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Learn How Data Accuracy Matters For Good Business
Data can simply be illustrated as the representation of reality for the events in the digital platform. To put this in a simple way let’s consider the example of a football game where the scoreboard is used to represent the points for each team. These numbers are just a representation of the actual touchdowns, extra points, field goals and safeties scored by the players on the field.
In the same manner data needs to represent the actual reality of the event. If you recollect from your earlier studies, you may have learned the concept of “garbage in, garbage out”. This concept nothing but a simple illustration that says how accurate data is an absolute prerequisite for business analyses based on that data.
Here’s How Data Accuracy Matters For Good Business:
With data accuracy business can be benefited from aspects like
Increase Revenue- With reliable & cleansed data it becomes easier to take effective & smart decisions that can enhance the sales
Save Money- Data accuracy will be diminishing the scope for wastage of money as you can avert ineffective tactics, such as sending mailers to non-existent addresses.
Improve Customer Satisfaction- Accurate and up-to-date data about your customers will help the managers to take up the right steps at the right time that right messages at the right time and in the right place that could take potential buyers to the next step in their customer journey.
Save Time- Properly governed data should require less time and money to remediate.
Improve ROI- The aforementioned reduction in data remediation will be diminishing the expenses on a great level thereby ensuring higher returns on investments
So, from the above mentioned points its quite clear that data accuracy is has now become the basic foundation for a successful business analytics. Also, taking up advanced analytics business strategies like Artificial Intelligence & Machine Learning then ensuring data accuracy is a must. Interested to know more about the data accuracy concept in business analytics? Is so, be a part of the Kelly Technologies leading analytics career program of Data Science Training In Hyderabad.