Contractor In Charge | The High Cost of Bad Data

Shared by Lynn Wise of Contractor In Charge:

Gartner research has uncovered that an average of $15 million is lost by businesses annually due to bad data. IBM tallied up that sum for the U.S. economy and put the total at $3.1 trillion, according to Inc. At Contractor In Charge, they note that data has become such a valuable resource for businesses because it can be analyzed and used to make informed decisions that help drive the success of that company. However, they also note that when data isn’t accurate or reliable, it has the potential to have an adverse impact on a business by creating inefficiencies, increasing costs, and even putting confidential information at risk. In this article, the pros at Contractor In Charge explore why data quality is critical for your business and how you can achieve it.


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Advice from Contractor In Charge: Go for accuracy first in business

Before you can even begin to think about how you might improve your data quality, the Contractor In Charge pros note that you have to first get a better understanding of where you currently sit in relation to data accuracy. In order to do this, you’ll need data that is accessible and easy to analyze. With this data, you can begin to identify the specific areas of your business where data accuracy is low and then set out to correct this. Achieving accurate data starts with having the right staff or contractors in the right roles. This means that you need to make sure that your data analysts and scientists are trained in data quality and that they know how to ensure that data is accurate. This can be done through thorough training, developing a strong data quality culture within your company, or through the implementation of data quality software.


Prioritize standardization

Standardization is the key to both data collection and data storage, according to the experts at Contractor In Charge. In order to create a consistent system of data collection, standardization is key. This means creating a detailed plan at both the company and departmental level that creates a set of standards that is followed when data is being collected. This will result in more accurate data being collected and will go a long way toward improving data quality. Standardizing data storage is also of great importance to achieving better data quality. The best way to decide on a standard for data storage is to look at your company’s biggest challenges when it comes to data and then select a method of data storage that will help you overcome these challenges.


Contractor In Charge

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Utilize technology

Contractor In Charge suggests taking advantage of data management software as a great way to start. It can help with data cleansing, which is the process of ensuring that the data being used by your company is accurate and reliable. It can also help with data standardization as it often comes with methods that you can use to your advantage to store and access your data in an organized way. Data management software can help you to speed up your business processes, save you time and money, and ultimately help to improve your data quality.


Final Thoughts

Data is everywhere we look. Because there is so much, it is easy for it to become disorganized or inaccurate. Make sure to focus on quality over quantity. Use data to your advantage. Don’t get buried under it.




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