Why Am I Concerned About Data Quality?

A good question. Besides wondering why one should be concerned, it also begs the question: just what is quality data? I run a family business and I don’t really see how it impacts my business. We have been doing things the same way for over 100 years and I don’t want to change things now.

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How many times a day do those thoughts cross the minds of entrepreneurs and leaders daily? Quality data is a hot topic throughout global business and will continue to be for the foreseeable future. Many reputable studies and related experts agree that effective data management is crucial to the success of a business well into the distant future. The data shows that trillions of dollars are lost to ineffective or absent data quality programs. There are leaders who either refuse to accept the validity of the process or have been blissfully ignorant of the whole transformation in their industry. Here are five interesting industries that are significantly impacted by the quality of their data:

  1. Direct Mailing Marketing/Print Houses: The accuracy of data is critical in reaching the right customer, with the right message, for the most cost effective price per piece.
  2. Retail & Warehousing: Exceptional customer service can be lost without proper data quality program. Efficient warehousing and shipping depends on quality data.
  3. Healthcare: Medical errors are a top killer in US hospitals. Timely, accurate and appropriate patient care can be provided with accurate data.
  4. Insurance: From healthcare to automotive, accurate data management means lower prices, exceptional customer service and reductions in fraudulent claims.
  5. Education: Educational institutions are driven by data, from admissions to research. Accurate data provides these institutions the ability to achieve remarkable research, and prepares students to be the leaders of tomorrow. 

Whether you are a naysayer or just uneducated on the topic, take a few minutes to complete some due diligence on the impact of data quality on your business. The facts clearly demonstrate that a business that is not energetically engaged in a data quality program will be negatively impacted.  You will find that Data Ladder can be the quickest, most cost effective asset you have in ensuring your data is of the highest quality. Click on the link to get a free trial of our software.

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