generating inaccuracies and a lack of oversight.

Substandard Data Migration and Integration Processes

When conducting data migration, there is the inherent risk of irregular, missing or misplaced data values. With something as seemingly simple as transferring files to a spreadsheet, it can also cause data inconsistencies. However good your data procedures may be, any inaccuracies in data format or content can cause significant errors during a data migration process.

Outdated Data or Data Decay

Since data is always changing, even over a relatively short period of time, much of it will have already become passé or altered by the time you are ready to use it. According to ZDNET research, one in three people change their email address once a year, because they have changing ISPs, because they have switched companies or roles or even because they are trying to out-run spam.

Accurate, precise and useful information is king

Trusted, high-quality, top-tier data can lead to growth in sales and help executives drive better business decisions. Unless business owners and executives prioritize high data quality management, they won’t be able to take full advantage of bigger and better data opportunities, including data insights and marketing analytics. The increasing torrents of detailed and complex data being collected is a key resource for businesses. Not implementing a comprehensive approach to collecting, cleaning, calculating and analyzing data can be detrimental to any business. With DataAssured you can outsource your burdensome data management and reporting tasks, ensure your data is accurate, connected and utilized and get back to making a difference.

Learn more by booking a 20-minute session with our data experts to check the accuracy of your data.

author image
Ben Wilde

Ben, Managing Director of ADEC UK, leads Innovation throughout ADEC and brings new and impactful solutions to market, with expertise in impact management, systems thinking, business planning and management and product development.

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    • Public-Private Partnerships: We promote collaborations between municipalities and private investors to accelerate sustainable urban development.

    Circular Economy & Waste Management

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    • Green Finance for Circular Projects: We help secure green finance for circular economy projects, such as recycling, sustainable manufacturing, and waste reduction initiatives.
    • Impact Investing for Circular Initiatives: We facilitate connections between circular economy projects and impact investors who prioritize resource efficiency and sustainability.
    • Circular Economy Bonds Development: We assist in structuring circular economy bonds, providing an innovative funding channel for waste management, recycling, and product lifecycle optimization.
    • Public-Private Partnerships: We seek out partnerships between the public and private sectors to finance large-scale waste management and recycling programs.