Why High-Quality And Relevant Data Is Essential In Today’s Business Landscape
April 17, 2023
With the explosion of big data, where a staggering amount of information is being generated from numerous sources at an unprecedented rate, businesses need accurate and reliable data more than ever before.
High-quality data is essential since the decisions made based on insights derived from data can significantly impact the success of a business. This is why it is critical for any organization looking to succeed in today’s business landscape to prioritize the quality of data used to make important business decisions.
How Low-Quality Data Can Lead To Skewed Results
When the quality of your data is subpar, the business decisions you make based on it may result in skewed outcomes. For example, let’s say a retailer is seeking ways to personalize a new marketing campaign. The retailer conducts an analysis of its audience to get a better understanding of their interests and preferences. Based on low-quality location data, the retailer observes that a lot of its customers are visiting a sports arena and assumes that its customers are primarily sports fans.