Nov 09, 2022
Business Information Services
The current digital era has made Data Curation an increasingly important way to pool things (information) together. With so much information and resources available online, wouldn't it be important to have it all relevant? Obviously. No matter how small or big your business is, data still matters. Modern businesses are using data in different ways to make better decisions and increase their business performance. Businesses can take advantage of data in a variety of ways from marketing to sales to HR to IT to improve the quality of service, identify trends, cut costs, create new products, and more. But, not all data sets deliver the same results or business value. It all depends on the “Data Quality”. When data quality is better, a company reaps higher ROI in marketing, sales, customer satisfaction, customer outreach, and more. As your data quality improves, you’ll be able to make decisions more confident, more reliable & more profitable. But maintaining the data quality (or) maintaining the current data is an uphill task. It needs a huge time, consistent effort, and an ample budget, but it’s worth the investment.
Any successful sales and marketing campaign of a B2B business relies on accurate databases. Over time, data tends to decay due to inaccuracies, outdated sources, or aging out. Almost every database encounters this situation when a person's job title changes, a company goes out of business, or a merger occurs. So maintaining current data is essential for keeping your business alive.
Duplicate data can be created in numerous ways including File sharing, inaccurate customer inputs, team entry mistakes, and importing/exporting errors. Mainly duplication arises when the same set of information exists across multiple data sources. Data duplicates can be created in a number of ways. Hence choosing a reliable data source is crucial to the success of your business, or else your competitors will leave you behind.
Data privacy has become more important than ever in the digital era. Businesses suffer major losses due to unethical practices such as hacking, data leaks, breaches, and infringements by data thieves (hackers). The worst thing is, we can never predict the cost of the data breach until the database gets hacked.
We can conclude based on the insights above that Data Quality is important in today's technology-driven world. It is possible to collect data in infinite ways, and the most recent technology to adopt is the use of AI/ML algorithms in your data curation process. It can curate the data quickly.
But at the same time never forget that machines are machines no matter what. Nothing can beat human intelligence especially when it comes to building accurate databases.
Data can't be curated by AI/ML algorithms to the level of quality desired by decision-makers. It is no surprise that your business would be affected by these quality issues. Keeping track of your business without losing any data is much easier with human interference ensuring data quality and accuracy. As a result, you will gain access to real-time business data, which will open up sure opportunities for your company.
Spotting the real problem is the key to success, while the rest is relatively simple. You won't have to worry about the burden of building the most accurate databases when you choose lessburn. Our data enrichment experts are focused on providing a range of data curation and data enrichment services to eliminate “poor quality” data that AI/ML algorithms cannot handle alone. By using an improved, accurate and efficient enrichment model, we can help you save your budget while building the highest-quality databases!
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Tag:lessburn2022 blogs Data Decay Data Hygiene Data Enrichment Data Quality Business Information Services