“The Importance Of Data Quality – Good, Bad Or Ugly”

(Hugo Moreno, Forbes, 5 June 2017)

“Those that position their organizations to manage data correctly & understand its inherent value will have the advantage”.

Organizations based their success in doing so and their ability to differentiate themselves in their ability to get data management right. Increasingly important as connected devices and sensors proliferate, causing an exponential growth in data and growth in the opportunity to exploit the data. 1) Good-quality data: A) Decision Making. The better the data quality, the more confidence users will have in the outputs they produce, lowering risk in the outcomes and increasing efficiency. B) Productivity. Instead of spending time validating and fixing data errors, companies can focus on their core mission. C) Compliance. Maintaining good-quality data can be the difference between compliance and millions of dollars in fines. Must be an ongoing focus based on Graph databases. D) Marketing. Better data enables more accurate targeting and communications, especially in omnichannel environments. 2) Poor-quality data: A) Undermining confidence. Obstacles to gaining executive buy-in, dampening enthusiasm for further investment in data and quality improvement initiatives. B) Missed opportunities. Treat data as an asset and manage it to maintain quality in order to derive insights that can lead to competitive advantage. C) Lost revenue. Poor data can lead to lost revenue in many ways. D) Reputational damage. Reputational costs range from the small, everyday damage that organizations may never be aware of to large public relations disasters.

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