Assessing that data is always a wise move for your business. Having a continuous availability and assurance of data quality saves you from risky strategies. Here's a slide that will help you to assess and manage data for your business?

1. Assessing the
Quality of your Data:
How it’s Done

2. Businesses from all over the world are
recognizing how the right set of data
available at the right time makes insight
generation, decision making, and strategy
planning much easier.

3. The ease of availability is not the only
differentiating factor in modern world
data collection, the quality of data
holds the same level of importance.

4. According to a research, about
52%of businesses all over the
world find untrusted data risky
for their business.

5. The same report also says that
51%of businesses blame low
quality data for the decrease in
customer loyalty.

6. This shows why quality
assessment of data should be a
priority for any business operating
in current scenarios.

7. Before you learn to assess your
data, it is important to understand
what qualities you need to look
for in your data.

8. What are the parameters
of high-quality data?
Here is a full picture of what
qualities your data should have in
order to become trustworthy for
decision-making.

9. 1. The completeness of the data
The first parameter you need to care
about is the completeness of the
available data.
Any information is only valuable when
you are able to see the complete picture.

10. The importance of completeness
increases when you are collecting
technical data such as the name of
your customers and clients, email
addresses and others.
Having complete data saves you
from concerns, confusions, and
non-compliance when you are
working on your strategies.

11. 2. The standard of the data
The available data should have a
certain level of standard, depending
on the goals you have in mind.
Assessing your data in terms of your
own quality standards validates its
applicability and usefulness.

12. 3. The uniqueness of the data
Every entry in the data set should
be unique.
This way, you don’t have to worry about
repetitiveness in your data, which saves
from unnecessary editing.

13. A unique entry in your data set is
valuable when you desire to
compare different sets together.
Duplicate entries can cause serious
problems while analyzing the data.

14. 4. The accuracy of the data
Accuracy is probably the most
important parameter for any set of
data collection.
The judgment of accuracy is
achieved by mapping the data
against the real world scenarios.

15. If the data set is supposed to inform
about customers, you need to test
the data with respect to real
customers.
Similarly, if the data informs about
products or services, then, its
accuracy is decided by how
effectively it justifies actual products
and services of the same kind.

16. 5. The lifetime of the data
Almost every data set comes with an
expiry date.
The time changes its level of
importance and applicability.
Your job is to find out the extent of
effect a data set can face due to time.

17. If you launch a new product or gain
higher sales, it can change the
associated data, which affects the
accuracy of the previously
collected data.
Hence, the time should also be an
important parameter while
assessing the quality of the data.

18. 6. The consistency of the data
The consistency factor decides how
easy it is going to be to read and
analyze data.
The consistency depends on the
formatting of the data you collect.

19. This also includes factors such as
the language, spelling, and others
in the data sets you create.
The assessment of the data should
include consistency tests for
currency, country, and other
associated factors.

20. How to assess and manage
data for your business?
Here are all the steps you can leverage
to assess the accuracy, quality, validity,
and other aspects of valuable data.

21. Step – 1: Define objectives of
your business aligned with
data availability
Make a list of business objectives
and associated data requirements.
These objectives can include
marketing, conversions, lead
generation, service tracking,
communication, and others.

22. If your business objective is to
market your brand, then, the
data set should include email,
phone, addresses, client names
and others.
You can align multiple other
business objectives with data
necessities.

23. Step – 2: Verify available
data under quality attributes
When you diagnose your data,
include all the quality attributes such
as completeness, uniqueness,
consistency, and others.
You can even add specific attributes
according to your business goals.

24. This verification will help you
detect the inaccuracies, duplicates,
and gaps between the data sets.
You must know that manual
verification takes a lot of time.
Hence, it would be logical if you
leverage automated data
verification services to make the
process quicker.

25. Step – 3: Fix the issues with
your data sets
This step includes resolving the
inaccuracies and fixing the gap
issues in your data.
This way, you can take your data to
higher accuracy and quality levels.

26. Your team needs to divide the
rectification process into different
chunks.
Then, collect the right information
and replace them with the wrong
or unavailable data.

27. Step – 4: Repeat data
assessment time to time
Once you have complete and high-
quality data available, it is not
going to be as effective in the
future as it is now.
You need to implement the
available data for now, but repeat
the assessment process in a
periodic manner.

28. You can define data assessment
periods according to your annual
business strategies.
This way, data assessment will take
place time to time without harming
your ongoing business functions.

29. What do you achieve with
data quality assessment?
You find amazing benefits that help in
growing your business in the market.

30. 1. Quick business processes
Knowing you have accurate data, it
becomes possible to make decisions much
faster than general.
And that fastness is what makes you
reliable for your stakeholders and offers a
competitive edge in your market.
Your clients start getting a quicker
response to their requests, which makes
your services more approachable.

31. 2. Efficiency in customer service
Your business is valuable to a customer
only when you offer quick and quality
customer service.
That includes resolving their problems
whenever they ask.

32. The correct information about the
customers, their contacts and others
are important when you want to
respond efficiently.
Achieving that gives you the
opportunity to safeguard the position
you have attained in the market.

33. 3. Improved marketing
Data comes into the picture in every
step of marketing.
From planning a strategy to
implementing it, you need high-quality
accurate data for every decision.
The analysis of data allows you to
predict the market trends and create
an appropriate strategy.

34. Successful implementation of a
marketing plan depends on the
accuracy of data you have.
The names, addresses, emails, and
other data sets should be complete
and correct if you don’t want to
waste time and money making
wrong decisions.

35. 4. Protection from non-compliance
Wrong data can lead to non-compliance risks
in certain cases.
The government rules and regulations
related data, customer’s security demands
and other informational pieces are extremely
important to comply with the regulations.
Only the data assessment can ensure you
about the quality of data you have.

36. All the mentioned benefits are
achievable when you obtain correct
data and assess them regularly.

37. Your ability to make decisions and offer
services and support to your clients and
customers depends on data quality.

38. Having a continuous availability and
assurance of data quality saves you
from risky strategies.

39. Assessing that data is always a wise
move for your business.

40. You can acquire fresh, clean and
quality data for your business by
using PromptCloud’s fully managed
web scraping services.
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